QSR Iron Condor Strategy
QSR (Restaurant Brands International Inc.), in the Consumer Cyclical sector, (Restaurants industry), listed on NYSE.
Restaurant Brands International Inc. operates as quick service restaurant company in Canada and internationally. It operates through four segments: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). The company owns and franchises TH chain of donut/coffee/tea restaurants that offer blend coffee, tea, and espresso-based hot and cold specialty drinks; and fresh baked goods, including donuts, Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps, soups, and others. It is also involved in owning and franchising BK, a fast food hamburger restaurant chain, which offers flame-grilled hamburgers, chicken and other specialty sandwiches, french fries, soft drinks, and other food items; and PLK quick service restaurants that provide Louisiana style fried chicken, chicken tenders, fried shrimp and other seafood, red beans and rice, and other regional items. In addition, the company owns and franchises FHS restaurants quick service restaurants that offer subs, soft drinks, and local specialties. As of February 15, 2022, the company had approximately 29,000 restaurants in 100 countries under the Tim Hortons, Burger King, Popeyes, And Firehouse Subs brands.
QSR (Restaurant Brands International Inc.) trades in the Consumer Cyclical sector, specifically Restaurants, with a market capitalization of approximately $26.49B, a trailing P/E of 27.77, a beta of 0.55 versus the broader market, a 52-week range of 61.33-81.96, average daily share volume of 4.1M, a public-listing history dating back to 2014, approximately 38K full-time employees. These structural characteristics shape how QSR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.55 indicates QSR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. QSR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on QSR?
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 QSR snapshot
As of May 15, 2026, spot at $76.08, ATM IV 23.10%, IV rank 29.35%, expected move 6.62%. The iron condor on QSR 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 QSR specifically: QSR IV at 23.10% is on the cheap side of its 1-year range, which means a premium-selling QSR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.62% (roughly $5.04 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 QSR expiries trade a higher absolute premium for lower per-day decay. Position sizing on QSR should anchor to the underlying notional of $76.08 per share and to the trader's directional view on QSR stock.
QSR iron condor setup
The QSR 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 QSR near $76.08, the first option leg uses a $80.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QSR 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 QSR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $80.00 | $0.78 |
| Buy 1 | Call | $82.50 | $0.28 |
| Sell 1 | Put | $72.50 | $0.83 |
| Buy 1 | Put | $67.50 | $0.30 |
QSR iron condor risk and reward
- Net Premium / Debit
- +$102.50
- Max Profit (per contract)
- $102.50
- Max Loss (per contract)
- -$397.50
- Breakeven(s)
- $71.48, $81.03
- Risk / Reward Ratio
- 0.258
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.
QSR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on QSR. 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% | -$397.50 |
| $16.83 | -77.9% | -$397.50 |
| $33.65 | -55.8% | -$397.50 |
| $50.47 | -33.7% | -$397.50 |
| $67.29 | -11.6% | -$397.50 |
| $84.11 | +10.6% | -$147.50 |
| $100.93 | +32.7% | -$147.50 |
| $117.75 | +54.8% | -$147.50 |
| $134.57 | +76.9% | -$147.50 |
| $151.40 | +99.0% | -$147.50 |
When traders use iron condor on QSR
Iron condors on QSR are a delta-neutral premium-collection structure that profits if QSR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
QSR thesis for this iron condor
The market-implied 1-standard-deviation range for QSR extends from approximately $71.04 on the downside to $81.12 on the upside. A QSR iron condor is a delta-neutral premium-collection structure that pays off when QSR 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 QSR IV rank near 29.35% 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 QSR at 23.10%. As a Consumer Cyclical name, QSR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QSR-specific events.
QSR 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. QSR positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QSR alongside the broader basket even when QSR-specific fundamentals are unchanged. Short-premium structures like a iron condor on QSR carry tail risk when realized volatility exceeds the implied move; review historical QSR earnings reactions and macro stress periods before sizing. Always rebuild the position from current QSR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on QSR?
- A iron condor on QSR is the iron condor strategy applied to QSR (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 QSR stock trading near $76.08, the strikes shown on this page are snapped to the nearest listed QSR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are QSR 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 QSR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 23.10%), the computed maximum profit is $102.50 per contract and the computed maximum loss is -$397.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a QSR iron condor?
- The breakeven for the QSR iron condor priced on this page is roughly $71.48 and $81.03 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 QSR market-implied 1-standard-deviation expected move is approximately 6.62%; 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 QSR?
- Iron condors on QSR are a delta-neutral premium-collection structure that profits if QSR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current QSR implied volatility affect this iron condor?
- QSR ATM IV is at 23.10% with IV rank near 29.35%, 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.