BSRR Iron Condor Strategy
BSRR (Sierra Bancorp), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Sierra Bancorp operates as the bank holding company for Bank of the Sierra that provides retail and commercial banking services to individuals and businesses in California. The company accepts various deposit products, such as checking accounts, savings accounts, money market demand accounts, time deposits, retirement accounts, and sweep accounts. Its loan products include agricultural, commercial, consumer, real estate, construction, and mortgage loans. The company also offers automated teller machines; electronic point-of-sale payment alternatives; online and automated telephone banking services; and remote deposit capture and automated payroll services for business customers. As of December 31, 2021, it operated 35 full-service branches, an online branch, a loan production office, an agricultural credit center, and an SBA center. Sierra Bancorp was founded in 1977 and is headquartered in Porterville, California.
BSRR (Sierra Bancorp) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $483.1M, a trailing P/E of 10.49, a beta of 0.76 versus the broader market, a 52-week range of 26.49-38.6, average daily share volume of 52K, a public-listing history dating back to 1994, approximately 489 full-time employees. These structural characteristics shape how BSRR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.76 places BSRR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 10.49 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. BSRR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on BSRR?
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.
Current BSRR snapshot
As of May 15, 2026, spot at $37.33, ATM IV 75.50%, IV rank 33.87%, expected move 21.65%. The iron condor on BSRR 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 34-day expiry.
Why this iron condor structure on BSRR specifically: BSRR IV at 75.50% is mid-range versus its 1-year history, so the credit collected on a BSRR iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 21.65% (roughly $8.08 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BSRR expiries trade a higher absolute premium for lower per-day decay. Position sizing on BSRR should anchor to the underlying notional of $37.33 per share and to the trader's directional view on BSRR stock.
BSRR iron condor setup
The BSRR 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 BSRR near $37.33, the first option leg uses a $39.20 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BSRR chain at a 34-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 BSRR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $39.20 | N/A |
| Buy 1 | Call | $41.06 | N/A |
| Sell 1 | Put | $35.46 | N/A |
| Buy 1 | Put | $33.60 | N/A |
BSRR 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.
BSRR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BSRR. 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 BSRR
Iron condors on BSRR are a delta-neutral premium-collection structure that profits if BSRR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BSRR thesis for this iron condor
The market-implied 1-standard-deviation range for BSRR extends from approximately $29.25 on the downside to $45.41 on the upside. A BSRR iron condor is a delta-neutral premium-collection structure that pays off when BSRR 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 BSRR IV rank near 33.87% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on BSRR should anchor more to the directional view and the expected-move geometry. As a Financial Services name, BSRR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BSRR-specific events.
BSRR 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. BSRR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BSRR alongside the broader basket even when BSRR-specific fundamentals are unchanged. Short-premium structures like a iron condor on BSRR carry tail risk when realized volatility exceeds the implied move; review historical BSRR earnings reactions and macro stress periods before sizing. Always rebuild the position from current BSRR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BSRR?
- A iron condor on BSRR is the iron condor strategy applied to BSRR (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 BSRR stock trading near $37.33, the strikes shown on this page are snapped to the nearest listed BSRR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BSRR 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 BSRR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 75.50%), 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 BSRR iron condor?
- The breakeven for the BSRR iron condor priced on this page is no defined breakeven on the modeled curve 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 BSRR market-implied 1-standard-deviation expected move is approximately 21.65%; 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 BSRR?
- Iron condors on BSRR are a delta-neutral premium-collection structure that profits if BSRR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BSRR implied volatility affect this iron condor?
- BSRR ATM IV is at 75.50% with IV rank near 33.87%, 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.