BJRI Iron Condor 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 $1.43B, a trailing P/E of 35.03, a beta of 1.32 versus the broader market, a 52-week range of 28.46-74.6, average daily share volume of 456K, a public-listing history dating back to 1996, approximately 22K 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 1.32 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. The trailing P/E of 35.03 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. BJRI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on BJRI?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
BJRI snapshot
As of August 14, 2026, spot at $67.83, ATM IV 44.70%, IV rank 26.37%, expected move 12.82%. The iron condor on BJRI below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on BJRI specifically: BJRI IV at 44.70% is on the cheap side of its 1-year range, which means a premium-selling BJRI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.82% (roughly $8.69 on the underlying). The 35-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 $67.83 per share and to the trader's directional view on BJRI stock.
BJRI iron condor setup
The BJRI iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BJRI at $67.83 on that close, the first option leg uses a $70.00 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 35-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 | Call | $70.00 | $2.15 |
| Buy 1 | Call | $75.00 | $1.63 |
| Sell 1 | Put | $65.00 | $2.75 |
| Buy 1 | Put | $60.00 | $0.83 |
BJRI iron condor risk and reward
- Net Premium / Debit
- +$245.00
- Max Profit (per contract)
- $245.00
- Max Loss (per contract)
- -$255.00
- Breakeven(s)
- $62.55, $72.45
- Risk / Reward Ratio
- 0.961
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
BJRI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$255.00 |
| $15.01 | -77.9% | -$255.00 |
| $30.00 | -55.8% | -$255.00 |
| $45.00 | -33.7% | -$255.00 |
| $60.00 | -11.5% | -$255.00 |
| $74.99 | +10.6% | -$254.24 |
| $89.99 | +32.7% | -$255.00 |
| $104.99 | +54.8% | -$255.00 |
| $119.98 | +76.9% | -$255.00 |
| $134.98 | +99.0% | -$255.00 |
When traders use iron condor on BJRI
Iron condors on BJRI are a delta-neutral premium-collection structure that profits if BJRI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BJRI thesis for this iron condor
The market-implied 1-standard-deviation range for BJRI extends from approximately $59.14 on the downside to $76.52 on the upside. A BJRI iron condor is a delta-neutral premium-collection structure that pays off when BJRI stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current BJRI IV rank near 26.37% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on BJRI at 44.70%. 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 iron condor positions are structurally neutral / range-bound; 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 iron condor 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 iron condor on BJRI?
- A iron condor on BJRI is the iron condor strategy applied to BJRI (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With BJRI stock at $67.83 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed BJRI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are BJRI iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the BJRI iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 44.70%), the computed maximum profit is $245.00 per contract and the computed maximum loss is -$255.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BJRI iron condor?
- The breakeven for the BJRI iron condor priced on this page is roughly $62.55 and $72.45 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BJRI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on BJRI?
- Iron condors on BJRI are a delta-neutral premium-collection structure that profits if BJRI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BJRI implied volatility affect this iron condor?
- BJRI ATM IV is at 44.70% with IV rank near 26.37%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.