XPRO Butterfly Strategy
XPRO (Expro Group Holdings N.V.), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NYSE.
Expro Group Holdings N.V. is a global provider of specialized energy services, operating across North and Latin America, Europe, Sub-Saharan Africa, the Middle East, North Africa, and the Asia-Pacific regions. The company delivers solutions crucial for both well construction and ongoing well management. Its construction offerings include advanced drilling technologies, tubular running services, and cementing and tubular goods. For well management, it provides services such as optimizing well flow, subsea well access, and maintaining well integrity through intervention. Expro supports exploration and production companies in both onshore and offshore environments. Established in 1938 and headquartered in Houston, Texas, the company boasts an extensive international presence, serving clients in approximately 60 countries from around 100 locations.
XPRO (Expro Group Holdings N.V.) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $2.07B, a trailing P/E of 100.45, a beta of 0.98 versus the broader market, a 52-week range of 10.18-18.73, average daily share volume of 1.1M, a public-listing history dating back to 2013, approximately 7K full-time employees. These structural characteristics shape how XPRO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places XPRO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 100.45 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. XPRO pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on XPRO?
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.
XPRO snapshot
As of August 14, 2026, spot at $18.75, ATM IV 67.20%, IV rank 21.43%, expected move 19.27%. The butterfly on XPRO below is built from the 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 XPRO specifically: XPRO IV at 67.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a XPRO butterfly, with a market-implied 1-standard-deviation move of approximately 19.27% (roughly $3.61 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 XPRO expiries trade a higher absolute premium for lower per-day decay. Position sizing on XPRO should anchor to the underlying notional of $18.75 per share and to the trader's directional view on XPRO stock.
XPRO butterfly setup
The XPRO butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With XPRO at $18.75 on that close, the first option leg uses a $17.81 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XPRO 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 XPRO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $17.81 | N/A |
| Sell 2 | Call | $18.75 | N/A |
| Buy 1 | Call | $19.69 | N/A |
XPRO butterfly 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 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.
XPRO butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on XPRO. 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 butterfly on XPRO
Butterflies on XPRO are pinning bets - traders use them when they expect XPRO 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.
XPRO thesis for this butterfly
The market-implied 1-standard-deviation range for XPRO extends from approximately $15.14 on the downside to $22.36 on the upside. A XPRO long call butterfly is a pinning play: it pays maximum at the middle strike if XPRO settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current XPRO IV rank near 21.43% 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 XPRO at 67.20%. As a Energy name, XPRO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XPRO-specific events.
XPRO 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. XPRO positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move XPRO alongside the broader basket even when XPRO-specific fundamentals are unchanged. Always rebuild the position from current XPRO chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on XPRO?
- A butterfly on XPRO is the butterfly strategy applied to XPRO (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 XPRO stock at $18.75 on the most recent close, the strikes shown on this page are snapped to the nearest listed XPRO chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are XPRO 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 XPRO butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 67.20%), 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 XPRO butterfly?
- The breakeven for the XPRO butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 XPRO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 19.27%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on XPRO?
- Butterflies on XPRO are pinning bets - traders use them when they expect XPRO 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 XPRO implied volatility affect this butterfly?
- XPRO ATM IV is at 67.20% with IV rank near 21.43%, 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.