TTI Long Put Strategy
TTI (TETRA Technologies, Inc.), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NYSE.
TETRA Technologies, Inc., together with its subsidiaries, operates as a diversified oil and gas services company. It operates through Completion Fluids & Products Division and Water & Flowback Services segments. The Completion Fluids & Products segment manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States, as well as in Latin America, Europe, Asia, the Middle East, and Africa. This segment also markets liquid and dry calcium chloride products. The Water & Flowback Services segment provides water management services for onshore oil and gas operators. This segment also offers frac flowback, production well testing, and other associated services in oil and gas producing regions in the United States and Mexico, as well as in various basins in Latin America, Africa, Europe, and the Middle East.
TTI (TETRA Technologies, Inc.) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $1.44B, a trailing P/E of 196.90, a beta of 1.21 versus the broader market, a 52-week range of 2.63-12.54, average daily share volume of 1.8M, a public-listing history dating back to 1990, approximately 1K full-time employees. These structural characteristics shape how TTI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.21 places TTI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 196.90 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a long put on TTI?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current TTI snapshot
As of May 15, 2026, spot at $10.52, ATM IV 55.70%, IV rank 28.40%, expected move 15.97%. The long put on TTI 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 long put structure on TTI specifically: TTI IV at 55.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a TTI long put, with a market-implied 1-standard-deviation move of approximately 15.97% (roughly $1.68 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 TTI expiries trade a higher absolute premium for lower per-day decay. Position sizing on TTI should anchor to the underlying notional of $10.52 per share and to the trader's directional view on TTI stock.
TTI long put setup
The TTI long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TTI near $10.52, the first option leg uses a $10.52 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TTI 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 TTI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $10.52 | N/A |
TTI long put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
TTI long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on TTI. 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.
When traders use long put on TTI
Long puts on TTI hedge an existing long TTI stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TTI exposure being hedged.
TTI thesis for this long put
The market-implied 1-standard-deviation range for TTI extends from approximately $8.84 on the downside to $12.20 on the upside. A TTI long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long TTI position with one put per 100 shares held. Current TTI IV rank near 28.40% 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 TTI at 55.70%. As a Energy name, TTI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TTI-specific events.
TTI long put positions are structurally bearish; 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. TTI positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TTI alongside the broader basket even when TTI-specific fundamentals are unchanged. Long-premium structures like a long put on TTI are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current TTI chain quotes before placing a trade.
Frequently asked questions
- What is a long put on TTI?
- A long put on TTI is the long put strategy applied to TTI (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With TTI stock trading near $10.52, the strikes shown on this page are snapped to the nearest listed TTI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TTI long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the TTI long put priced from the end-of-day chain at a 30-day expiry (ATM IV 55.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TTI long put?
- The breakeven for the TTI long put priced on this page is no defined breakeven on the modeled curve 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 TTI market-implied 1-standard-deviation expected move is approximately 15.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on TTI?
- Long puts on TTI hedge an existing long TTI stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying TTI exposure being hedged.
- How does current TTI implied volatility affect this long put?
- TTI ATM IV is at 55.70% with IV rank near 28.40%, 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.