TTE Iron Condor Strategy
TTE (TotalEnergies SE), in the Energy sector, (Oil & Gas Integrated industry), listed on NYSE.
TotalEnergies SE operates as an integrated oil and gas company worldwide. The company operates through four segments: Integrated Gas, Renewables & Power; Exploration & Production; Refining & Chemicals; and Marketing & Services. The Integrated Gas, Renewables & Power segment engages in the liquefied natural gas production, shipping, trading, and regasification activities; trading of liquefied petroleum gas (LPG), petcoke and sulfur, natural gas, and electricity; transportation of natural gas; electricity production from natural gas, wind, solar, hydroelectric, and biogas sources; energy storage activities; and development and operation of biomethane production units, as well as provides energy efficiency services. The Exploration & Production segment is involved in the oil and natural gas exploration and production activities. The Refining & Chemicals segment engages in refining petrochemicals, including olefins and aromatics; and polymer derivatives, such as polyethylene, polypropylene, polystyrene, and hydrocarbon resins, as well as biomass conversion and elastomer processing. This segment is also involved in trading and shipping crude oil and petroleum products.
TTE (TotalEnergies SE) trades in the Energy sector, specifically Oil & Gas Integrated, with a market capitalization of approximately $203.48B, a trailing P/E of 12.89, a beta of 0.06 versus the broader market, a 52-week range of 57.26-93.67, average daily share volume of 2.1M, 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 0.06 indicates TTE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TTE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on TTE?
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.
Current TTE snapshot
As of May 15, 2026, spot at $92.06, ATM IV 25.30%, IV rank 57.58%, expected move 7.25%. The iron condor on TTE below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this iron condor structure on TTE specifically: TTE IV at 25.30% is mid-range versus its 1-year history, so the credit collected on a TTE iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.25% (roughly $6.68 on the underlying). The 34-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 $92.06 per share and to the trader's directional view on TTE stock.
TTE iron condor setup
The TTE iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TTE near $92.06, the first option leg uses a $97.50 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 34-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) |
|---|---|---|---|
| Sell 1 | Call | $97.50 | $1.05 |
| Buy 1 | Call | $100.00 | $0.60 |
| Sell 1 | Put | $87.50 | $1.08 |
| Buy 1 | Put | $82.50 | $0.40 |
TTE iron condor risk and reward
- Net Premium / Debit
- +$112.50
- Max Profit (per contract)
- $112.50
- Max Loss (per contract)
- -$387.50
- Breakeven(s)
- $86.38, $98.63
- Risk / Reward Ratio
- 0.290
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.
TTE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$387.50 |
| $20.36 | -77.9% | -$387.50 |
| $40.72 | -55.8% | -$387.50 |
| $61.07 | -33.7% | -$387.50 |
| $81.43 | -11.6% | -$387.50 |
| $101.78 | +10.6% | -$137.50 |
| $122.13 | +32.7% | -$137.50 |
| $142.49 | +54.8% | -$137.50 |
| $162.84 | +76.9% | -$137.50 |
| $183.19 | +99.0% | -$137.50 |
When traders use iron condor on TTE
Iron condors on TTE are a delta-neutral premium-collection structure that profits if TTE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TTE thesis for this iron condor
The market-implied 1-standard-deviation range for TTE extends from approximately $85.38 on the downside to $98.74 on the upside. A TTE iron condor is a delta-neutral premium-collection structure that pays off when TTE 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 TTE IV rank near 57.58% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on TTE should anchor more to the directional view and the expected-move geometry. 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 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. 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. Short-premium structures like a iron condor on TTE carry tail risk when realized volatility exceeds the implied move; review historical TTE earnings reactions and macro stress periods before sizing. Always rebuild the position from current TTE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TTE?
- A iron condor on TTE is the iron condor strategy applied to TTE (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 TTE stock trading near $92.06, the strikes shown on this page are snapped to the nearest listed TTE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TTE 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 TTE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 25.30%), the computed maximum profit is $112.50 per contract and the computed maximum loss is -$387.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TTE iron condor?
- The breakeven for the TTE iron condor priced on this page is roughly $86.38 and $98.63 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TTE market-implied 1-standard-deviation expected move is approximately 7.25%; 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 TTE?
- Iron condors on TTE are a delta-neutral premium-collection structure that profits if TTE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TTE implied volatility affect this iron condor?
- TTE ATM IV is at 25.30% with IV rank near 57.58%, 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.