Best Options Strategy for BJRI
Looking for the best options strategy for BJ's Restaurants, Inc. (BJRI)? There is no single answer — the right play depends on your outlook, your risk tolerance and current implied volatility. Below, our free engine shows the highest-scoring defined-risk strategy on the live BJRI option chain right now, and a simple map from your view on BJRI to the strategy that fits it. Model any of them in the calculator before you trade.
About BJRI
BJ's Restaurants, Inc. (BJRI) is a major company in Restaurants. Options traders on BJRI tend to watch , since these can drive large moves in the share price.
About BJ's Restaurants, Inc.
BJ's Restaurants, Inc. operates a chain of full-service casual dining establishments across the United States. The core of the business centers on wood-fired pizzas, a wide selection of house-made and craft beers, and a diverse menu that spans appetizers, entrées, wings, pasta dishes, sandwiches, and specialty salads. The company is perhaps best known for its signature Pizookie desserts, which are warm, shareable cookie creations served in a skillet. Founded in 1978 and headquartered in Huntington Beach, California, the business was originally named Chicago Pizza & Brewery before rebranding as BJ's Restaurants, Inc. in 2004.
The company generates revenue primarily through food and beverage sales at its restaurant locations. The operating model relies on dine-in service, supplemented by takeout and delivery channels. BJ's competes in the casual dining segment, targeting customers seeking pizza and beer alongside a broader menu in a full-service restaurant environment. The chain operates multiple units across various states, scaling its presence through company-operated and potentially franchised or licensed locations, though the majority of restaurants remain company-run. Revenue…
Today's top-scoring strategy for BJRI
Our engine ranks defined-risk strategies on the live BJRI chain by probability of profit and risk/reward, then surfaces the best-scoring one. It is an educational illustration, not advice.
| Action | Qty | Type | Strike | Premium |
|---|---|---|---|---|
| Buy | 1× | PUT | $55 | $0.57 |
| Sell | 1× | PUT | $57.5 | $1.56 |
| Sell | 1× | CALL | $77.5 | $2.06 |
| Buy | 1× | CALL | $77.5 | $2.06 |
Simulation
Forward simulation of 6,000 lognormal price paths to expiration — not a historical backtest.
Strategy analysis
Greeks vs price
Price × volatility (today)
| −30% | −15% | IV | +15% | +30% | |
|---|---|---|---|---|---|
| $84 | $98 | $97 | $95 | $91 | $86 |
| $81 | $98 | $96 | $92 | $87 | $80 |
| $77 | $97 | $93 | $88 | $81 | $73 |
| $74 | $95 | $88 | $81 | $72 | $63 |
| $70 | $89 | $80 | $70 | $60 | $51 |
| $67 | $77 | $65 | $54 | $44 | $35 |
| $64 | $56 | $43 | $32 | $23 | $16 |
| $60 | $23 | $13 | $5 | −$2 | −$7 |
| $57 | −$21 | −$24 | −$27 | −$29 | −$32 |
| $54 | −$69 | −$64 | −$61 | −$59 | −$58 |
| $50 | −$109 | −$100 | −$92 | −$87 | −$83 |
Live scan from 2026-08-14 · quotes delayed ~15 minutes
Historical backtest: how a Iron Condor on BJRI would have performed
We approximated a Iron Condor on BJRI, entered repeatedly over the past year (92 historical entries, each held to expiration) with Black-Scholes-modelled entry premiums. Here is how that would have played out on real BJRI price history — an educational backtest, not a prediction of future returns.
Approximate: entry premiums are modelled with Black-Scholes from trailing realised volatility, held to expiration and settled against the real historical close. Real fills, implied volatility and slippage differ — treat it as directional context, not exact returns.
Implied volatility
BJRI is currently trading with high implied volatility, which makes its options expensive — and attractive to sell. On the options we scanned that was around 57% implied volatility, and higher implied volatility means richer premiums and wider expected moves.
Options on BJRI currently price in about 57% implied volatility, versus roughly 51% the stock has actually realised over the past month. The two are roughly in line, so neither buying nor selling premium has a clear volatility edge here.
BJRI's IV Rank is 1/100: implied volatility sits 1% of the way between its 15-day low (57%) and high (70%), and is above 6% of recorded days. Premium is historically cheap, which favours net-debit strategies like long options and debit spreads.
Off that volatility, the options market is pricing a move of about ±$11.76 (±18%) in BJRI by 2026-09-18 — a range of roughly $55.36 to $78.88. Strikes inside that band hold most of the premium and see most of the action.
Across strikes, upside calls on BJRI carry a higher implied volatility than downside puts — demand is tilted to the upside, which favours call spreads or selling cash-secured puts.
BJRI options chain highlights: open interest, volume and skew
The live BJRI options chain shows a put/call open-interest ratio of 1.97 (bearish-leaning (more puts)), with at-the-money implied volatility near 61%. Open interest clusters at the $77.5 call — a common resistance "wall" — and the $62.5 put, a support "wall": the strikes option writers are most exposed to into expiration.
Snapshot of open interest, volume and implied volatility for the nearest scanned expiration — context, not a trading signal.
BJRI insider trading activity (SEC Form 4)
Open-market insider transactions at BJRI over roughly the last six months, from SEC Form 4 filings. Open-market buys are the rarer, more telling signal — routine selling under pre-arranged plans is common, so read a net-selling figure with that in mind.
| Insider | Action | Shares | Value | Date |
|---|---|---|---|---|
| Lynds Gregory S | Sell | 25,350 | $1.7M | 2026-08-03 |
| Krakower Brian S | Sell | 7,341 | $405K | 2026-06-18 |
| Miller Kendra D | Sell | 4,545 | $253K | 2026-06-18 |
| Miller Kendra D | Sell | 14,716 | $818K | 2026-06-18 |
| Lynds Gregory S | Sell | 6,201 | $346K | 2026-06-18 |
| Elbogen Noah A. | Sell | 4,652 | $251K | 2026-06-18 |
Source: SEC Form 4 filings via Finnhub. Open-market purchases (P) and sales (S) only — grants, option exercises, gifts and tax withholding are excluded. Informational context, not investment advice.
Earnings & IV crush
BJRI's next earnings report is due around October 29, 2026. Options that expire after it price in a binary move, so their implied volatility is elevated and usually collapses right after the announcement — an "IV crush". If your expiration falls before this date, the trade sidesteps the event.
Key figures
- Market cap
- $1.4B
- Beta (vs market)
- 1.32
- 52-week range
- $28.46–$74.60 (84% up the range)
- Short interest
- 9.5% of float · 3.0 days to cover
Other strong setups for BJRI
If your view on BJRI differs, these also scored well in the latest scan:
- Jelly Roll (POP 58%) Experienced
- Double Diagonal (POP 70%) Experienced
- Put Broken Wing Butterfly (POP 61%)
How to choose an options strategy for BJRI
Start with your outlook on BJRI, then match it to a defined-risk structure. Here are the most common choices and when each makes sense:
Bullish
Buy a call for leverage with capped risk, or a bull call spread to lower the cost and breakeven when you have a target price.
Long Call → Bull Call Spread →Bearish
Buy a put to profit from a decline with defined risk, or a bear put spread to cheapen the trade when you expect a measured move down.
Long Put → Bear Put Spread →Neutral
Sell an iron condor to collect premium while BJRI stays between two strikes, or write a covered call against shares you already own.
Iron Condor → Covered Call →⧉ Embed this free calculator on your site →
How we pick the best strategy
For each ticker we pull the live option chain, build every supported strategy around the at-the-money strikes, and score them on probability of profit, risk/reward and capital efficiency — favouring defined-risk structures where the maximum loss is known up front. Methodology →
Open BJRI in the free calculator →
Frequently asked questions
What is the best options strategy for BJRI?
It depends on your outlook. Bullish traders often use a long call or bull call spread on BJRI; bearish traders a long put or bear put spread; neutral traders an iron condor or covered call. Our live scan above shows the current highest-scoring defined-risk play.
Are BJRI options liquid enough to trade?
BJ's Restaurants, Inc. (BJRI) is among the most actively-traded US options, which usually means tight bid/ask spreads and plenty of strikes and expirations — though you should always check the open interest and spread on the exact contract.
How much money do I need to trade BJRI options?
Buying a single BJRI call or put can cost as little as the premium (often one to a few hundred dollars), while income strategies like a cash-secured put need enough capital to buy 100 shares if assigned.
Is this financial advice?
No. Everything here is educational and uses delayed, third-party data. It is not a recommendation to trade BJRI or any security. Do your own research.
What does BJ's Restaurants, Inc. do?
BJ's Restaurants, Inc. (BJRI) operates in the Restaurants industry. The "About BJ's Restaurants, Inc." section above gives a fuller picture of what the company does and how it earns money.
Does BJ's Restaurants, Inc. pay a dividend?
We don't show a confirmed dividend yield for BJ's Restaurants, Inc. here, so treat it as uncertain: before writing calls, check its current dividend and ex-dividend date with your broker — an approaching ex-dividend date can trigger early assignment on in-the-money short calls.
When does BJ's Restaurants, Inc. next report earnings?
BJ's Restaurants, Inc.'s next earnings are expected around October 29, 2026. Implied volatility usually climbs into the report and drops sharply afterwards (IV crush) — important for any options position held over the date.
Price trend
Tickers related to BJRI
Comparing BJRI with similar names can help you choose the best options strategy:
Company information
- Headquarters
- 7755 Center Avenue, Suite 300, Huntington Beach, CA, 92647, United States
- Industry
- Restaurants
- Employees
- 22,230
- CEO
- Mr. Lyle D. Tick
- Phone
- 714 500 2400
- Website
- www.bjsrestaurants.com
- Investor relations
- phx.corporate-ir.net/phoenix.zhtml?c=99411&p=irol-irhome
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