SJM trade idea receipt

SJM is a neutral volatility setup, where the trade is built around price staying inside the planned range rather than making a large directional move. The suggested iron condor uses the current stock price near $101.60 with a planned lower boundary near $89.85 and upper boundary near $113.34, so the thesis depends on price remaining inside that range. Supporting factors include IV rank 93% (elevated vs 1-year history), ATM IV 38.6% vs realized 23.3%, and front/next IV ratio 1.482 (event premium in term structure). Because this is a time-sensitive idea over roughly 24 hours, it should be sized carefully and revisited if price moves through the risk level or the supporting flow fades.