How are BJRI cash-secured put max profit and max loss calculated?

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the BJRI cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 48.90%), the computed maximum profit is $187.50 per contract and the computed maximum loss is -$5,561.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BJRI cash-secured put?

The breakeven for the BJRI cash-secured put priced on this page is roughly $55.63 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current BJRI market-implied 1-standard-deviation expected move is approximately 14.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BJRI implied volatility affect this cash-secured put?

BJRI ATM IV is at 48.90% with IV rank near 37.86%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

BJRI Cash-Secured Put Strategy

BJRI (BJ's Restaurants, Inc.), in the Consumer Cyclical sector, (Restaurants industry), listed on NASDAQ.

BJ's Restaurants, Inc. manages a network of casual dining establishments situated throughout the United States. Patrons can enjoy a diverse menu at these eateries, encompassing pizzas, a variety of beers (including craft selections), appetizers, main courses, pasta dishes, sandwiches, signature salads, and decadent desserts. As of April 19, 2022, the corporation had a footprint of 213 restaurants, operating across 29 states. This company was founded in 1978 and is headquartered in Huntington Beach, California.

BJRI (BJ's Restaurants, Inc.) trades in the Consumer Cyclical sector, specifically Restaurants, with a market capitalization of approximately $1.26B, a trailing P/E of 28.56, a beta of 1.36 versus the broader market, a 52-week range of 28.46-60.77, average daily share volume of 422K, a public-listing history dating back to 1996, approximately 21K full-time employees. These structural characteristics shape how BJRI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.36 indicates BJRI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a cash-secured put on BJRI?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current BJRI snapshot

As of June 30, 2026, spot at $59.95, ATM IV 48.90%, IV rank 37.86%, expected move 14.02%. The cash-secured put on BJRI below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this cash-secured put structure on BJRI specifically: BJRI IV at 48.90% is mid-range versus its 1-year history, so the credit collected on a BJRI cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 14.02% (roughly $8.40 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BJRI expiries trade a higher absolute premium for lower per-day decay. Position sizing on BJRI should anchor to the underlying notional of $59.95 per share and to the trader's directional view on BJRI stock.

BJRI cash-secured put setup

The BJRI cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BJRI near $59.95, the first option leg uses a $57.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BJRI chain at a 17-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BJRI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$57.50	$1.88

BJRI cash-secured put risk and reward

Net Premium / Debit: +$187.50
Max Profit (per contract): $187.50
Max Loss (per contract): -$5,561.50
Breakeven(s): $55.63
Risk / Reward Ratio: 0.034

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

BJRI cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on BJRI. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$5,561.50
$13.26	-77.9%	-$4,236.08
$26.52	-55.8%	-$2,910.67
$39.77	-33.7%	-$1,585.25
$53.03	-11.5%	-$259.83
$66.28	+10.6%	+$187.50
$79.54	+32.7%	+$187.50
$92.79	+54.8%	+$187.50
$106.04	+76.9%	+$187.50
$119.30	+99.0%	+$187.50

When traders use cash-secured put on BJRI

Cash-secured puts on BJRI earn premium while a trader waits to acquire BJRI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BJRI.

BJRI thesis for this cash-secured put

The market-implied 1-standard-deviation range for BJRI extends from approximately $51.55 on the downside to $68.35 on the upside. A BJRI cash-secured put lets a trader earn premium while waiting to acquire BJRI at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current BJRI IV rank near 37.86% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on BJRI should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, BJRI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BJRI-specific events.

BJRI cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BJRI positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BJRI alongside the broader basket even when BJRI-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on BJRI carry tail risk when realized volatility exceeds the implied move; review historical BJRI earnings reactions and macro stress periods before sizing. Always rebuild the position from current BJRI chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on BJRI?: A cash-secured put on BJRI is the cash-secured put strategy applied to BJRI (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With BJRI stock trading near $59.95, the strikes shown on this page are snapped to the nearest listed BJRI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are BJRI cash-secured put max profit and max loss calculated?: Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the BJRI cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 48.90%), the computed maximum profit is $187.50 per contract and the computed maximum loss is -$5,561.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BJRI cash-secured put?: The breakeven for the BJRI cash-secured put priced on this page is roughly $55.63 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current BJRI market-implied 1-standard-deviation expected move is approximately 14.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on BJRI?: Cash-secured puts on BJRI earn premium while a trader waits to acquire BJRI stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BJRI.
How does current BJRI implied volatility affect this cash-secured put?: BJRI ATM IV is at 48.90% with IV rank near 37.86%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.