BSY Iron Condor Strategy
BSY (Bentley Systems, Incorporated), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling and open simulation applications for infrastructure design integration, which include MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround. It also provides project delivery systems that support collaboration, work-sharing, and 4D construction modeling for infrastructure project delivery enterprises, such as ProjectWise, ProjectWise Design Review Service, and SYNCHRO; and asset and network performance systems, such as AssetWise ALIM, AssetWise Asset Reliability, AssetWise Enterprise Interoperability, AssetWise 4D Analytics, AssetWise Linear, and Seequent Central. In addition, it offers industry solutions comprising AssetWise Linear SUPERLOAD, AssetWise Linear Analytics, AssetWise Inspections, ContextCapture, OpenCities, OpenUtilities, OpenTower, OpenWindPower, Power Line, SPIDA, OrbitGT, sensemetrics, PlantSight, and WaterSight. The company serves civil, structural, geotechnical, geoscience subsurface engineers, architects, geospatial professionals, city and regional planners, contractors, fabricators, and operations and maintenance engineers. Bentley Systems, Incorporated was incorporated in 1984 and is headquartered in Exton, Pennsylvania.
BSY (Bentley Systems, Incorporated) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $9.13B, a trailing P/E of 34.66, a beta of 1.01 versus the broader market, a 52-week range of 30.52-59.25, average daily share volume of 2.9M, a public-listing history dating back to 2020, approximately 6K full-time employees. These structural characteristics shape how BSY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.01 places BSY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BSY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on BSY?
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 BSY snapshot
As of May 15, 2026, spot at $32.06, ATM IV 50.70%, IV rank 7.36%, expected move 14.54%. The iron condor on BSY 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 BSY specifically: BSY IV at 50.70% is on the cheap side of its 1-year range, which means a premium-selling BSY iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.54% (roughly $4.66 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 BSY expiries trade a higher absolute premium for lower per-day decay. Position sizing on BSY should anchor to the underlying notional of $32.06 per share and to the trader's directional view on BSY stock.
BSY iron condor setup
The BSY 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 BSY near $32.06, the first option leg uses a $33.66 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BSY 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 BSY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $33.66 | N/A |
| Buy 1 | Call | $35.27 | N/A |
| Sell 1 | Put | $30.46 | N/A |
| Buy 1 | Put | $28.85 | N/A |
BSY 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.
BSY iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BSY. 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 BSY
Iron condors on BSY are a delta-neutral premium-collection structure that profits if BSY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BSY thesis for this iron condor
The market-implied 1-standard-deviation range for BSY extends from approximately $27.40 on the downside to $36.72 on the upside. A BSY iron condor is a delta-neutral premium-collection structure that pays off when BSY 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 BSY IV rank near 7.36% 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 BSY at 50.70%. As a Technology name, BSY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BSY-specific events.
BSY 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. BSY positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BSY alongside the broader basket even when BSY-specific fundamentals are unchanged. Short-premium structures like a iron condor on BSY carry tail risk when realized volatility exceeds the implied move; review historical BSY earnings reactions and macro stress periods before sizing. Always rebuild the position from current BSY chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BSY?
- A iron condor on BSY is the iron condor strategy applied to BSY (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 BSY stock trading near $32.06, the strikes shown on this page are snapped to the nearest listed BSY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BSY 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 BSY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 50.70%), 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 BSY iron condor?
- The breakeven for the BSY 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 BSY market-implied 1-standard-deviation expected move is approximately 14.54%; 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 BSY?
- Iron condors on BSY are a delta-neutral premium-collection structure that profits if BSY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BSY implied volatility affect this iron condor?
- BSY ATM IV is at 50.70% with IV rank near 7.36%, 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.