I'm using the Google Pagespeed Insights image optimization guidelines, and for ImageMagick they recommend the following:
-sampling-factor 4:2:0
-strip
-quality 85 [it can vary, I use range 60-80, lower number here means smaller file]
-interlace
-colorspace RGB
Command in ImageMagick:
convert image.jpg -sampling-factor 4:2:0 -strip -quality 85 -interlace JPEG -colorspace RGB image_converted.jpg
With these options I get up to 40% savings in JPEG size without much visible loss.