Options Skew Analytics

TSM option chain

Strikes around the forward, as they were quoted at the close

Data as of 28 September 2026 (end of day)

2026-10-02(4 days)ATM 34.24%±16.25skew -0.21
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
375$25.40$27.25—$427.5037.28%$0.48$0.52263520
383,250$23.50$24.60—$430.0036.54%$0.63$0.662,0971,150
79313$20.55$22.00—$432.5036.03%$0.83$0.87463451
157555$18.80$19.65—$435.0035.56%$1.10$1.138011,274
136224$17.20$18.25—$437.5035.01%$1.41$1.47342836
189980$14.80$15.45—$440.0034.84%$1.87$1.922,5222,844
359674$13.20$13.45—$442.5034.35%$2.33$2.49534298
446437$11.35$11.55—$445.0034.40%$3.05$3.201,130592
430342$9.70$9.90—$447.5034.29%$3.85$4.05590414
9941,452$8.15$8.35—$450.0034.22%$4.85$5.00558665
7641,302$6.80$7.00—$452.5034.27%$6.00$6.15751451
8262,174$5.60$5.7534.17%$455.00—$7.15$7.45159455
605489$4.45$4.7033.92%$457.50—$8.65$9.2089132
2,4972,248$3.70$3.8534.52%$460.00—$10.30$10.7096132
3782,358$2.95$3.0534.51%$462.50—$12.05$12.3023107
737703$2.33$2.3934.55%$465.00—$13.50$14.153941
2,194401$1.82$1.8734.69%$467.50—$15.90$16.15037
9652,064$1.40$1.4534.82%$470.00—$18.00$18.2515927
2,157258$1.08$1.1235.06%$472.50—$19.05$21.5512
504640$0.82$0.8635.28%$475.00—$21.60$23.00102
433108$0.62$0.6635.55%$477.50—$23.90$25.85021

Forward $453.33. The 25-delta put carries -0.21 volatility points over the 25-delta call.

2026-10-09(11 days)ATM 31.62%±24.91skew +0.17
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
13225$29.70$30.85—$425.0033.11%$1.53$1.67360184
13$27.15$28.80—$427.5032.96%$1.90$1.9772147
72603$25.65$26.70—$430.0032.91%$2.27$2.42803349
1472$23.45$24.60—$432.5031.73%$2.39$2.775170
34281$21.70$22.95—$435.0031.98%$3.05$3.30174109
7865$19.65$20.50—$437.5032.11%$3.75$3.9028374
186853$17.65$18.45—$440.0031.90%$4.40$4.55361196
15992$15.80$16.60—$442.5031.30%$4.85$5.35178102
157398$14.75$15.40—$445.0031.38%$5.80$6.20413186
335171$13.20$13.55—$447.5031.55%$6.85$7.20183132
1,018609$11.75$12.15—$450.0031.63%$8.00$8.25149155
109105$10.45$10.65—$452.5031.63%$9.20$9.4024118
238482$9.25$9.4031.62%$455.00—$10.50$10.8582149
147223$7.95$8.3031.37%$457.50—$11.55$12.556069
297885$7.05$7.3031.60%$460.00—$13.20$13.70431135
14763$6.20$6.4031.79%$462.50—$14.55$15.209379
148363$5.35$5.6531.93%$465.00—$16.60$16.9048358
17673$4.35$4.8031.31%$467.50—$17.85$19.45973
317619$4.00$4.1531.94%$470.00—$19.75$20.7584
470625$2.93$3.0532.10%$475.00—$23.75$25.0510
6711,030$2.10$2.1632.12%$480.00—$27.90$29.7080

Forward $453.75. The 25-delta put carries +0.17 volatility points over the 25-delta call.

2026-10-16(18 days)ATM 35.64%±35.94skew -0.22
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
433$32.95$33.95—$425.0036.85%$4.15$4.3542198
352$30.30$32.75—$427.5036.66%$4.65$4.9023314
23712,027$29.05$29.55—$430.0036.40%$5.20$5.455,111592
7768$27.05$28.00—$432.5035.75%$5.45$6.154822
12683$25.20$26.70—$435.0036.22%$6.55$6.851972,220
50381$23.80$24.45—$437.5035.56%$6.95$7.6010235
2227,274$22.20$22.70—$440.0035.86%$8.05$8.455,389488
89149$20.60$20.90—$442.5035.97%$9.00$9.459034
136314$18.60$19.40—$445.0034.92%$9.10$10.5544275
134115$17.60$18.00—$447.5034.56%$10.10$11.4019058
6639,532$16.25$16.60—$450.0035.67%$12.10$12.551,427974
78288$14.95$15.25—$452.5035.78%$13.40$13.75267108
156270$13.70$14.0035.64%$455.00—$14.55$15.05102103
49083$12.60$12.8535.70%$457.50—$15.50$16.405878
2,6104,712$11.50$11.8535.77%$460.00—$17.40$17.80158183
48583$10.50$11.0036.00%$462.50—$18.85$19.652836
51305$9.55$9.8035.67%$465.00—$20.20$21.1511739
5044$8.70$9.0035.82%$467.50—$21.25$22.951845
6763,266$7.90$8.1535.82%$470.00—$23.20$24.607611
346242$6.45$6.6535.81%$475.00—$27.40$28.20018
2913,212$5.25$5.4535.96%$480.00—$30.70$31.9513910

Forward $454.05. The 25-delta put carries -0.22 volatility points over the 25-delta call.

2026-10-23(25 days)ATM 33.80%±40.22skew +0.74
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
033$51.10$52.45—$405.0036.75%$2.24$2.3418428
0221$46.45$47.65—$410.0036.26%$2.82$2.8933683
090$42.35$43.65—$415.0035.91%$3.50$3.6518977
0329$38.15$39.05—$420.0035.61%$4.35$4.5537539
1135$34.45$35.50—$425.0035.35%$5.40$5.60300107
32620$30.75$31.55—$430.0035.06%$6.60$6.85362247
3165$27.25$28.00—$435.0034.90%$8.05$8.3528216
21143$24.05$25.40—$440.0034.76%$9.75$10.0511968
21337$20.70$21.30—$445.0035.76%$11.70$13.0023420
194351$18.20$18.50—$450.0034.80%$13.90$14.4063328
42291$15.70$16.0033.79%$455.00—$15.55$16.75169153
64335$13.45$13.7533.83%$460.00—$19.20$19.85305
38276$11.45$11.7533.89%$465.00—$22.20$22.551965
288527$9.70$10.0034.00%$470.00—$25.45$25.75490
92351$8.20$8.4534.13%$475.00—$28.90$29.2577
1212,550$6.85$7.0534.14%$480.00—$32.45$33.20215
35312$5.70$5.9534.32%$485.00—$35.10$37.0010
42120$4.75$4.9534.48%$490.00—$39.70$41.6020
69438$3.95$4.1534.73%$495.00—$43.05$45.9510
1193,198$3.25$3.4534.90%$500.00—$48.05$50.2510
25118$2.69$2.8135.03%$505.00—————

Forward $454.70. The 25-delta put carries +0.74 volatility points over the 25-delta call.

2026-10-30(32 days)ATM 34.00%±45.78skew +0.12
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$51.95$54.25—$405.0035.41%$3.00$3.1028030
05$47.40$49.50—$410.0035.01%$3.55$3.9022563
1013$43.80$45.55—$415.0034.69%$4.40$4.7021676
083$39.80$40.65—$420.0034.53%$5.45$5.7023990
050$34.85$37.55—$425.0034.33%$6.60$6.9014231
2121$32.60$34.15—$430.0034.02%$7.85$8.2518170
2183$29.20$29.60—$435.0034.05%$9.50$9.906329
124324$26.05$26.40—$440.0033.87%$11.25$11.6556142
42143$23.05$23.45—$445.0033.86%$13.30$13.705782
338150$20.30$20.70—$450.0033.86%$15.55$16.0022492
69178$17.80$18.1533.87%$455.00—$18.10$18.456825
73175$15.50$16.3034.23%$460.00—$20.70$21.20252
69125$13.45$13.8533.87%$465.00—$23.70$24.201420
112224$11.65$12.0033.93%$470.00—$26.55$27.606014
109237$9.05$10.3032.94%$475.00—$29.35$30.7593
140318$8.55$8.8533.94%$480.00—$33.75$34.2527
6394$7.35$7.6034.11%$485.00—————
120147$6.25$6.5034.21%$490.00—————
73174$5.25$5.5534.28%$495.00—$45.45$46.95160
135177$4.50$4.6034.33%$500.00—$49.65$50.5501
42339$3.75$3.9534.48%$505.00—————

Forward $454.70. The 25-delta put carries +0.12 volatility points over the 25-delta call.

2026-11-06(39 days)ATM 34.12%±50.75skew -0.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$405.0035.13%$3.85$4.10199
—————$410.0034.89%$4.65$4.952538
—————$415.0034.71%$5.60$5.951339
01$41.60$43.85—$420.0034.47%$6.70$7.053554
010$37.40$40.05—$425.0034.34%$8.00$8.352133
520$34.30$36.30—$430.0034.32%$9.55$9.852623
20$31.25$31.60—$435.0034.14%$11.15$11.50202
010$28.10$28.50—$440.0034.07%$13.00$13.40012
41$25.15$25.55—$445.0034.07%$15.10$15.5014
18$22.45$22.85—$450.0034.53%$17.45$18.30204
35$19.95$20.30—$455.0034.06%$19.90$20.3011
48$17.70$18.1034.16%$460.00—$21.95$23.0026
122$15.60$15.9534.10%$465.00—————
374$13.70$14.1034.15%$470.00—————
992$12.00$12.4034.20%$475.00—————
97$10.45$10.7534.13%$480.00—$35.35$35.8010
111$9.10$9.5034.31%$485.00—$38.85$39.6005
26$7.90$8.1534.27%$490.00—————
24$6.85$7.1034.40%$495.00—————
49$5.90$6.2034.53%$500.00—————
32$5.10$5.3534.64%$505.00—————

Forward $455.03. The 25-delta put carries -0.05 volatility points over the 25-delta call.

2026-11-20(53 days)ATM 34.10%±59.21skew -0.10
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
22,449$96.35$98.55—$360.0038.12%$1.25$1.324,14244
1256$86.15$88.90—$370.0037.04%$1.75$1.815,94275
3510,288$77.45$78.65—$380.0036.16%$2.44$2.544,86160
31,430$68.00$69.70—$390.0035.55%$3.45$3.605,350104
84,356$59.75$60.95—$400.0034.96%$4.80$5.004,94852
11,352$51.65$53.80—$410.0034.48%$6.60$6.853,634110
311,795$44.55$45.90—$420.0034.20%$9.00$9.302,97097
382,399$37.55$38.30—$430.0034.28%$12.20$12.553,122179
812,672$31.45$32.10—$440.0034.11%$15.95$16.2576073
1253,851$26.10$26.55—$450.0033.92%$20.10$20.851,167234
1103,496$21.30$21.7034.10%$460.00—$25.55$26.00699213
1183,451$17.30$17.5534.14%$470.00—$31.45$31.7552840
436,005$13.75$14.1034.12%$480.00—$37.95$38.7563840
4511,180$11.00$11.2034.27%$490.00—$45.10$45.7014147
1612,805$8.60$8.8034.29%$500.00—$52.40$54.302870
271,255$6.75$6.9534.52%$510.00—$60.20$61.95630
156,668$5.25$5.4534.72%$520.00—$68.85$71.251720
38811$4.10$4.2534.98%$530.00—$78.30$79.501740
31317$3.15$3.3535.25%$540.00—$86.60$89.2520
971,266$2.48$2.5635.51%$550.00—————
111,493$1.92$2.0035.82%$560.00—————

Forward $455.70. The 25-delta put carries -0.10 volatility points over the 25-delta call.

2026-12-18(81 days)ATM 34.19%±73.56skew +0.15
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1528$98.30$101.10—$360.0037.10%$2.66$2.9221,11972
1349$89.30$90.95—$370.0035.94%$3.35$3.705,95212
11,139$80.55$81.85—$380.0035.73%$4.60$5.052,78855
31,028$71.80$73.95—$390.0035.09%$6.05$6.452,766151
51,645$63.90$65.20—$400.0034.68%$7.95$8.3020,991166
31,166$56.75$57.80—$410.0034.58%$10.35$10.852,77834
256,157$49.60$50.45—$420.0034.21%$13.15$13.603,55018
1013,406$42.95$44.45—$430.0034.10%$16.55$17.102,32571
792,196$37.25$38.15—$440.0034.09%$20.65$21.151,73155
735,928$32.15$32.85—$450.0033.88%$24.85$25.851,03617
1041,841$27.20$27.9034.17%$460.00—$30.45$31.108619
211,489$23.05$23.7034.21%$470.00—$36.20$36.801505
142,620$19.40$19.8534.14%$480.00—$42.05$43.751640
332,006$16.20$16.6034.14%$490.00—$48.80$50.25950
16226,817$13.50$13.8534.21%$500.00—$56.20$57.703324
432,264$10.95$11.6034.20%$510.00—$64.15$65.551150
74,068$9.25$9.5534.43%$520.00—$72.25$74.051860
15,396$7.65$7.8534.55%$530.00—$79.95$82.451290
2371,562$6.30$6.5534.78%$540.00—$89.05$90.552904
266,315$5.15$5.3534.87%$550.00—$98.65$99.85660
8837,601$4.25$4.4535.13%$560.00—$106.50$109.45110

Forward $456.74. The 25-delta put carries +0.15 volatility points over the 25-delta call.

How to read this

Calls on the left, puts on the right, the strike between them — the layout every chain uses. Each block is one expiration, and the heading carries its days to expiry, the at-the-money implied volatility, and the one-standard-deviation move that volatility implies over that time.

Only the 21 strikes nearest the forward are stored, which is the part of the board that carries the volume. The shaded side is in the money: below the forward for calls, above it for puts.

Implied volatility is shown on the out-of-the-money side only. An in-the-money option is nearly all intrinsic value quoted on a wide market, so a volatility solved from it would look authoritative and mean very little. The price is still shown, because the price is real; the blank is deliberate.