TSM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $430.65.

Put/Call (OI)

1.11

1.1M P / 989k C

Put/Call (Volume)

0.89

53k P / 60k C today

30d ATM IV

35%

annualized implied move

Call wall

$500

71k contracts

Put wall

$400

91k contracts

Tail hedging

1.8×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.11 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $500 (71k contracts), 16% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $400 (91k contracts), 7% below spot — the hedge floor; often acts as support.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	195k	210k	1.08	45k
2026-08-28	17k	33k	1.90	10k
2026-09-04	41k	17k	0.42	5k
2026-09-11	8k	9k	1.19	3k
2026-09-18	114k	201k	1.76	16k
2026-09-25	3k	5k	1.82	2k
2026-10-02	93	746	8.02	4k
2026-10-16	38k	72k	1.89	7k
2026-11-20	45k	56k	1.26	3k
2026-12-18	131k	154k	1.17	7k
2027-01-15	183k	148k	0.81	5k
2027-02-19	6k	15k	2.41	810
2027-03-19	21k	45k	2.18	1k
2027-06-17	56k	54k	0.96	535
2027-09-17	5k	11k	2.17	258
2027-12-17	28k	19k	0.69	80
2028-01-21	63k	24k	0.38	996
2028-06-16	1k	6k	4.40	160
2028-12-15	34k	15k	0.44	738

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.