How are PJT 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 PJT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 36.70%), the computed maximum profit is $255.50 per contract and the computed maximum loss is -$744.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PJT iron condor?

The breakeven for the PJT iron condor priced on this page is roughly $132.45 and $152.56 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 PJT market-implied 1-standard-deviation expected move is approximately 10.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PJT implied volatility affect this iron condor?

PJT ATM IV is at 36.70% with IV rank near 59.80%, 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.

PJT Iron Condor Strategy

PJT (PJT Partners Inc.), in the Financial Services sector, (Investment - Banking & Investment Services industry), listed on NYSE.

PJT Partners Inc., an investment bank, provides various strategic advisory, shareholder advisory, capital markets advisory, and restructuring and special situations services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers advisory services to clients on various transactions, including mergers and acquisitions (M&A), spin-offs, activism defense, contested M&A, joint ventures, minority investments, and divestitures. The company also provides advisory services for private and public company boards and management teams on strategies for building productive investor relationships with a focus on shareholder engagement; complex investor matters; and other critical strategic, governance, and shareholder matters. In addition, it offers advisory services related to debt and equity markets, including debt financings, acquisition financings, structured product offerings, public equity raises initial public offerings, private capital raises, general partner advisory, and other capital structure related matters. Further, the company provides geopolitical and policy advisory practice that assists corporate boards and management teams with navigating changing geopolitical relationships. Additionally, it offers advisory services in the areas of liability management, and restructurings and special situations comprising bespoke financing, tort liability resolutions, distressed M&A, and chapter 11 matters, as well as to corporate clients, financial sponsors, and creditors.

PJT (PJT Partners Inc.) trades in the Financial Services sector, specifically Investment - Banking & Investment Services, with a market capitalization of approximately $3.92B, a trailing P/E of 21.31, a beta of 0.84 versus the broader market, a 52-week range of 127.73-195.62, average daily share volume of 393K, a public-listing history dating back to 2015, approximately 1K full-time employees. These structural characteristics shape how PJT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.84 places PJT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PJT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PJT?

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 PJT snapshot

As of June 29, 2026, spot at $143.82, ATM IV 36.70%, IV rank 59.80%, expected move 10.52%. The iron condor on PJT 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 18-day expiry.

Why this iron condor structure on PJT specifically: PJT IV at 36.70% is mid-range versus its 1-year history, so the credit collected on a PJT iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.52% (roughly $15.13 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PJT expiries trade a higher absolute premium for lower per-day decay. Position sizing on PJT should anchor to the underlying notional of $143.82 per share and to the trader's directional view on PJT stock.

PJT iron condor setup

The PJT 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 PJT near $143.82, the first option leg uses a $150.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PJT chain at a 18-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 PJT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$150.00	$2.98
Buy 1	Call	$160.00	$1.20
Sell 1	Put	$135.00	$1.39
Buy 1	Put	$130.00	$0.61

PJT iron condor risk and reward

Net Premium / Debit: +$255.50
Max Profit (per contract): $255.50
Max Loss (per contract): -$744.50
Breakeven(s): $132.45, $152.56
Risk / Reward Ratio: 0.343

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.

PJT iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PJT. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$244.50
$31.81	-77.9%	-$244.50
$63.61	-55.8%	-$244.50
$95.40	-33.7%	-$244.50
$127.20	-11.6%	-$244.50
$159.00	+10.6%	-$644.65
$190.80	+32.7%	-$744.50
$222.60	+54.8%	-$744.50
$254.40	+76.9%	-$744.50
$286.19	+99.0%	-$744.50

When traders use iron condor on PJT

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

PJT thesis for this iron condor

The market-implied 1-standard-deviation range for PJT extends from approximately $128.69 on the downside to $158.95 on the upside. A PJT iron condor is a delta-neutral premium-collection structure that pays off when PJT 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 PJT IV rank near 59.80% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PJT should anchor more to the directional view and the expected-move geometry. As a Financial Services name, PJT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PJT-specific events.

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

Frequently asked questions

What is a iron condor on PJT?: A iron condor on PJT is the iron condor strategy applied to PJT (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 PJT stock trading near $143.82, the strikes shown on this page are snapped to the nearest listed PJT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PJT 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 PJT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 36.70%), the computed maximum profit is $255.50 per contract and the computed maximum loss is -$744.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PJT iron condor?: The breakeven for the PJT iron condor priced on this page is roughly $132.45 and $152.56 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 PJT market-implied 1-standard-deviation expected move is approximately 10.52%; 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 PJT?: Iron condors on PJT are a delta-neutral premium-collection structure that profits if PJT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PJT implied volatility affect this iron condor?: PJT ATM IV is at 36.70% with IV rank near 59.80%, 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.