Option traders moderately bearish in Taiwan Semi (TSM), with shares up $3.94, or 0.99%, near $401.61. Options volume relatively light with 132k contracts traded and puts leading calls for a put/call ratio of 2.01, compared to a typical level near 0.87. Implied volatility (IV30) is higher by 0.7 points near 43.38,in the top quartile of the past year, suggesting an expected daily move of $10.97. Put-call skew steepened, indicating increased demand for downside protection.
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