How are PBF 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 PBF iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 67.60%), the computed maximum profit is $150.00 per contract and the computed maximum loss is -$50.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PBF iron condor?

The breakeven for the PBF iron condor priced on this page is roughly $38.50 and $45.50 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 PBF market-implied 1-standard-deviation expected move is approximately 19.38%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PBF implied volatility affect this iron condor?

PBF ATM IV is at 67.60% with IV rank near 30.96%, 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.

PBF Iron Condor Strategy

PBF (PBF Energy Inc.), in the Energy sector, (Oil & Gas Refining & Marketing industry), listed on NYSE.

PBF Energy Inc., together with its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products. The company sells its products in Northeast, Midwest, Gulf Coast, and West Coast of the United States, as well as in other regions of the United States, Canada, and Mexico. It also offers various rail, truck, and marine terminaling services, as well as pipeline transportation and storage services. As of December 31, 2021, the company owned and operated six oil refineries and related assets.

PBF (PBF Energy Inc.) trades in the Energy sector, specifically Oil & Gas Refining & Marketing, with a market capitalization of approximately $4.84B, a trailing P/E of 10.86, a beta of 0.14 versus the broader market, a 52-week range of 17.53-52.18, average daily share volume of 3.8M, a public-listing history dating back to 2012, approximately 4K full-time employees. These structural characteristics shape how PBF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.14 indicates PBF has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 10.86 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. PBF pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PBF?

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 PBF snapshot

As of May 15, 2026, spot at $42.27, ATM IV 67.60%, IV rank 30.96%, expected move 19.38%. The iron condor on PBF 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 PBF specifically: PBF IV at 67.60% is mid-range versus its 1-year history, so the credit collected on a PBF iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 19.38% (roughly $8.19 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 PBF expiries trade a higher absolute premium for lower per-day decay. Position sizing on PBF should anchor to the underlying notional of $42.27 per share and to the trader's directional view on PBF stock.

PBF iron condor setup

The PBF 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 PBF near $42.27, the first option leg uses a $44.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PBF 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 PBF shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$44.00	$2.88
Buy 1	Call	$46.00	$2.18
Sell 1	Put	$40.00	$2.45
Buy 1	Put	$38.00	$1.65

PBF iron condor risk and reward

Net Premium / Debit: +$150.00
Max Profit (per contract): $150.00
Max Loss (per contract): -$50.00
Breakeven(s): $38.50, $45.50
Risk / Reward Ratio: 3.000

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.

PBF iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PBF. 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%	-$50.00
$9.36	-77.9%	-$50.00
$18.70	-55.8%	-$50.00
$28.05	-33.7%	-$50.00
$37.39	-11.5%	-$50.00
$46.74	+10.6%	-$50.00
$56.08	+32.7%	-$50.00
$65.43	+54.8%	-$50.00
$74.77	+76.9%	-$50.00
$84.12	+99.0%	-$50.00

When traders use iron condor on PBF

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

PBF thesis for this iron condor

The market-implied 1-standard-deviation range for PBF extends from approximately $34.08 on the downside to $50.46 on the upside. A PBF iron condor is a delta-neutral premium-collection structure that pays off when PBF 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 PBF IV rank near 30.96% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PBF should anchor more to the directional view and the expected-move geometry. As a Energy name, PBF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PBF-specific events.

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

Frequently asked questions

What is a iron condor on PBF?: A iron condor on PBF is the iron condor strategy applied to PBF (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 PBF stock trading near $42.27, the strikes shown on this page are snapped to the nearest listed PBF chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PBF 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 PBF iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 67.60%), the computed maximum profit is $150.00 per contract and the computed maximum loss is -$50.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PBF iron condor?: The breakeven for the PBF iron condor priced on this page is roughly $38.50 and $45.50 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 PBF market-implied 1-standard-deviation expected move is approximately 19.38%; 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 PBF?: Iron condors on PBF are a delta-neutral premium-collection structure that profits if PBF stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PBF implied volatility affect this iron condor?: PBF ATM IV is at 67.60% with IV rank near 30.96%, 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.