BLMN Iron Condor Strategy
BLMN (Bloomin' Brands, Inc.), in the Consumer Cyclical sector, (Restaurants industry), listed on NASDAQ.
Bloomin' Brands, Inc., through its various subsidiary entities, operates a diverse portfolio of dining establishments, encompassing casual, upscale casual, and fine dining experiences across the United States and internationally. The company's operations are divided into two main segments: U.S. and International. Its culinary offerings feature four distinct restaurant concepts: Outback Steakhouse, renowned for its casual steakhouse atmosphere; Carrabba's Italian Grill, providing a casual Italian dining experience; Bonefish Grill; and Fleming's Prime Steakhouse & Wine Bar, which offers a contemporary steakhouse setting. As of December 26, 2021, Bloomin' Brands managed a significant network of full-service restaurants. Domestically, the company directly owned and operated 1,013 establishments and franchised 157 more across 47 states. Internationally, it directly ran 156 full-service restaurants and had 172 franchised locations throughout 17 countries and Guam.
BLMN (Bloomin' Brands, Inc.) trades in the Consumer Cyclical sector, specifically Restaurants, with a market capitalization of approximately $903.2M, a trailing P/E of 32.63, a beta of 1.20 versus the broader market, a 52-week range of 5.19-12.63, average daily share volume of 2.4M, a public-listing history dating back to 2012, approximately 64K full-time employees. These structural characteristics shape how BLMN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.20 places BLMN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BLMN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on BLMN?
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.
BLMN snapshot
As of August 14, 2026, spot at $10.48, ATM IV 60.90%, IV rank 11.21%, expected move 17.46%. The iron condor on BLMN below is built from the 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 BLMN specifically: BLMN IV at 60.90% is on the cheap side of its 1-year range, which means a premium-selling BLMN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.46% (roughly $1.83 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 BLMN expiries trade a higher absolute premium for lower per-day decay. Position sizing on BLMN should anchor to the underlying notional of $10.48 per share and to the trader's directional view on BLMN stock.
BLMN iron condor setup
The BLMN iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BLMN at $10.48 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BLMN 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 BLMN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $11.00 | N/A |
| Buy 1 | Call | $11.53 | N/A |
| Sell 1 | Put | $9.96 | N/A |
| Buy 1 | Put | $9.43 | N/A |
BLMN iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
BLMN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BLMN. 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.
When traders use iron condor on BLMN
Iron condors on BLMN are a delta-neutral premium-collection structure that profits if BLMN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BLMN thesis for this iron condor
The market-implied 1-standard-deviation range for BLMN extends from approximately $8.65 on the downside to $12.31 on the upside. A BLMN iron condor is a delta-neutral premium-collection structure that pays off when BLMN 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 BLMN IV rank near 11.21% 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 BLMN at 60.90%. As a Consumer Cyclical name, BLMN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BLMN-specific events.
BLMN 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. BLMN positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BLMN alongside the broader basket even when BLMN-specific fundamentals are unchanged. Short-premium structures like a iron condor on BLMN carry tail risk when realized volatility exceeds the implied move; review historical BLMN earnings reactions and macro stress periods before sizing. Always rebuild the position from current BLMN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BLMN?
- A iron condor on BLMN is the iron condor strategy applied to BLMN (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 BLMN stock at $10.48 on the most recent close, the strikes shown on this page are snapped to the nearest listed BLMN chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are BLMN 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 BLMN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 60.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BLMN iron condor?
- The breakeven for the BLMN iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 BLMN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.46%; 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 BLMN?
- Iron condors on BLMN are a delta-neutral premium-collection structure that profits if BLMN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BLMN implied volatility affect this iron condor?
- BLMN ATM IV is at 60.90% with IV rank near 11.21%, 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.