Bearish options flow identified in Taiwan Semi (TSM), with shares down $4.96 near $409.19. Options volume running well above average with 201k contracts traded and puts leading calls for a put/call ratio of 1.38, compared to a typical level near 0.94. Implied volatility (IV30) is higher by 0.8 points near 44.48,in the top quartile of the past year, suggesting an expected daily move of $11.47. Put-call skew steepened, indicating increased demand for downside protection.
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