Mixed options sentiment in Taiwan Semi (TSM), with shares down 16c near $238.56. Options volume roughly in line with average with 67k contracts traded and calls leading puts for a put/call ratio of 0.94, compared to a typical level near 0.96. Implied volatility (IV30) dropped 0.53 near 31.12,in the lowest 10% of observations over the past year, suggesting an expected daily move of $4.68. Put-call skew steepened, indicating increased demand for downside protection.
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