TSM
Taiwan Semiconductor ManufacturClose $392.61EOD onlyThis page reflects TSM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from March 31, 2026. A newer flow report is available for April 6, 2026.
View latest reportFlow Verdict
Watch next session: $370C 6/18 OI reaction; Follow-through in $340-$342.5C calls; Spot vs $330 gamma flip level
Flow Summary
Net premium: +$32.3M bullish
P/C volume ratio: 0.63 — call-dominant
P/C OI ratio: 1.39 — significant put skew in positioning
Notable Prints
Read-through: This is the single largest premium flow strike (+$16.7M net). The high volume relative to OI and elevated but not extreme IV suggests new long call positioning. The $370 strike (+11.7% from spot) targets a move above the April/May max pain cluster at $340, indicating a bet on a significant rally over the next 80 days.
Read-through: Massive premium flow at this strike. The $340 level is a key max pain point for multiple April expiries and a major call OI cluster (14,427). This volume, just 11 days out and ahead of the 4/16 earnings date, is likely speculative call buying targeting a run toward that level. The relatively low IV (35.2%) suggests these were bought, not sold.
Read-through: Continuation of last week's deep put activity. The extremely high IV (88.9%) and low OI suggest these are likely new purchases, not sales. However, its notional is dwarfed by the call flows. This could be a persistent hedge for a large long portfolio, not a new directional bearish bet, given the overwhelming bullish premium elsewhere.
Read-through: Clustered with the $340C activity, this print targets a move just above the key max pain/resistance level. The high vol/OI ratio indicates new positioning. This reinforces the narrative of aggressive call buying targeting a breakout above the $340 area in the near term.
Read-through: The 0% IV is a clear data anomaly, but the strike is $23.75 below spot (-7.2%), making it deep ITM. This is almost certainly part of a conversion, box spread, or other arbitrage/structured trade. It is noise from a directional perspective.
Institutional Positioning
Call additions: Aggressive additions at $340-$342.5 (4/10) and $370 (6/18). Premium flow overwhelmingly positive at $370, $400, $390.
Put additions: Minimal new hedging outside of deep OTM $190/$195 puts. Premium flow negative but concentrated at lower strikes ($240, $300).
GEX/DEX consistency: Yes — aligned but with nuance. Positive GEX (+$4.2M) indicates a pinning/mean-reverting regime. Dealers are long gamma near $330 and will hedge in a stabilizing way (buying dips, selling rips). This supports the bullish flow's attempt to push spot higher against the $340 call wall.
OI clusters: Major Call Walls: $330 (42K OI), $340 (14K OI), $400 (14K OI). Major Put Walls: $330 (19K OI), $175 (15.8K OI), $340 (13K OI). The $330 strike is a massive gamma pin with large OI on both sides. The $340 call wall is the immediate target for the new bullish flow.
Hedging evidence: The deep OTM put purchases ($190/$195) persist but are small relative to call buying. The massive $175 put OI cluster remains a long-term institutional hedge. The current flow is not defensive; it's offensive.
Max pain context: Spot ($331.25) is 1.9% below near-term max pain (~$338), creating a gravitational pull higher. The new call flow is directly targeting a move toward the $338-$340 max pain cluster.
Signal vs Noise
Key Conclusions
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