Noob here. Learning options. I am certain of missing a lot in my understanding of how straddles work.

Investopedia says: "A trader will profit from a long straddle when the price of the security rises or falls from the strike price by an amount more than the total cost of the premium paid. "

I am looking for all possible explanations to why the straddle lost/gained value. Example in case is PRA. Let's consider the two earnings dates in the boxes.

For Nov 5, 2019 earnings:The straddle lost a third of its value. The max move was more than the implied move.

• Q. Is it fair to say that we'd have been in profit if we sold the straddle at the point of max move?
• Q. Did the straddle lose significant value because perhaps the expiration was super near and heavy theta decay kicked in, along with the underlying not having moved at all at close post earnings?
• Q. In general, are all straddles which move outside the implied move good trades given we sell at the point of max move?

For Aug 7, 2018 earnings: The straddle gained a lot, even though the max move was inside the implied move.

• Q. Why could have that happened?

Thanks!

PRA Straddle History