TSM Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.6% from MP

Watch next session: $340C OI buildup (8,996 OI); Put flow at $330 (17,023 OI)

Flow Summary

Net premium: +$35.2M bullish

P/C volume ratio: 0.76 — moderate call dominance

P/C OI ratio: 1.29 — put-skewed positioning

Strong bullish premium flow ($35.2M net) despite put-heavy OI, indicating fresh call buying and hedging against existing put positions. Flow regime is Bullish with GEX pinning.

Notable Prints

TSM 2026-04-24 $340 Call

Vol: 7,630

OI: 571

Vol/OI: 13.4x

IV: 49.9%

Notional: ~$1.19M (7630 * $15.55 * 100)

Intent: Fresh directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: Large volume relative to OI at near-ATM strike, consistent with bullish flow regime

TSM 2026-04-10 $375 Call

Vol: 2,240

OI: 904

Vol/OI: 2.5x

IV: 43.8%

Notional: ~$29,120 (2240 * $0.13 * 100)

Intent: Lottery ticket OTM call buying

Dual read: Bought (speculative bullish) or sold (premium collection)

Read-through: Low-cost OTM speculation, but notional small; more noise than signal

TSM 2026-07-17 $430 Call

Vol: 878

OI: 381

Vol/OI: 2.3x

IV: 44.9%

Notional: ~$649,720 (878 * $7.40 * 100)

Intent: Long-dated OTM call buying

Dual read: Bought (strategic bullish) or sold (covered call)

Read-through: Meaningful notional at far OTM strike; could be part of a spread or volatility play

TSM 2026-04-10 $220 Put

Vol: 478

OI: 205

Vol/OI: 2.3x

IV: 164.8%

Notional: ~$3,824 (478 * $0.08 * 100)

Intent: Far OTM put speculation or hedging

Dual read: Bought (tail risk hedge) or sold (premium collection)

Read-through: Extremely high IV suggests speculative or hedging activity, but notional trivial

Institutional Positioning

Call additions: $340-$360 calls in near-term expirations, evidenced by premium flow dominance

Put additions: Large OI at $330 (17,023) and $340 (14,389) puts, likely existing hedges

GEX/DEX consistency: Yes — positive GEX ($15.1M) aligns with bullish flow and pinning regime

OI clusters: $330 put wall (17,023 OI), $340 call cluster (8,996 OI), $350 call cluster (10,051 OI)

Hedging evidence: Significant put OI at $330 and $340 suggests institutional hedging, but flow is call-dominated

Max pain context: MP at $340 (2026-04-17), spot at $341.76 slightly above; pinning likely

Signal vs Noise

~$375C 2026-04-10 volume is high but notional small (~$29K), likely retail speculation

~$220P and $230P prints have extreme IV (>140%) and tiny notional, more noise than directional

~Far OTM calls ($430C) could be part of vertical spreads or volatility plays, not pure directional bets

Key Conclusions

🐂Net premium +$35.2M strongly bullish, flow regime Bullish

📌GEX +$15.1M and pinning regime suggest spot gravitating toward $340-$350

🛡️Large put OI at $330 (17,023) acts as a floor, with gamma flip ~$330

Read the Flow analysis for TSM for 2026-04-06. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.