TSM Options History — January 2025

In January 2025, TSM traded between $190.70 and $223.76. ATM implied volatility averaged 40.5%, placing in the 46.2% IV rank vs the trailing year. The 30-day expected move averaged 11.5%. IV traded below realized volatility by 9.9% (HV 20d: 50.4%). Max pain ranged from $170.00 to $195.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 3 of 20 days. Put/call ratio averaged 0.63.

Notable Days

2025-01-16: Highest Volume — 594,865 contracts
2025-01-27: Largest IV spike — 49.8% change
2025-01-27: Highest IV Rank — 70.6%
2025-01-02: Largest Expected Move — 14.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$209.68	$190.70	$223.76	$200.82	$208.92
Max Pain	$185.25	$170.00	$195.00	$170.00	$195.00
ATM IV	40.5%	32.1%	49.1%	43.3%	42.6%
Expected Move	11.5%	9.0%	14.0%	14.0%	11.9%
HV 20d	50.4%	37.0%	71.7%	37.0%	71.6%
HV 60d	43.1%	37.9%	50.2%	40.4%	49.9%
IV Rank	46.2%	22.3%	70.6%	54.6%	51.2%
IV Percentile	59.0%	13.5%	97.2%	76.2%	69.8%
Term Structure	-0.6%	-2.6%	1.7%	-1.0%	-0.6%
VWIV	40.9%	32.5%	49.1%	49.0%	42.4%
Skew 25d	1.5%	0.3%	3.8%	1.8%	3.8%
Skew 10d	4.1%	1.8%	11.0%	5.3%	8.1%
Call IV 25d	40.1%	31.9%	47.3%	42.8%	41.7%
Put IV 25d	41.6%	32.8%	51.0%	44.6%	45.4%
Bid-Ask Spread %	16.54	3.00	27.27	3.00	14.93
Gamma HHI	0.09	0.05	0.28	0.08	0.06
Net GEX	167.3M	-12.5M	482.6M	140.0M	133.8M
Net DEX	-5.76B	-9.39B	153.1M	-5.31B	-4.60B
Net VEX	-27.7M	-35.4M	-23.3M	-25.6M	-33.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.38	0.92	0.60	0.77
Total Volume	228,963.2	77,773	594,865	77,773	197,019
Total OI	1,573,417.8	1,235,379	1,944,988	1,586,730	1,569,692

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$200.82	$170.00	43.3%	14.0%	37.0%	54.6%	49.0%	1.8%	-1.0%	140.0M	-5.31B	-25.6M	0.60	3.00	48,464	29,309	673,996	912,734
2025-01-03	$208.72	$170.00	42.1%	13.8%	39.0%	51.2%	48.7%	1.1%	-1.1%	217.6M	-7.29B	-24.6M	0.58	4.37	81,088	47,196	683,067	921,992
2025-01-06	$220.25	$180.00	45.4%	12.3%	43.1%	60.7%	43.5%	0.5%	-0.1%	184.7M	-9.39B	-23.3M	0.57	19.80	183,126	104,294	675,611	898,458
2025-01-07	$211.99	$180.00	44.2%	12.0%	45.5%	57.4%	42.2%	0.9%	-0.9%	155.0M	-7.28B	-25.0M	0.92	21.39	93,633	86,187	680,987	923,689
2025-01-08	$207.15	$180.00	42.5%	11.5%	46.1%	52.5%	40.5%	0.8%	-0.8%	141.7M	-5.96B	-25.3M	0.50	22.79	109,355	55,072	701,651	955,036
2025-01-10	$208.72	$180.00	43.2%	11.8%	43.0%	54.3%	42.1%	0.3%	-0.6%	155.0M	-6.48B	-25.3M	0.57	27.27	117,760	66,937	738,487	973,849
2025-01-13	$201.18	$180.00	44.5%	12.2%	44.9%	58.3%	42.8%	1.2%	-1.8%	98.4M	-4.65B	-25.6M	0.66	20.78	81,079	53,207	684,783	949,006
2025-01-14	$201.31	$180.00	45.0%	12.3%	44.3%	59.6%	42.8%	1.4%	-2.1%	104.0M	-4.69B	-26.8M	0.89	19.93	89,242	79,773	706,117	975,480
2025-01-15	$206.51	$180.00	44.5%	12.1%	42.2%	58.3%	42.5%	0.7%	-2.6%	140.6M	-6.13B	-26.4M	0.57	21.14	203,700	116,747	731,605	1,019,892
2025-01-16	$216.24	$180.00	32.9%	9.2%	44.9%	24.7%	33.6%	1.0%	-0.8%	356.0M	-9.24B	-24.2M	0.50	16.13	397,773	197,092	807,668	1,067,515
2025-01-17	$211.63	$180.00	32.1%	9.0%	45.4%	22.3%	34.4%	1.3%	-0.8%	182.4M	-7.59B	-25.6M	0.56	26.88	182,412	101,763	829,386	1,115,602
2025-01-21	$219.56	$190.00	32.1%	9.2%	45.2%	22.3%	33.0%	0.9%	-0.1%	170.9M	-6.28B	-25.0M	0.63	11.56	151,608	95,187	577,169	658,210
2025-01-22	$223.31	$190.00	33.2%	9.5%	45.3%	25.4%	35.0%	0.4%	1.4%	210.4M	-7.24B	-27.0M	0.50	10.13	158,857	79,402	619,929	701,678
2025-01-23	$223.76	$195.00	32.4%	9.2%	45.3%	23.0%	32.5%	0.6%	1.7%	200.4M	-7.10B	-27.4M	0.51	13.54	76,148	38,514	628,764	733,696
2025-01-24	$221.33	$195.00	32.8%	9.3%	42.0%	24.3%	33.0%	0.6%	1.4%	482.6M	-6.37B	-28.7M	0.38	9.24	150,834	57,911	653,987	746,874
2025-01-27	$190.70	$195.00	49.1%	14.0%	68.4%	70.6%	49.1%	3.7%	-1.4%	-12.5M	153.1M	-30.8M	0.74	13.08	300,824	223,334	588,461	717,602
2025-01-28	$201.59	$195.00	41.0%	11.7%	71.5%	46.4%	41.5%	2.9%	-0.3%	76.5M	-2.61B	-34.2M	0.76	17.63	132,883	100,542	710,925	800,805
2025-01-29	$202.86	$195.00	43.8%	12.6%	71.4%	54.8%	46.3%	3.7%	-0.9%	85.1M	-3.03B	-35.4M	0.80	22.34	79,052	63,322	730,947	827,766
2025-01-30	$207.12	$195.00	42.8%	11.7%	71.7%	51.8%	42.3%	3.4%	-0.3%	123.7M	-4.10B	-34.9M	0.68	14.97	88,553	60,065	741,721	833,519
2025-01-31	$208.92	$195.00	42.6%	11.9%	71.6%	51.2%	42.4%	3.8%	-0.6%	133.8M	-4.60B	-33.8M	0.77	14.93	111,076	85,943	739,442	830,250