TSM Options History — March 2025

In March 2025, TSM traded between $165.05 and $184.44. ATM implied volatility averaged 43.7%, placing in the 45.6% IV rank vs the trailing year. The 30-day expected move averaged 12.6%. IV traded below realized volatility by 0.9% (HV 20d: 44.6%). Max pain ranged from $175.00 to $195.00. Net GEX was positive for 1 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.77.

Notable Days

2025-03-04: Highest Volume — 310,121 contracts
2025-03-06: Largest IV spike — 10.8% change
2025-03-03: Highest IV Rank — 62.2%
2025-03-10: Largest Expected Move — 15.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$174.50	$165.05	$184.44	$172.21	$165.51
Max Pain	$183.33	$175.00	$195.00	$195.00	$180.00
ATM IV	43.7%	39.8%	48.0%	48.0%	44.6%
Expected Move	12.6%	10.7%	15.8%	14.8%	12.0%
HV 20d	44.6%	36.5%	49.2%	36.5%	42.8%
HV 60d	52.2%	51.0%	53.1%	51.0%	52.3%
IV Rank	45.6%	31.6%	62.2%	62.2%	48.8%
IV Percentile	71.2%	41.7%	96.4%	96.4%	79.4%
Term Structure	0.1%	-2.1%	5.7%	-0.6%	-1.3%
VWIV	44.1%	37.4%	54.4%	50.4%	41.6%
Skew 25d	4.6%	2.9%	6.8%	6.4%	4.7%
Skew 10d	10.3%	6.8%	16.3%	16.3%	11.0%
Call IV 25d	41.4%	37.7%	44.6%	44.5%	41.8%
Put IV 25d	46.0%	40.8%	51.2%	50.9%	46.5%
Bid-Ask Spread %	9.09	2.82	16.97	7.55	2.90
Gamma HHI	0.07	0.07	0.11	0.07	0.07
Net GEX	-58.4M	-148.0M	11.5M	-81.7M	-104.5M
Net DEX	1.67B	-300.6M	3.22B	2.63B	3.04B
Net VEX	-38.8M	-40.2M	-34.7M	-34.7M	-39.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.77	0.52	1.21	0.56	0.72
Total Volume	140,087.857	75,138	310,121	301,070	145,836
Total OI	1,662,204.952	1,521,432	1,775,525	1,529,754	1,605,277

Daily Data (21 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
2025-03-03	$172.21	$195.00	48.0%	14.8%	36.5%	62.2%	50.4%	6.4%	-0.6%	-81.7M	2.63B	-34.7M	0.56	7.55	193,543	107,527	675,216	854,538
2025-03-04	$180.94	$195.00	44.8%	14.0%	40.3%	51.0%	48.4%	4.8%	-0.8%	-14.5M	732.1M	-38.7M	0.72	5.25	180,452	129,669	745,899	881,091
2025-03-05	$184.44	$190.00	43.0%	13.4%	40.3%	43.1%	49.1%	4.7%	-0.9%	11.5M	-124.5M	-40.1M	0.56	8.21	62,065	34,485	764,447	907,882
2025-03-06	$176.09	$190.00	47.6%	14.8%	42.0%	59.6%	51.2%	5.8%	-2.1%	-60.5M	1.71B	-39.2M	0.80	11.11	96,760	77,122	771,638	911,907
2025-03-07	$175.97	$190.00	43.9%	13.6%	41.7%	46.5%	47.0%	5.1%	-0.4%	-70.4M	1.75B	-38.4M	0.65	15.57	90,867	59,263	790,053	916,216
2025-03-10	$169.50	$190.00	47.5%	15.8%	42.8%	59.1%	54.4%	6.8%	3.5%	-77.0M	2.77B	-37.1M	0.71	5.25	103,719	73,756	725,593	884,940
2025-03-11	$171.89	$190.00	44.7%	14.3%	43.5%	49.4%	50.0%	5.1%	4.3%	-63.3M	2.33B	-38.1M	0.74	3.53	53,130	39,369	768,558	916,079
2025-03-12	$176.48	$190.00	42.8%	13.5%	44.7%	42.3%	47.7%	5.1%	4.5%	-32.8M	1.42B	-39.2M	0.60	3.47	73,342	43,879	784,563	926,226
2025-03-13	$170.84	$190.00	44.5%	13.8%	45.4%	48.6%	47.6%	4.8%	4.6%	-80.2M	2.62B	-38.0M	0.81	4.84	63,510	51,653	794,985	935,127
2025-03-14	$173.38	$185.00	41.7%	12.4%	45.9%	38.5%	42.9%	4.5%	5.7%	-63.0M	2.13B	-38.4M	0.87	10.02	71,202	61,953	809,664	944,369
2025-03-17	$176.37	$180.00	44.1%	11.7%	46.3%	46.9%	41.8%	4.7%	-2.1%	-49.1M	1.57B	-39.7M	0.62	13.20	61,306	37,796	754,052	938,137
2025-03-18	$173.03	$180.00	45.5%	11.8%	46.5%	52.0%	41.7%	4.8%	-1.9%	-66.0M	2.15B	-38.4M	0.52	11.89	60,495	31,439	763,678	955,768
2025-03-19	$174.47	$175.00	42.8%	11.2%	46.9%	42.5%	39.1%	4.0%	-1.9%	-59.0M	1.44B	-38.3M	1.11	14.11	41,032	45,698	778,465	946,124
2025-03-20	$177.85	$175.00	41.6%	11.1%	47.8%	38.2%	39.7%	3.6%	-1.8%	-21.4M	590.4M	-39.7M	0.94	11.25	71,234	67,099	781,235	963,399
2025-03-21	$176.25	$175.00	41.7%	11.2%	47.7%	38.5%	38.5%	3.9%	-2.0%	-44.0M	1.07B	-39.8M	0.64	14.29	50,450	32,533	798,491	977,034
2025-03-24	$181.79	$175.00	40.0%	10.8%	48.8%	32.5%	38.1%	3.4%	-0.3%	-1.6M	-300.6M	-40.2M	0.64	16.97	71,397	45,619	645,447	875,985
2025-03-25	$180.91	$175.00	39.8%	10.7%	48.4%	31.6%	37.4%	2.9%	-0.6%	-6.2M	-101.4M	-39.5M	1.13	9.73	35,331	39,807	653,251	889,032
2025-03-26	$172.57	$175.00	42.0%	11.2%	49.2%	39.8%	39.4%	3.9%	-0.9%	-81.5M	1.71B	-39.9M	0.84	10.02	76,797	64,567	669,270	920,326
2025-03-27	$168.94	$175.00	42.1%	11.3%	44.2%	40.0%	38.8%	3.8%	-0.9%	-112.3M	2.61B	-39.5M	0.73	8.85	94,471	68,815	681,852	944,213
2025-03-28	$165.05	$180.00	44.0%	11.8%	44.3%	46.7%	40.6%	4.3%	-0.9%	-148.0M	3.22B	-39.2M	1.21	2.82	59,999	72,858	700,398	955,879
2025-03-31	$165.51	$180.00	44.6%	12.0%	42.8%	48.8%	41.6%	4.7%	-1.3%	-104.5M	3.04B	-39.0M	0.72	2.90	84,849	60,987	659,386	945,891