JMKE Bear Put Spread Strategy
JMKE (Jersey Mike's Subs Inc.), in the Consumer Cyclical sector, (Restaurants industry), listed on NYSE.
Jersey Mike's Subs, Inc. engages in franchising fast casual, submarine-style sandwich restaurants specializing in authentic, hand-crafted, and craveable subs. The company was founded by Peter Cancro in 1956 and is headquartered in Tinton Falls, DE.
JMKE (Jersey Mike's Subs Inc.) trades in the Consumer Cyclical sector, specifically Restaurants, with a market capitalization of approximately $5.28B, a beta of 0.00 versus the broader market, a 52-week range of 20.63-24.99, average daily share volume of 8.6M, a public-listing history dating back to 2026, approximately 899 full-time employees. These structural characteristics shape how JMKE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates JMKE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a bear put spread on JMKE?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
JMKE snapshot
As of August 14, 2026, spot at $22.04, ATM IV 50.40%, expected move 14.45%. The bear put spread on JMKE 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 bear put spread structure on JMKE specifically: IV rank is unavailable in the current snapshot, so regime-based timing for JMKE is inferred from ATM IV at 50.40% alone, with a market-implied 1-standard-deviation move of approximately 14.45% (roughly $3.18 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 JMKE expiries trade a higher absolute premium for lower per-day decay. Position sizing on JMKE should anchor to the underlying notional of $22.04 per share and to the trader's directional view on JMKE stock.
JMKE bear put spread setup
The JMKE bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With JMKE at $22.04 on that close, the first option leg uses a $22.04 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JMKE 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 JMKE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $22.04 | N/A |
| Sell 1 | Put | $20.94 | N/A |
JMKE bear put spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
JMKE bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on JMKE. 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 bear put spread on JMKE
Bear put spreads on JMKE reduce the cost of a bearish JMKE stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
JMKE thesis for this bear put spread
The market-implied 1-standard-deviation range for JMKE extends from approximately $18.86 on the downside to $25.22 on the upside. A JMKE bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on JMKE, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Consumer Cyclical name, JMKE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JMKE-specific events.
JMKE bear put spread positions are structurally moderately bearish; 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. JMKE positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JMKE alongside the broader basket even when JMKE-specific fundamentals are unchanged. Long-premium structures like a bear put spread on JMKE are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current JMKE chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on JMKE?
- A bear put spread on JMKE is the bear put spread strategy applied to JMKE (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With JMKE stock at $22.04 on the most recent close, the strikes shown on this page are snapped to the nearest listed JMKE chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are JMKE bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the JMKE bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 50.40%), 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 JMKE bear put spread?
- The breakeven for the JMKE bear put spread 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 JMKE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.45%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on JMKE?
- Bear put spreads on JMKE reduce the cost of a bearish JMKE stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current JMKE implied volatility affect this bear put spread?
- Current JMKE ATM IV is 50.40%; IV rank context is unavailable in the current snapshot.