TSM Options History — January 2026

In January 2026, TSM traded between $318.72 and $343.05. ATM implied volatility averaged 36.9%, placing in the 17.3% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded above realized volatility by 1.9% (HV 20d: 35.0%). Max pain ranged from $270.00 to $300.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.91.

Notable Days

2026-01-15: Highest Volume — 642,037 contracts
2026-01-05: Largest IV spike — 6.4% change
2026-01-06: Highest IV Rank — 24.1%
2026-01-02: Largest Expected Move — 11.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$330.51	$318.72	$343.05	$321.00	$330.61
Max Pain	$290.50	$270.00	$300.00	$270.00	$300.00
ATM IV	36.9%	33.7%	39.9%	37.3%	35.7%
Expected Move	10.4%	9.6%	11.6%	11.6%	10.2%
HV 20d	35.0%	30.4%	37.3%	37.3%	36.6%
HV 60d	32.1%	29.4%	36.3%	36.3%	32.3%
IV Rank	17.3%	10.1%	24.1%	18.1%	14.5%
IV Percentile	46.0%	24.6%	67.9%	47.2%	37.7%
Term Structure	-0.3%	-1.7%	1.2%	0.2%	0.4%
VWIV	37.1%	34.1%	41.0%	41.0%	36.5%
Skew 25d	0.4%	-1.3%	1.7%	0.6%	0.9%
Skew 10d	2.0%	-1.0%	4.3%	2.1%	3.5%
Call IV 25d	37.2%	33.0%	40.9%	37.3%	35.7%
Put IV 25d	37.6%	34.4%	40.6%	37.9%	36.6%
Bid-Ask Spread %	28.63	14.86	48.63	14.86	30.64
Gamma HHI	0.10	0.05	0.31	0.10	0.18
Net GEX	94.8M	-231.5M	379.2M	109.4M	-231.5M
Net DEX	-9.67B	-15.31B	-5.62B	-11.17B	-5.62B
Net VEX	-46.4M	-52.7M	-41.5M	-41.5M	-52.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.91	0.42	1.77	0.62	1.11
Total Volume	176,494.6	80,701	642,037	303,022	99,314
Total OI	1,544,690.85	1,276,361	1,974,838	1,583,006	1,421,544

Daily Data (20 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
2026-01-02	$321.00	$270.00	37.3%	11.6%	37.3%	18.1%	41.0%	0.6%	0.2%	109.4M	-11.17B	-41.5M	0.62	14.86	186,933	116,089	584,440	998,566
2026-01-05	$323.18	$280.00	39.7%	11.1%	36.7%	23.5%	39.4%	-0.4%	-0.0%	102.2M	-10.80B	-42.6M	1.10	17.04	92,323	101,736	584,610	986,858
2026-01-06	$325.98	$280.00	39.9%	11.0%	36.7%	24.1%	39.7%	0.3%	-1.4%	107.5M	-11.22B	-44.0M	0.84	23.22	69,431	58,354	602,218	1,023,728
2026-01-07	$319.41	$280.00	38.6%	10.7%	37.3%	21.1%	37.8%	-0.5%	0.1%	52.9M	-9.82B	-44.0M	0.87	34.34	64,143	55,652	602,690	1,043,908
2026-01-08	$318.72	$280.00	37.6%	10.3%	37.1%	18.8%	36.9%	0.4%	-1.2%	51.0M	-9.62B	-44.5M	1.12	25.86	41,629	46,749	612,200	1,064,274
2026-01-09	$323.50	$290.00	38.2%	10.6%	36.3%	20.1%	37.4%	-0.3%	-1.1%	127.9M	-11.00B	-42.9M	0.50	48.63	103,381	51,967	624,452	1,074,646
2026-01-12	$331.74	$290.00	39.9%	11.0%	35.7%	24.1%	39.3%	-0.9%	-1.0%	155.5M	-12.59B	-43.9M	0.82	26.31	85,744	70,493	630,770	1,033,257
2026-01-13	$330.97	$290.00	39.8%	11.0%	31.1%	23.9%	39.3%	-1.3%	-1.7%	147.2M	-12.50B	-43.7M	0.72	34.43	56,958	41,160	646,671	1,061,056
2026-01-14	$326.16	$290.00	38.8%	10.7%	31.4%	21.6%	37.6%	0.1%	-1.3%	144.4M	-11.48B	-44.7M	1.26	46.39	73,003	92,313	660,016	1,075,571
2026-01-15	$343.05	$290.00	36.4%	10.3%	34.9%	16.1%	36.8%	-0.4%	-0.6%	246.6M	-15.10B	-43.0M	0.42	41.45	453,112	188,925	682,566	1,129,967
2026-01-16	$342.44	$290.00	35.1%	9.9%	30.4%	13.3%	35.7%	0.3%	-1.3%	379.2M	-15.31B	-47.6M	1.11	29.54	135,136	149,454	804,413	1,170,425
2026-01-20	$328.24	$290.00	36.9%	10.5%	34.4%	17.2%	37.8%	1.4%	-0.1%	115.8M	-5.99B	-47.3M	0.60	28.42	133,609	80,047	590,359	701,991
2026-01-21	$328.25	$290.00	35.9%	10.3%	34.4%	15.1%	37.2%	0.8%	-0.1%	148.3M	-6.34B	-48.7M	0.53	26.49	85,789	45,890	628,822	724,059
2026-01-22	$327.94	$300.00	33.7%	9.6%	34.5%	10.1%	34.1%	0.9%	1.2%	4.8M	-5.96B	-49.4M	0.60	26.34	129,047	77,735	644,007	745,774
2026-01-23	$335.00	$300.00	33.9%	9.6%	34.8%	10.5%	34.2%	1.5%	0.8%	177.4M	-7.63B	-49.7M	0.60	19.63	98,139	58,936	624,310	793,317
2026-01-26	$334.17	$300.00	33.9%	9.6%	34.9%	10.4%	34.1%	0.8%	0.5%	608.4K	-7.20B	-48.5M	1.18	25.77	37,063	43,638	514,890	761,471
2026-01-27	$340.20	$300.00	34.6%	9.8%	35.1%	12.1%	35.2%	1.3%	0.9%	27.4M	-8.13B	-49.3M	0.91	15.14	43,922	40,114	519,188	796,693
2026-01-28	$342.58	$300.00	35.7%	9.8%	34.7%	14.5%	35.1%	1.7%	0.8%	46.0M	-8.72B	-48.7M	1.45	31.47	35,827	51,846	531,087	811,457
2026-01-29	$337.16	$300.00	36.5%	10.3%	35.5%	16.5%	37.3%	0.7%	-0.5%	-15.9M	-7.30B	-51.3M	1.77	26.55	48,532	85,759	536,597	850,949
2026-01-30	$330.61	$300.00	35.7%	10.2%	36.6%	14.5%	36.5%	0.9%	0.4%	-231.5M	-5.62B	-52.7M	1.11	30.64	47,006	52,308	546,867	874,677