TSM Options History — January 2007

In January 2007, TSM traded between $10.62 and $11.49. ATM implied volatility averaged 31.3%. The 30-day expected move averaged 9.4%. IV traded below realized volatility by 5.8% (HV 20d: 37.1%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 1.37.

Notable Days

  • 2007-01-05: Highest Volume — 11,136 contracts
  • 2007-01-31: Largest IV spike — 90.5% change
  • 2007-01-22: Largest Expected Move — 13.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.01$10.62$11.49$10.97$10.91
Max Pain$10.00$10.00$10.00$10.00$10.00
ATM IV31.3%19.1%46.0%19.1%39.1%
Expected Move9.4%5.5%13.2%5.5%11.2%
HV 20d37.1%35.4%38.7%38.7%35.4%
Term Structure-4.0%-13.5%13.5%5.4%-4.7%
VWIV34.0%19.5%46.0%19.5%37.8%
Skew 25d5.1%-7.9%20.7%2.5%-0.0%
Skew 10d9.5%0.1%19.3%4.9%2.7%
Call IV 25d28.4%21.7%37.6%26.5%31.8%
Put IV 25d33.5%19.8%46.7%29.0%31.7%
Bid-Ask Spread %15.046.1925.648.246.73
Gamma HHI0.600.510.760.560.62
Net GEX-340.7K-841.0K-112.3K-191.3K-369.6K
Net DEX-14.3M-24.4M-5.6M-19.2M-7.2M
Net VEX-111.0K-129.8K-103.1K-105.5K-107.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.370.019.400.160.01
Total Volume1,479.28111,1361,032120
Total OI82,041.2561,74298,91385,52864,778

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2007-01-03$10.97$10.0019.1%5.5%0.0%0.0%19.5%2.5%5.4%-191.3K-19.2M-105.5K0.168.2489313935,66549,863
2007-01-04$10.97$10.0019.8%5.7%0.0%0.0%20.3%-0.1%-4.3%-193.9K-19.5M-103.9K2.089.758016636,17449,912
2007-01-05$10.69$10.0020.2%9.0%0.0%0.0%31.6%8.9%-2.6%-438.4K-15.3M-114.4K9.4011.261,07110,06536,17650,019
2007-01-08$10.75$10.0023.3%8.6%0.0%0.0%30.1%7.4%-1.4%-590.5K-15.3M-119.6K1.8412.2337769437,01658,522
2007-01-09$10.62$10.0023.3%8.4%0.0%0.0%29.3%6.0%-2.0%-786.9K-13.0M-121.9K0.4618.9221810037,17758,572
2007-01-10$10.68$10.0028.2%8.9%0.0%0.0%31.0%7.3%-0.8%-841.0K-10.6M-129.8K1.3418.2925634237,16458,672
2007-01-11$10.91$10.0036.6%10.5%0.0%0.0%36.6%13.4%-3.5%-360.4K-17.0M-117.2K1.3217.881,8002,37537,15358,937
2007-01-12$11.25$10.0040.5%11.6%0.0%0.0%40.7%4.3%-6.9%-258.8K-21.0M-115.3K0.7416.3688065337,65360,967
2007-01-16$11.31$10.0036.6%10.5%0.0%0.0%40.6%6.7%-5.5%-238.9K-21.5M-111.4K0.1415.9797814137,77961,134
2007-01-17$11.49$10.0032.3%9.3%0.0%0.0%40.9%6.2%-1.4%-112.3K-24.4M-104.8K1.8212.6719735838,00159,086
2007-01-18$11.25$10.0039.8%11.4%0.0%0.0%40.1%0.8%-11.9%-192.0K-22.0M-106.6K0.3721.882659738,06959,331
2007-01-19$11.29$10.0027.1%7.8%0.0%0.0%25.7%3.0%-4.9%-190.8K-21.8M-107.0K0.3022.4579824037,83959,340
2007-01-22$11.06$10.0046.0%13.2%0.0%0.0%46.0%20.7%-13.5%-268.2K-7.9M-111.1K3.4216.884071,39225,73536,007
2007-01-23$11.25$10.0042.8%12.3%0.0%0.0%40.3%4.5%-5.1%-221.4K-10.1M-107.0K0.1023.237067025,75737,160
2007-01-24$11.48$10.0037.1%10.6%0.0%0.0%40.1%9.0%-6.3%-126.1K-12.9M-103.5K0.2425.641,04124826,31637,186
2007-01-25$10.76$10.0035.1%10.1%38.7%0.0%34.5%9.2%-7.1%-393.9K-5.8M-108.4K1.1622.5467478226,55037,303
2007-01-26$10.93$10.0029.3%8.4%38.0%0.0%21.2%-1.8%-8.1%-349.8K-7.0M-110.6K1.336.3927736826,60337,922
2007-01-29$10.77$10.0029.4%8.4%37.2%0.0%39.2%-7.9%-8.2%-416.6K-5.6M-110.7K0.977.3611911626,58637,976
2007-01-30$10.91$10.0020.5%5.9%36.4%0.0%0.0%1.3%13.5%-273.9K-8.5M-103.1K0.276.19641726,64938,076
2007-01-31$10.91$10.0039.1%11.2%35.4%0.0%37.8%-0.0%-4.7%-369.6K-7.2M-107.5K0.016.73119126,69538,083