TSM Options History — May 2025

In May 2025, TSM traded between $173.06 and $196.95. ATM implied volatility averaged 36.2%, placing in the 12.2% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded below realized volatility by 8.0% (HV 20d: 44.2%). Max pain ranged from $167.50 to $175.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.71.

Notable Days

2025-05-13: Highest Volume — 247,091 contracts
2025-05-29: Largest IV drop — 5.8% change
2025-05-07: Highest IV Rank — 20.4%
2025-05-07: Largest Expected Move — 11.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$187.76	$173.06	$196.95	$173.97	$193.56
Max Pain	$173.10	$167.50	$175.00	$167.50	$175.00
ATM IV	36.2%	33.0%	39.6%	37.7%	33.0%
Expected Move	10.3%	9.4%	11.2%	10.9%	9.4%
HV 20d	44.2%	31.3%	76.2%	76.2%	31.3%
HV 60d	54.4%	52.0%	55.7%	53.8%	52.0%
IV Rank	12.2%	3.0%	20.4%	16.0%	3.0%
IV Percentile	20.9%	7.9%	39.3%	27.4%	7.9%
Term Structure	-0.3%	-1.3%	0.5%	0.0%	0.1%
VWIV	37.0%	34.2%	40.6%	39.2%	34.2%
Skew 25d	2.9%	1.3%	4.7%	4.7%	3.3%
Skew 10d	7.0%	3.5%	11.4%	11.4%	8.0%
Call IV 25d	35.3%	32.2%	37.8%	36.1%	32.2%
Put IV 25d	38.2%	35.5%	42.2%	40.8%	35.5%
Bid-Ask Spread %	5.11	2.58	13.05	3.13	3.74
Gamma HHI	0.07	0.05	0.11	0.05	0.06
Net GEX	65.1M	-17.9M	154.0M	40.5M	47.2M
Net DEX	-4.16B	-6.39B	-1.23B	-2.05B	-4.36B
Net VEX	-45.6M	-48.3M	-42.7M	-46.9M	-43.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.36	1.10	0.74	0.79
Total Volume	105,353.524	43,328	247,091	165,461	104,124
Total OI	1,931,349.905	1,794,331	2,036,251	1,987,961	1,871,655

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
2025-05-01	$173.97	$167.50	37.7%	10.9%	76.2%	16.0%	39.2%	4.7%	0.0%	40.5M	-2.05B	-46.9M	0.74	3.13	95,342	70,119	861,312	1,126,649
2025-05-02	$179.20	$167.50	36.9%	10.4%	71.3%	13.9%	37.0%	4.1%	-0.2%	64.6M	-3.25B	-48.3M	0.60	3.44	112,585	67,112	877,599	1,144,772
2025-05-05	$176.99	$170.00	38.9%	11.0%	66.6%	18.6%	38.1%	3.9%	0.4%	34.1M	-2.33B	-47.4M	0.90	3.09	42,789	38,474	865,501	1,118,869
2025-05-06	$173.06	$170.00	39.3%	11.1%	66.5%	19.5%	40.6%	4.4%	0.4%	-8.7M	-1.23B	-47.9M	0.41	3.70	113,792	46,875	875,635	1,134,849
2025-05-07	$175.88	$170.00	39.6%	11.2%	64.1%	20.4%	39.4%	4.0%	-0.2%	20.7M	-1.95B	-47.9M	0.93	11.48	28,158	26,218	884,733	1,148,468
2025-05-08	$176.05	$170.00	37.7%	10.6%	47.3%	15.8%	38.0%	3.4%	0.4%	18.0M	-1.93B	-47.6M	0.36	3.37	98,903	35,470	885,451	1,150,800
2025-05-09	$176.76	$170.00	37.5%	10.6%	40.7%	15.5%	38.7%	3.3%	0.4%	-17.9M	-2.07B	-47.5M	0.64	2.86	64,794	41,416	864,492	1,152,247
2025-05-12	$186.20	$175.00	35.4%	9.8%	40.6%	10.5%	35.0%	3.4%	-1.1%	74.6M	-4.45B	-45.4M	0.71	2.63	101,355	72,237	831,461	1,125,868
2025-05-13	$193.79	$175.00	35.1%	9.8%	41.3%	9.8%	35.0%	1.9%	-0.9%	138.6M	-6.13B	-45.8M	0.40	2.58	176,265	70,826	842,514	1,135,339
2025-05-14	$194.19	$175.00	35.9%	10.0%	41.4%	11.8%	36.1%	1.3%	-1.0%	154.0M	-6.39B	-47.1M	0.71	4.18	59,038	41,968	868,732	1,142,631
2025-05-15	$193.41	$175.00	34.9%	9.8%	36.3%	9.3%	35.7%	1.6%	-1.0%	132.0M	-6.22B	-44.8M	1.10	4.48	29,740	32,599	868,429	1,149,416
2025-05-16	$193.91	$175.00	34.5%	9.7%	36.5%	8.4%	35.3%	1.7%	-0.9%	86.6M	-6.24B	-45.4M	0.69	6.12	55,539	38,375	873,799	1,153,272
2025-05-19	$192.84	$175.00	35.6%	10.2%	34.2%	10.9%	37.0%	1.9%	-0.8%	59.6M	-4.60B	-44.8M	0.76	9.72	42,465	32,116	743,018	1,051,313
2025-05-20	$192.78	$175.00	34.5%	9.8%	34.5%	8.3%	35.9%	1.7%	0.5%	67.7M	-4.66B	-43.8M	0.96	7.83	22,095	21,233	755,833	1,058,297
2025-05-21	$191.83	$175.00	35.9%	10.3%	33.6%	11.7%	38.3%	2.8%	-0.0%	51.7M	-4.20B	-45.3M	0.69	6.33	34,474	23,772	758,648	1,069,232
2025-05-22	$196.15	$175.00	35.1%	10.1%	31.9%	9.8%	35.8%	2.2%	-1.3%	97.5M	-5.33B	-44.6M	0.56	13.05	43,502	24,286	764,586	1,073,097
2025-05-23	$192.30	$175.00	36.2%	10.3%	33.5%	12.3%	37.1%	3.1%	0.4%	43.3M	-4.35B	-44.4M	1.01	3.47	34,565	34,939	766,532	1,082,708
2025-05-27	$196.95	$175.00	35.5%	10.2%	33.2%	10.8%	37.8%	2.4%	-0.7%	78.0M	-5.22B	-43.3M	0.66	3.35	47,638	31,241	738,451	1,062,259
2025-05-28	$196.22	$175.00	36.4%	10.6%	33.5%	12.7%	37.9%	2.2%	-0.1%	82.1M	-5.10B	-43.0M	0.61	3.36	45,312	27,592	753,701	1,072,436
2025-05-29	$196.87	$175.00	34.3%	9.8%	33.6%	7.8%	35.3%	3.1%	-0.2%	102.2M	-5.34B	-42.7M	0.78	5.34	46,567	36,514	772,389	1,081,355
2025-05-30	$193.56	$175.00	33.0%	9.4%	31.3%	3.0%	34.2%	3.3%	0.1%	47.2M	-4.36B	-43.3M	0.79	3.74	58,153	45,971	780,916	1,090,739