TSM Options History — April 2025

In April 2025, TSM traded between $139.50 and $170.70. ATM implied volatility averaged 48.7%, placing in the 46.1% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded below realized volatility by 16.1% (HV 20d: 64.9%). Max pain ranged from $165.00 to $180.00. Net GEX was positive for 1 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 0.89.

Notable Days

2025-04-04: Highest Volume — 336,833 contracts
2025-04-09: Largest IV drop — 31.5% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 19.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$156.59	$139.50	$170.70	$168.07	$165.84
Max Pain	$169.88	$165.00	$180.00	$180.00	$167.50
ATM IV	48.7%	38.6%	73.7%	43.2%	39.0%
Expected Move	13.6%	11.1%	19.7%	11.6%	11.2%
HV 20d	64.9%	38.7%	75.0%	38.9%	74.4%
HV 60d	56.5%	51.8%	61.9%	52.3%	52.9%
IV Rank	46.1%	18.0%	100.0%	43.7%	19.0%
IV Percentile	74.9%	32.5%	100.0%	69.0%	35.7%
Term Structure	-1.4%	-4.5%	0.5%	-1.3%	0.1%
VWIV	47.6%	40.0%	64.9%	40.7%	40.3%
Skew 25d	9.5%	4.8%	18.8%	4.9%	5.3%
Skew 10d	20.1%	9.1%	39.4%	9.4%	11.3%
Call IV 25d	44.3%	36.7%	63.9%	40.8%	36.7%
Put IV 25d	53.7%	41.6%	82.7%	45.7%	42.1%
Bid-Ask Spread %	4.08	1.81	8.79	5.09	2.55
Gamma HHI	0.06	0.05	0.09	0.07	0.05
Net GEX	-65.3M	-113.4M	35.9M	-88.5M	-19.0M
Net DEX	2.86B	40.3M	5.55B	2.27B	225.2M
Net VEX	-43.2M	-47.7M	-37.5M	-40.9M	-47.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.89	0.34	1.93	0.65	1.03
Total Volume	169,751.333	51,328	336,833	81,129	51,328
Total OI	1,923,172.619	1,661,356	2,140,655	1,661,356	1,979,565

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
2025-04-01	$168.07	$180.00	43.2%	11.6%	38.9%	43.7%	40.7%	4.9%	-1.3%	-88.5M	2.27B	-40.9M	0.65	5.09	49,086	32,043	697,142	964,214
2025-04-02	$170.70	$175.00	42.7%	11.6%	38.7%	42.1%	40.1%	4.8%	-1.2%	-66.8M	1.68B	-42.6M	0.71	8.79	44,457	31,467	719,177	972,951
2025-04-03	$158.40	$175.00	50.3%	13.4%	43.8%	69.2%	45.4%	7.8%	-2.3%	-113.4M	3.97B	-40.1M	1.20	1.81	105,074	126,388	733,837	976,650
2025-04-04	$148.41	$175.00	61.7%	16.3%	48.6%	100.0%	54.8%	16.4%	-3.0%	-104.5M	5.25B	-37.5M	0.99	4.61	169,166	167,667	768,910	992,966
2025-04-07	$144.88	$175.00	68.8%	18.3%	47.8%	100.0%	62.3%	16.0%	-3.7%	-77.4M	4.97B	-38.3M	1.33	4.36	101,699	135,581	788,683	1,004,506
2025-04-08	$139.50	$170.00	73.7%	19.7%	48.2%	100.0%	64.9%	18.8%	-4.5%	-74.8M	5.55B	-37.6M	0.99	4.94	96,374	94,977	810,137	1,036,664
2025-04-09	$158.51	$170.00	50.5%	13.8%	67.9%	45.8%	48.5%	9.8%	-2.5%	-63.6M	2.55B	-44.4M	0.70	6.55	130,958	92,055	845,161	1,068,807
2025-04-10	$149.41	$170.00	61.0%	16.7%	69.9%	70.2%	57.4%	16.3%	-3.3%	-74.0M	4.33B	-42.7M	0.99	6.31	79,904	78,871	870,571	1,097,622
2025-04-11	$157.51	$170.00	51.9%	14.4%	72.7%	49.0%	57.3%	13.9%	-2.4%	-58.6M	2.69B	-44.9M	0.62	3.96	117,149	72,961	877,087	1,114,331
2025-04-14	$155.58	$170.00	51.8%	14.6%	72.3%	48.9%	49.0%	12.3%	-2.0%	-77.4M	3.46B	-43.7M	1.93	4.52	64,763	124,814	831,226	1,078,252
2025-04-15	$157.34	$170.00	46.6%	13.3%	72.4%	36.6%	46.7%	9.1%	-1.2%	-86.1M	3.18B	-43.8M	1.25	4.15	72,662	90,490	854,735	1,166,596
2025-04-16	$150.38	$170.00	49.6%	14.2%	73.6%	43.7%	50.2%	9.3%	-1.7%	-112.7M	4.65B	-42.6M	1.16	4.58	136,157	157,561	874,102	1,202,766
2025-04-17	$152.19	$170.00	44.1%	12.7%	73.3%	30.8%	43.7%	9.1%	-1.0%	-94.9M	4.10B	-42.8M	0.68	2.82	148,651	101,440	907,030	1,233,625
2025-04-21	$148.19	$170.00	46.6%	13.9%	73.6%	36.7%	47.9%	9.3%	-0.3%	-103.1M	4.20B	-41.4M	0.34	2.37	160,779	55,178	785,878	1,141,869
2025-04-22	$151.01	$165.00	44.0%	12.9%	72.8%	30.6%	42.4%	7.6%	-0.1%	-84.8M	3.35B	-43.6M	0.85	3.55	69,636	59,325	826,111	1,152,746
2025-04-23	$156.83	$165.00	42.0%	12.2%	74.7%	26.0%	44.4%	7.1%	-0.0%	-43.5M	1.93B	-44.9M	0.76	2.82	69,010	52,714	849,657	1,171,497
2025-04-24	$163.47	$165.00	39.5%	11.8%	75.0%	20.2%	41.5%	5.9%	-0.1%	-6.6M	481.1M	-47.7M	0.42	3.29	94,639	39,857	860,263	1,186,195
2025-04-25	$164.46	$165.00	39.0%	11.3%	74.8%	18.8%	40.5%	5.1%	0.3%	35.9M	40.3M	-47.1M	0.49	2.79	80,763	39,386	882,300	1,187,474
2025-04-28	$162.78	$165.00	38.7%	11.4%	74.4%	18.2%	40.7%	5.5%	-0.2%	-31.6M	777.0M	-45.8M	0.77	2.84	46,341	35,555	842,583	1,088,764
2025-04-29	$164.83	$165.00	38.6%	11.1%	74.6%	18.0%	40.0%	4.9%	0.5%	-25.7M	363.5M	-46.8M	0.86	2.91	47,358	40,494	845,364	1,098,611
2025-04-30	$165.84	$167.50	39.0%	11.2%	74.4%	19.0%	40.3%	5.3%	0.1%	-19.0M	225.2M	-47.6M	1.03	2.55	25,238	26,090	858,942	1,120,623