How are TTE straddle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the TTE straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 25.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$572.24 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TTE straddle?

The breakeven for the TTE straddle priced on this page is roughly $86.75 and $98.25 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.

How does current TTE implied volatility affect this straddle?

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.

TTE Straddle 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 straddle on TTE?

A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.

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 straddle 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 straddle structure on TTE specifically: TTE IV at 25.30% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, 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 straddle setup

The TTE straddle 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 $92.50 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)
Buy 1	Call	$92.50	$2.83
Buy 1	Put	$92.50	$2.93

TTE straddle risk and reward

Net Premium / Debit: -$575.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$572.24
Breakeven(s): $86.75, $98.25
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.

TTE straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle 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%	+$8,674.00
$20.36	-77.9%	+$6,638.61
$40.72	-55.8%	+$4,603.23
$61.07	-33.7%	+$2,567.84
$81.43	-11.6%	+$532.45
$101.78	+10.6%	+$352.93
$122.13	+32.7%	+$2,388.32
$142.49	+54.8%	+$4,423.71
$162.84	+76.9%	+$6,459.10
$183.19	+99.0%	+$8,494.48

When traders use straddle on TTE

Straddles on TTE are pure-volatility plays that profit from large moves in either direction; traders typically buy TTE straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.

TTE thesis for this straddle

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 long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. Current TTE IV rank near 57.58% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle 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 straddle positions are structurally neutral / high-volatility (long premium); 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 straddle on TTE?: A straddle on TTE is the straddle strategy applied to TTE (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. 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 straddle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the TTE straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 25.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$572.24 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TTE straddle?: The breakeven for the TTE straddle priced on this page is roughly $86.75 and $98.25 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 straddle on TTE?: Straddles on TTE are pure-volatility plays that profit from large moves in either direction; traders typically buy TTE straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
How does current TTE implied volatility affect this straddle?: 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.