TSM Options History — December 2025

In December 2025, TSM traded between $276.69 and $312.34. ATM implied volatility averaged 34.1%, placing in the 10.9% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded above realized volatility by 4.3% (HV 20d: 29.8%). Max pain ranged from $220.00 to $270.00. Net GEX was positive for 14 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 1.07.

Notable Days

2025-12-10: Highest Volume — 757,433 contracts
2025-12-17: Largest IV spike — 7.4% change
2025-12-17: Highest IV Rank — 17.7%
2025-12-08: Largest Expected Move — 11.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$295.46	$276.69	$312.34	$288.60	$303.85
Max Pain	$250.45	$220.00	$270.00	$250.00	$270.00
ATM IV	34.1%	32.6%	37.1%	34.2%	33.7%
Expected Move	10.3%	9.4%	11.2%	10.4%	10.4%
HV 20d	29.8%	23.3%	34.4%	28.8%	32.1%
HV 60d	35.4%	34.0%	36.6%	34.7%	35.1%
IV Rank	10.9%	7.6%	17.7%	11.1%	10.1%
IV Percentile	26.5%	18.7%	42.9%	27.4%	25.4%
Term Structure	1.6%	-0.4%	4.5%	0.2%	0.9%
VWIV	36.5%	33.1%	39.6%	36.0%	36.7%
Skew 25d	1.0%	-0.2%	2.3%	1.8%	-0.2%
Skew 10d	2.3%	0.5%	5.2%	4.2%	1.0%
Call IV 25d	33.9%	31.9%	37.2%	33.1%	34.7%
Put IV 25d	34.9%	33.1%	38.7%	34.8%	34.4%
Bid-Ask Spread %	29.79	19.32	46.25	35.19	22.14
Gamma HHI	0.09	0.05	0.47	0.07	0.06
Net GEX	12.8M	-414.9M	252.8M	65.1M	31.9M
Net DEX	-7.62B	-13.25B	-2.12B	-8.02B	-7.75B
Net VEX	-42.9M	-44.0M	-41.5M	-43.7M	-42.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.07	0.13	2.00	1.31	0.81
Total Volume	119,918.182	34,305	757,433	54,859	114,275
Total OI	1,645,778.364	1,483,812	1,775,734	1,619,740	1,558,979

Daily Data (22 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
2025-12-01	$288.60	$250.00	34.2%	10.4%	28.8%	11.1%	36.0%	1.8%	0.2%	65.1M	-8.02B	-43.7M	1.31	35.19	23,759	31,100	662,750	956,990
2025-12-02	$293.10	$260.00	33.4%	10.2%	28.6%	9.4%	35.3%	2.3%	1.0%	98.8M	-9.11B	-42.8M	1.00	20.68	42,678	42,818	673,719	969,687
2025-12-03	$295.35	$260.00	32.6%	9.9%	26.7%	7.6%	34.9%	1.1%	0.8%	119.5M	-9.56B	-43.6M	0.76	19.32	35,415	26,872	685,067	993,142
2025-12-04	$291.50	$220.00	33.0%	10.9%	27.1%	8.4%	38.6%	1.6%	2.3%	70.6M	-8.64B	-43.7M	0.84	43.93	38,133	32,170	693,927	1,003,226
2025-12-05	$293.93	$230.00	32.6%	10.9%	25.8%	7.6%	38.9%	0.9%	1.9%	158.3M	-9.40B	-43.6M	0.54	46.25	68,893	37,502	705,696	1,018,799
2025-12-08	$300.01	$230.00	34.9%	11.2%	26.0%	12.7%	39.6%	0.8%	3.9%	142.7M	-10.35B	-43.1M	0.58	26.65	58,137	33,835	680,476	982,014
2025-12-09	$303.97	$230.00	34.3%	11.1%	23.3%	11.3%	38.8%	0.9%	4.4%	201.9M	-11.43B	-42.9M	1.89	33.34	34,375	64,901	699,220	986,650
2025-12-10	$312.34	$240.00	33.9%	11.0%	24.4%	10.6%	39.4%	0.5%	4.5%	252.8M	-13.25B	-41.9M	0.13	42.89	669,941	87,492	704,331	1,013,624
2025-12-11	$304.55	$240.00	34.0%	10.7%	26.3%	10.8%	37.8%	2.1%	4.1%	155.6M	-9.13B	-42.8M	2.00	45.33	43,756	87,481	632,869	1,039,659
2025-12-12	$291.52	$250.00	34.4%	10.6%	29.1%	11.5%	38.4%	1.6%	3.7%	-277.0M	-5.42B	-44.0M	1.24	34.53	75,307	93,548	638,226	1,088,937
2025-12-15	$288.24	$250.00	35.8%	10.5%	29.4%	14.7%	37.1%	0.8%	-0.4%	-68.6M	-5.02B	-42.9M	1.22	28.39	43,946	53,596	615,166	1,053,054
2025-12-16	$287.63	$250.00	34.5%	10.0%	29.1%	11.9%	35.7%	1.4%	1.2%	-121.7M	-4.70B	-43.0M	1.32	24.41	47,346	62,450	630,934	1,076,740
2025-12-17	$276.69	$250.00	37.1%	10.6%	32.3%	17.7%	37.6%	1.5%	-0.1%	-179.3M	-2.12B	-42.6M	1.73	24.79	46,909	81,244	643,291	1,088,029
2025-12-18	$286.13	$250.00	35.4%	10.1%	34.4%	13.9%	36.4%	0.2%	0.1%	-149.3M	-4.51B	-43.3M	0.99	21.16	43,681	43,072	655,343	1,113,467
2025-12-19	$290.04	$250.00	34.1%	9.8%	34.3%	10.9%	34.2%	0.8%	-0.1%	-414.9M	-5.96B	-42.9M	1.18	26.39	39,979	47,317	662,388	1,113,346
2025-12-22	$292.93	$260.00	33.3%	9.6%	34.3%	9.2%	33.6%	0.4%	2.2%	-12.0M	-6.05B	-41.5M	0.82	37.57	35,291	28,825	552,838	930,974
2025-12-23	$297.29	$260.00	33.5%	9.6%	33.0%	9.5%	33.9%	1.7%	1.3%	44.5M	-6.99B	-42.8M	0.86	29.73	36,916	31,618	573,338	943,075
2025-12-24	$298.81	$260.00	32.9%	9.4%	33.0%	8.2%	33.1%	0.3%	2.0%	75.9M	-7.31B	-43.1M	0.67	23.93	20,571	13,734	583,427	968,208
2025-12-26	$302.87	$260.00	33.9%	10.0%	32.3%	10.5%	35.7%	0.5%	1.2%	78.2M	-8.25B	-43.0M	1.10	23.11	42,858	47,210	588,322	972,513
2025-12-29	$300.49	$270.00	34.2%	10.3%	32.5%	11.2%	36.6%	0.5%	0.5%	11.8M	-7.30B	-42.6M	1.46	24.17	27,346	39,995	565,309	946,934
2025-12-30	$300.25	$270.00	34.1%	10.1%	32.3%	10.9%	35.5%	-0.2%	0.5%	-2.8M	-7.27B	-42.2M	1.13	21.55	29,018	32,890	573,548	968,892
2025-12-31	$303.85	$270.00	33.7%	10.4%	32.1%	10.1%	36.7%	-0.2%	0.9%	31.9M	-7.75B	-42.7M	0.81	22.14	63,137	51,138	573,320	985,659