How are BURL 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 BURL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 48.67%), the computed maximum profit is $990.00 per contract and the computed maximum loss is -$510.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BURL iron condor?

The breakeven for the BURL iron condor priced on this page is roughly $270.10 and $314.90 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 BURL market-implied 1-standard-deviation expected move is approximately 13.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BURL implied volatility affect this iron condor?

BURL ATM IV is at 48.67% with IV rank near 76.41%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

BURL Iron Condor Strategy

BURL (Burlington Stores, Inc.), in the Consumer Cyclical sector, (Apparel - Retail industry), listed on NYSE.

Burlington Stores, Inc. operates as a retailer of branded apparel products in the United States. The company provides fashion-focused merchandise, including women's ready-to-wear apparel, menswear, youth apparel, footwear, accessories, toys, gifts, and coats, as well as baby, home, and beauty products. As of January 29, 2022, it operated 837 stores under the Burlington Stores name, 2 stores under the Cohoes Fashions name, and 1 store under the MJM Designer Shoes name in 45 states and Puerto Rico. Burlington Stores, Inc. was founded in 1972 and is headquartered in Burlington, New Jersey.

BURL (Burlington Stores, Inc.) trades in the Consumer Cyclical sector, specifically Apparel - Retail, with a market capitalization of approximately $17.99B, a trailing P/E of 30.09, a beta of 1.48 versus the broader market, a 52-week range of 218.52-351.85, average daily share volume of 742K, a public-listing history dating back to 2013, approximately 17K full-time employees. These structural characteristics shape how BURL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.48 indicates BURL 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 iron condor on BURL?

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 BURL snapshot

As of May 15, 2026, spot at $292.60, ATM IV 48.67%, IV rank 76.41%, expected move 13.95%. The iron condor on BURL 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 28-day expiry.

Why this iron condor structure on BURL specifically: BURL IV at 48.67% is rich versus its 1-year range, which favors premium-selling structures like a BURL iron condor, with a market-implied 1-standard-deviation move of approximately 13.95% (roughly $40.83 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BURL expiries trade a higher absolute premium for lower per-day decay. Position sizing on BURL should anchor to the underlying notional of $292.60 per share and to the trader's directional view on BURL stock.

BURL iron condor setup

The BURL 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 BURL near $292.60, the first option leg uses a $305.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BURL chain at a 28-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 BURL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$305.00	$11.05
Buy 1	Call	$320.00	$6.50
Sell 1	Put	$280.00	$9.70
Buy 1	Put	$265.00	$4.35

BURL iron condor risk and reward

Net Premium / Debit: +$990.00
Max Profit (per contract): $990.00
Max Loss (per contract): -$510.00
Breakeven(s): $270.10, $314.90
Risk / Reward Ratio: 1.941

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.

BURL iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on BURL. 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%	-$510.00
$64.70	-77.9%	-$510.00
$129.40	-55.8%	-$510.00
$194.09	-33.7%	-$510.00
$258.79	-11.6%	-$510.00
$323.48	+10.6%	-$510.00
$388.18	+32.7%	-$510.00
$452.87	+54.8%	-$510.00
$517.56	+76.9%	-$510.00
$582.26	+99.0%	-$510.00

When traders use iron condor on BURL

Iron condors on BURL are a delta-neutral premium-collection structure that profits if BURL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

BURL thesis for this iron condor

The market-implied 1-standard-deviation range for BURL extends from approximately $251.77 on the downside to $333.43 on the upside. A BURL iron condor is a delta-neutral premium-collection structure that pays off when BURL 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 BURL IV rank near 76.41% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on BURL at 48.67%. As a Consumer Cyclical name, BURL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BURL-specific events.

BURL 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. BURL positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BURL alongside the broader basket even when BURL-specific fundamentals are unchanged. Short-premium structures like a iron condor on BURL carry tail risk when realized volatility exceeds the implied move; review historical BURL earnings reactions and macro stress periods before sizing. Always rebuild the position from current BURL chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on BURL?: A iron condor on BURL is the iron condor strategy applied to BURL (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 BURL stock trading near $292.60, the strikes shown on this page are snapped to the nearest listed BURL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are BURL 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 BURL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 48.67%), the computed maximum profit is $990.00 per contract and the computed maximum loss is -$510.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BURL iron condor?: The breakeven for the BURL iron condor priced on this page is roughly $270.10 and $314.90 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 BURL market-implied 1-standard-deviation expected move is approximately 13.95%; 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 BURL?: Iron condors on BURL are a delta-neutral premium-collection structure that profits if BURL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current BURL implied volatility affect this iron condor?: BURL ATM IV is at 48.67% with IV rank near 76.41%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.