Mixed options sentiment in Taiwan Semi (TSM), with shares up $6.29, or 2.12%, near $302.23. Options volume running well above average with 207k contracts traded and calls leading puts for a put/call ratio of 0.66, compared to a typical level near 0.9. Implied volatility (IV30) dropped 0.05 near 47.65, in the highest 10% of observations over the past year, suggesting an expected daily move of $9.07. Put-call skew steepened, indicating increased demand for downside protection.
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