How are SJM 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 SJM iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 31.70%), the computed maximum profit is $335.00 per contract and the computed maximum loss is -$665.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SJM iron condor?

The breakeven for the SJM iron condor priced on this page is roughly $111.65 and $128.35 at expiration, derived from the August 14, 2026 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 SJM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.09%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SJM implied volatility affect this iron condor?

SJM ATM IV is at 31.70% with IV rank near 38.68%, 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.

SJM Iron Condor Strategy

SJM (The J. M. Smucker Company), in the Consumer Defensive sector, (Packaged Foods industry), listed on NYSE.

The J. M. Smucker Company is an international enterprise specializing in the production and marketing of a diverse portfolio of branded food and beverage items. Its operations are organized into three principal U.S. retail divisions: Pet Foods, Coffee, and Consumer Foods. The company's extensive product offerings encompass various coffee options, including roast, ground, single-serve, and premium blends; a wide selection of spreads such as peanut butter and fruit preserves; cooking staples like shortening and oils; convenient frozen sandwiches and snacks; and a full range of pet food and treats. Additionally, Smucker provides hot beverages, portion-controlled items, and flour products for the foodservice sector, alongside frozen handheld meals, juices, beverages, and baking ingredients.

SJM (The J. M. Smucker Company) trades in the Consumer Defensive sector, specifically Packaged Foods, with a market capitalization of approximately $12.70B, a beta of 0.25 versus the broader market, a 52-week range of 88.25-127.65, average daily share volume of 1.7M, a public-listing history dating back to 1994, approximately 8K full-time employees. These structural characteristics shape how SJM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.25 indicates SJM has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SJM pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on SJM?

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.

SJM snapshot

As of August 14, 2026, spot at $121.11, ATM IV 31.70%, IV rank 38.68%, expected move 9.09%. The iron condor on SJM below is built from the August 14, 2026 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 iron condor structure on SJM specifically: SJM IV at 31.70% is mid-range versus its 1-year history, so the credit collected on a SJM iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 9.09% (roughly $11.01 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 SJM expiries trade a higher absolute premium for lower per-day decay. Position sizing on SJM should anchor to the underlying notional of $121.11 per share and to the trader's directional view on SJM stock.

SJM iron condor setup

The SJM iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SJM at $121.11 on that close, the first option leg uses a $125.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SJM 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 SJM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$125.00	$3.25
Buy 1	Call	$135.00	$0.78
Sell 1	Put	$115.00	$2.25
Buy 1	Put	$110.00	$1.38

SJM iron condor risk and reward

Net Premium / Debit: +$335.00
Max Profit (per contract): $335.00
Max Loss (per contract): -$665.00
Breakeven(s): $111.65, $128.35
Risk / Reward Ratio: 0.504

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.

SJM iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on SJM. 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%	-$165.00
$26.79	-77.9%	-$165.00
$53.56	-55.8%	-$165.00
$80.34	-33.7%	-$165.00
$107.12	-11.6%	-$165.00
$133.89	+10.6%	-$554.49
$160.67	+32.7%	-$665.00
$187.45	+54.8%	-$665.00
$214.23	+76.9%	-$665.00
$241.00	+99.0%	-$665.00

When traders use iron condor on SJM

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

SJM thesis for this iron condor

The market-implied 1-standard-deviation range for SJM extends from approximately $110.10 on the downside to $132.12 on the upside. A SJM iron condor is a delta-neutral premium-collection structure that pays off when SJM 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 SJM IV rank near 38.68% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on SJM should anchor more to the directional view and the expected-move geometry. As a Consumer Defensive name, SJM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SJM-specific events.

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

Frequently asked questions

What is a iron condor on SJM?: A iron condor on SJM is the iron condor strategy applied to SJM (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 SJM stock at $121.11 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SJM chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SJM 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 SJM iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 31.70%), the computed maximum profit is $335.00 per contract and the computed maximum loss is -$665.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SJM iron condor?: The breakeven for the SJM iron condor priced on this page is roughly $111.65 and $128.35 at expiration, derived from the August 14, 2026 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 SJM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.09%; 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 SJM?: Iron condors on SJM are a delta-neutral premium-collection structure that profits if SJM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current SJM implied volatility affect this iron condor?: SJM ATM IV is at 31.70% with IV rank near 38.68%, 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.