XPRO Straddle Strategy
XPRO (Expro Group Holdings N.V.), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NYSE.
Expro Group Holdings N.V. engages in the provision of energy services in North and Latin America, Europe and Sub-Saharan Africa, the Middle East and North Africa, and the Asia-Pacific. The company provides well construction services, such as technology solutions in drilling, tubular running services, and cementing and tubulars; and well management services, including well flow management, subsea well access, and well intervention and integrity services. It serves exploration and production companies in onshore and offshore environments in approximately 60 countries with approximately 100 locations. The company was founded in 1938 and is based in Houston, Texas.
XPRO (Expro Group Holdings N.V.) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $1.78B, a trailing P/E of 48.48, a beta of 1.08 versus the broader market, a 52-week range of 7.57-18.73, average daily share volume of 1.2M, a public-listing history dating back to 2013, approximately 9K 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 1.08 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 48.48 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 straddle on XPRO?
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 XPRO snapshot
As of May 15, 2026, spot at $15.84, ATM IV 81.50%, IV rank 25.16%, expected move 23.37%. The straddle on XPRO 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 XPRO specifically: XPRO IV at 81.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a XPRO straddle, with a market-implied 1-standard-deviation move of approximately 23.37% (roughly $3.70 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 XPRO expiries trade a higher absolute premium for lower per-day decay. Position sizing on XPRO should anchor to the underlying notional of $15.84 per share and to the trader's directional view on XPRO stock.
XPRO straddle setup
The XPRO 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 XPRO near $15.84, the first option leg uses a $15.84 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 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 XPRO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $15.84 | N/A |
| Buy 1 | Put | $15.84 | N/A |
XPRO straddle 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
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.
XPRO straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle 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 straddle on XPRO
Straddles on XPRO are pure-volatility plays that profit from large moves in either direction; traders typically buy XPRO straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
XPRO thesis for this straddle
The market-implied 1-standard-deviation range for XPRO extends from approximately $12.14 on the downside to $19.54 on the upside. A XPRO 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 XPRO IV rank near 25.16% 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 81.50%. 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 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. 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 straddle on XPRO?
- A straddle on XPRO is the straddle strategy applied to XPRO (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 XPRO stock trading near $15.84, the strikes shown on this page are snapped to the nearest listed XPRO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are XPRO 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 XPRO straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 81.50%), 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 straddle?
- The breakeven for the XPRO straddle 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 XPRO market-implied 1-standard-deviation expected move is approximately 23.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on XPRO?
- Straddles on XPRO are pure-volatility plays that profit from large moves in either direction; traders typically buy XPRO 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 XPRO implied volatility affect this straddle?
- XPRO ATM IV is at 81.50% with IV rank near 25.16%, 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.