TSM Options History — September 2025

In September 2025, TSM traded between $228.52 and $282.29. ATM implied volatility averaged 35.4%, placing in the 14.0% IV rank vs the trailing year. The 30-day expected move averaged 10.7%. IV traded above realized volatility by 7.2% (HV 20d: 28.2%). Max pain ranged from $220.00 to $240.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.89.

Notable Days

2025-09-15: Highest Volume — 975,262 contracts
2025-09-22: Largest IV spike — 10.1% change
2025-09-23: Highest IV Rank — 27.0%
2025-09-30: Largest Expected Move — 12.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$260.62	$228.52	$282.29	$228.52	$278.37
Max Pain	$225.24	$220.00	$240.00	$220.00	$240.00
ATM IV	35.4%	29.8%	41.2%	32.5%	39.5%
Expected Move	10.7%	9.2%	12.1%	9.6%	12.1%
HV 20d	28.2%	25.0%	30.6%	28.5%	25.6%
HV 60d	29.7%	28.7%	30.5%	29.2%	28.7%
IV Rank	14.0%	1.2%	27.0%	7.4%	23.0%
IV Percentile	33.4%	0.8%	67.1%	16.3%	59.5%
Term Structure	0.8%	-1.1%	5.0%	-0.1%	-1.1%
VWIV	38.3%	33.6%	43.0%	35.0%	43.0%
Skew 25d	1.4%	-0.4%	4.3%	4.3%	0.7%
Skew 10d	3.6%	0.1%	8.9%	8.3%	1.5%
Call IV 25d	35.4%	28.6%	42.1%	31.0%	39.8%
Put IV 25d	36.8%	31.8%	42.2%	35.3%	40.4%
Bid-Ask Spread %	17.63	2.91	44.37	4.74	16.41
Gamma HHI	0.08	0.06	0.20	0.06	0.07
Net GEX	172.5M	-11.7M	297.1M	-11.7M	184.3M
Net DEX	-10.43B	-13.55B	-3.84B	-3.84B	-12.49B
Net VEX	-37.3M	-39.7M	-34.4M	-39.5M	-37.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.89	0.03	1.74	1.74	0.81
Total Volume	167,639.571	58,665	975,262	120,488	58,665
Total OI	1,743,642.333	1,526,176	1,872,898	1,741,606	1,654,328

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
2025-09-02	$228.52	$220.00	32.5%	9.6%	28.5%	7.4%	35.0%	4.3%	-0.1%	-11.7M	-3.84B	-39.5M	1.74	4.74	43,913	76,575	699,339	1,042,267
2025-09-03	$230.69	$220.00	31.6%	9.2%	27.9%	5.4%	33.6%	3.8%	-0.2%	6.0M	-4.64B	-38.9M	0.88	2.91	33,306	29,341	712,211	1,066,902
2025-09-04	$234.66	$220.00	29.8%	9.9%	28.5%	1.2%	34.5%	3.3%	0.1%	52.4M	-5.68B	-39.7M	0.95	10.56	30,549	28,907	729,823	1,071,806
2025-09-05	$243.35	$220.00	30.3%	10.2%	27.1%	2.3%	36.7%	2.1%	0.2%	133.7M	-8.56B	-37.8M	0.75	17.83	90,072	67,769	737,147	1,081,157
2025-09-08	$247.45	$220.00	31.2%	10.2%	27.7%	4.5%	35.8%	2.8%	4.4%	163.9M	-9.10B	-38.0M	0.57	13.23	79,464	45,221	726,466	1,046,153
2025-09-09	$251.08	$220.00	31.4%	10.3%	28.0%	4.9%	36.7%	2.1%	4.6%	202.7M	-10.32B	-37.2M	0.63	27.11	108,143	67,943	756,051	1,059,076
2025-09-10	$260.41	$220.00	32.2%	10.5%	30.6%	6.7%	37.4%	1.3%	4.3%	230.5M	-12.43B	-36.7M	0.67	14.14	132,007	87,816	765,589	1,072,660
2025-09-11	$258.68	$220.00	31.4%	10.1%	30.4%	4.9%	36.7%	1.1%	4.7%	228.9M	-11.95B	-36.5M	0.93	19.65	39,351	36,451	784,464	1,086,086
2025-09-12	$259.73	$220.00	32.2%	10.1%	30.3%	6.7%	35.8%	1.3%	5.0%	215.3M	-11.96B	-37.7M	0.58	22.82	63,498	36,869	782,610	1,090,288
2025-09-15	$260.41	$220.00	35.1%	10.4%	30.2%	13.2%	37.4%	1.0%	-0.2%	218.8M	-11.91B	-35.2M	0.03	9.32	947,573	27,689	754,579	1,060,036
2025-09-16	$262.94	$220.00	36.2%	10.5%	30.2%	15.7%	37.9%	1.3%	-0.3%	208.3M	-10.13B	-35.4M	1.29	17.19	37,939	49,037	672,553	1,070,334
2025-09-17	$263.24	$220.00	36.5%	10.5%	27.7%	16.3%	37.2%	1.3%	0.5%	211.4M	-10.26B	-34.4M	1.41	44.37	24,568	34,542	676,396	1,085,262
2025-09-18	$268.34	$220.00	39.0%	11.2%	25.0%	22.1%	40.0%	0.4%	-0.4%	225.3M	-11.18B	-35.1M	0.36	17.13	181,938	65,468	680,794	1,094,374
2025-09-19	$265.03	$230.00	37.1%	10.6%	25.9%	17.8%	38.0%	1.1%	0.0%	297.1M	-10.98B	-37.5M	0.91	15.00	77,202	70,016	719,940	1,109,073
2025-09-22	$273.44	$230.00	40.9%	11.9%	26.6%	26.2%	42.6%	-0.4%	-0.7%	175.4M	-11.68B	-38.3M	0.84	15.04	96,665	81,655	670,120	856,056
2025-09-23	$282.29	$230.00	41.2%	11.9%	27.9%	27.0%	42.5%	0.0%	-0.7%	199.9M	-13.55B	-36.8M	0.80	20.58	136,258	109,270	701,225	900,867
2025-09-24	$280.35	$230.00	39.6%	11.4%	28.5%	23.3%	40.9%	0.5%	-0.8%	195.6M	-13.11B	-36.6M	1.16	23.69	43,918	51,079	716,640	926,781
2025-09-25	$276.58	$230.00	39.9%	11.6%	29.5%	23.9%	41.8%	0.7%	-0.4%	166.3M	-12.17B	-38.9M	1.07	25.02	46,784	50,146	725,549	945,820
2025-09-26	$272.55	$240.00	37.9%	11.1%	30.3%	19.4%	39.8%	0.9%	-0.4%	158.3M	-11.46B	-38.4M	0.93	19.34	61,826	57,745	731,505	958,670
2025-09-29	$274.86	$240.00	39.0%	11.8%	26.6%	22.0%	41.8%	0.4%	-0.9%	160.3M	-11.71B	-37.8M	1.32	14.08	48,862	64,391	704,450	891,042
2025-09-30	$278.37	$240.00	39.5%	12.1%	25.6%	23.0%	43.0%	0.7%	-1.1%	184.3M	-12.49B	-37.7M	0.81	16.41	32,457	26,208	724,661	929,667