How are TTE butterfly max profit and max loss calculated?

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the TTE butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.70%), the computed maximum profit is $258.36 per contract and the computed maximum loss is -$207.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TTE butterfly?

The breakeven for the TTE butterfly priced on this page is roughly $90.43 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 TTE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TTE implied volatility affect this butterfly?

TTE ATM IV is at 21.70% with IV rank near 27.03%, 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.

TTE Butterfly Strategy

TTE (TotalEnergies SE), in the Energy sector, (Oil & Gas Integrated industry), listed on NYSE.

TotalEnergies SE, headquartered in Courbevoie, France, traces its origins back to its incorporation in 1924. Known as TOTAL SE until its rebranding in June 2021, it stands as a global, integrated energy powerhouse. Its extensive worldwide operations are structured across four key business segments: The Integrated Gas, Renewables & Power division encompasses the entire liquefied natural gas (LNG) value chain, from production and shipping to trading and regasification. It also actively trades various energy commodities including liquefied petroleum gas (LPG), natural gas, and electricity, alongside petcoke and sulfur. This segment is deeply involved in natural gas transportation, electricity generation from a diverse mix of sources—ranging from natural gas to wind, solar, hydroelectric, and biogas—as well as energy storage solutions and the development of biomethane facilities. Furthermore, it offers energy efficiency services.

TTE (TotalEnergies SE) trades in the Energy sector, specifically Oil & Gas Integrated, with a market capitalization of approximately $195.31B, a trailing P/E of 10.85, a beta of 0.05 versus the broader market, a 52-week range of 57.39-94.17, average daily share volume of 1.7M, a public-listing history dating back to 1991, approximately 95K full-time employees. These structural characteristics shape how TTE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.05 indicates TTE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 10.85 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. TTE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on TTE?

A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.

TTE snapshot

As of August 14, 2026, spot at $88.28, ATM IV 21.70%, IV rank 27.03%, expected move 6.22%. The butterfly on TTE 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 butterfly structure on TTE specifically: TTE IV at 21.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a TTE butterfly, with a market-implied 1-standard-deviation move of approximately 6.22% (roughly $5.49 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 TTE expiries trade a higher absolute premium for lower per-day decay. Position sizing on TTE should anchor to the underlying notional of $88.28 per share and to the trader's directional view on TTE stock.

TTE butterfly setup

The TTE butterfly 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 TTE at $88.28 on that close, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TTE 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 TTE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$85.00	$4.60
Sell 2	Call	$87.50	$3.00
Buy 1	Call	$92.50	$0.98

TTE butterfly risk and reward

Net Premium / Debit: +$42.50
Max Profit (per contract): $258.36
Max Loss (per contract): -$207.50
Breakeven(s): $90.43
Risk / Reward Ratio: 1.245

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.

TTE butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on TTE. 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%	+$42.50
$19.53	-77.9%	+$42.50
$39.05	-55.8%	+$42.50
$58.56	-33.7%	+$42.50
$78.08	-11.6%	+$42.50
$97.60	+10.6%	-$207.50
$117.12	+32.7%	-$207.50
$136.64	+54.8%	-$207.50
$156.15	+76.9%	-$207.50
$175.67	+99.0%	-$207.50

When traders use butterfly on TTE

Butterflies on TTE are pinning bets - traders use them when they expect TTE to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.

TTE thesis for this butterfly

The market-implied 1-standard-deviation range for TTE extends from approximately $82.79 on the downside to $93.77 on the upside. A TTE long call butterfly is a pinning play: it pays maximum at the middle strike if TTE settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current TTE IV rank near 27.03% 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 TTE at 21.70%. As a Energy name, TTE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TTE-specific events.

TTE butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. TTE positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TTE alongside the broader basket even when TTE-specific fundamentals are unchanged. Always rebuild the position from current TTE chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on TTE?: A butterfly on TTE is the butterfly strategy applied to TTE (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With TTE stock at $88.28 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed TTE chain strike and the premiums come straight from that session's bid/ask midpoint.
How are TTE butterfly max profit and max loss calculated?: Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the TTE butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.70%), the computed maximum profit is $258.36 per contract and the computed maximum loss is -$207.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TTE butterfly?: The breakeven for the TTE butterfly priced on this page is roughly $90.43 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 TTE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on TTE?: Butterflies on TTE are pinning bets - traders use them when they expect TTE to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
How does current TTE implied volatility affect this butterfly?: TTE ATM IV is at 21.70% with IV rank near 27.03%, 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.