Option traders moderately bearish in Taiwan Semi with shares down 2.59%

Option traders moderately bearish in Taiwan Semi (TSM), with shares down $6.03 near $226.68. Options volume more than double the daily average with 120k contracts traded and calls leading puts for a put/call ratio of 0.94, compared to a typical level near 0.89. Implied volatility (IV30) is higher by 1.2 points near 33.39,in the bottom quartile of the past year, suggesting an expected daily move of $4.77. Put-call skew steepened, indicating increased demand for downside protection.