TSM Options History — November 2025

In November 2025, TSM traded between $276.48 and $305.88. ATM implied volatility averaged 38.6%, placing in the 21.0% IV rank vs the trailing year. The 30-day expected move averaged 11.2%. IV traded above realized volatility by 6.9% (HV 20d: 31.7%). Max pain ranged from $230.00 to $250.00. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.88.

Notable Days

  • 2025-11-21: Highest Volume — 207,492 contracts
  • 2025-11-24: Largest IV drop — 11.8% change
  • 2025-11-20: Highest IV Rank — 30.2%
  • 2025-11-20: Largest Expected Move — 12.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$287.66$276.48$305.88$305.88$290.88
Max Pain$243.68$230.00$250.00$240.00$250.00
ATM IV38.6%32.7%42.7%38.6%32.7%
Expected Move11.2%9.7%12.3%11.5%9.7%
HV 20d31.7%25.8%44.3%44.2%28.9%
HV 60d35.4%34.1%36.1%34.1%35.3%
IV Rank21.0%7.8%30.2%21.0%7.8%
IV Percentile53.8%20.2%78.6%53.6%20.2%
Term Structure-0.2%-2.2%1.2%1.1%-0.2%
VWIV39.9%34.0%44.2%40.9%34.0%
Skew 25d2.4%1.0%3.8%2.4%2.1%
Skew 10d5.3%3.7%8.8%4.2%4.9%
Call IV 25d37.8%31.7%41.9%37.8%31.7%
Put IV 25d40.2%33.9%45.3%40.3%33.9%
Bid-Ask Spread %27.5214.0638.6914.0629.60
Gamma HHI0.100.050.480.050.48
Net GEX-32.6M-403.0M132.6M132.6M-403.0M
Net DEX-8.84B-13.41B-5.89B-13.41B-8.98B
Net VEX-46.4M-48.8M-43.7M-45.3M-43.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.880.281.470.491.42
Total Volume115,22162,259207,492118,34562,259
Total OI1,823,863.6321,616,6481,935,0771,761,6581,709,036

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$305.88$240.0038.6%11.5%44.2%21.0%40.9%2.4%1.1%132.6M-13.41B-45.3M0.4914.0679,57538,770748,1311,013,527
2025-11-04$296.70$240.0039.2%11.9%44.3%22.4%43.2%1.5%0.5%74.2M-11.45B-46.5M0.6014.3463,45738,172770,5211,028,815
2025-11-05$296.65$240.0037.0%11.0%42.7%17.6%38.6%1.0%1.2%84.0M-11.50B-46.5M0.5119.2157,95129,682783,9681,040,220
2025-11-06$289.65$230.0038.9%11.3%43.3%21.7%40.0%1.5%0.9%-22.8M-9.86B-45.5M1.0733.1255,38059,534798,0281,052,998
2025-11-07$285.05$230.0040.4%11.5%38.2%25.1%42.0%3.2%-0.3%-82.2M-8.46B-47.3M0.9632.2482,83779,604806,9091,072,818
2025-11-10$295.28$240.0038.3%11.0%30.3%20.3%39.2%1.5%-0.2%54.8M-11.35B-45.2M0.6931.1561,24742,466759,0071,061,705
2025-11-11$291.51$240.0037.4%10.9%29.2%18.4%38.1%1.8%0.5%42.5M-10.39B-46.5M0.9031.1836,68633,133776,5421,072,514
2025-11-12$290.36$240.0037.5%10.8%26.6%18.7%37.8%1.4%0.1%28.9M-9.93B-47.4M0.7131.7037,29326,305784,4861,082,628
2025-11-13$282.27$240.0040.0%11.4%27.6%24.2%40.3%2.6%-0.4%-61.6M-7.67B-47.6M0.8434.7767,94957,214802,3281,091,281
2025-11-14$284.23$240.0039.1%11.1%27.6%22.2%39.4%2.2%-0.5%5.1M-8.57B-46.5M0.9924.0955,75555,033821,5481,103,415
2025-11-17$281.06$250.0041.5%11.8%27.6%27.6%41.3%2.3%-1.7%-36.0M-7.69B-47.0M1.4725.1531,26845,899779,9431,087,299
2025-11-18$279.14$250.0041.4%11.9%27.5%27.5%42.1%2.8%-2.2%-64.9M-7.07B-47.8M1.1735.7880,36294,079790,0511,107,313
2025-11-19$281.35$250.0042.4%12.2%26.7%29.6%42.7%2.9%-2.1%-65.9M-7.27B-48.8M0.6135.3852,79032,444782,0381,121,787
2025-11-20$277.83$250.0042.7%12.3%26.6%30.2%44.2%3.5%-1.6%-110.0M-6.27B-47.7M0.8638.6982,58170,633797,6511,130,225
2025-11-21$276.48$250.0040.4%11.7%25.8%25.1%42.6%3.4%-0.7%-171.4M-5.89B-47.0M1.2034.1294,216113,276804,0021,131,075
2025-11-24$285.00$250.0035.6%10.4%28.2%14.3%37.2%3.3%0.4%-26.5M-6.45B-46.0M0.2818.53139,16438,370641,822974,826
2025-11-25$284.70$250.0036.7%10.9%27.8%16.9%38.7%3.8%0.9%-2.1M-6.81B-45.5M1.2420.4643,10953,664666,752978,789
2025-11-26$291.60$250.0033.1%9.8%28.9%8.7%35.3%2.1%0.6%4.3M-8.95B-44.6M0.7419.2455,66841,374678,8041,000,607
2025-11-28$290.88$250.0032.7%9.7%28.9%7.8%34.0%2.1%-0.2%-403.0M-8.98B-43.7M1.4229.6025,69636,563694,7651,014,271