CSGS Options History — July 2012

In July 2012, CSGS traded between $17.15 and $17.96. ATM implied volatility averaged 51.7%, placing in the 21.2% IV rank vs the trailing year. The 30-day expected move averaged 15.2%. IV traded above realized volatility by 31.5% (HV 20d: 20.2%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2012-07-20: Highest Volume — 12 contracts
2012-07-11: Largest IV spike — 225.4% change
2012-07-31: Highest IV Rank — 77.9%
2012-07-31: Largest Expected Move — 40.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.58	$17.15	$17.96	$17.70	$17.63
Max Pain	$17.14	$15.00	$17.50	$15.00	$17.50
ATM IV	51.7%	22.0%	142.0%	26.2%	142.0%
Expected Move	15.2%	7.3%	40.7%	7.5%	40.7%
HV 20d	20.2%	17.9%	21.9%	21.0%	18.0%
HV 60d	26.1%	18.8%	28.4%	28.4%	18.8%
IV Rank	21.2%	2.5%	77.9%	5.2%	77.9%
IV Percentile	51.5%	2.4%	99.2%	13.5%	99.2%
Term Structure	-10.6%	-108.3%	25.2%	3.9%	-108.3%
VWIV	44.4%	44.4%	44.4%	44.4%	44.4%
Skew 25d	-4.7%	-135.7%	71.5%	15.1%	-135.7%
Skew 10d	6.5%	-113.0%	87.7%	27.8%	-113.0%
Call IV 25d	70.9%	23.7%	197.0%	32.0%	197.0%
Put IV 25d	66.2%	28.9%	158.0%	47.1%	61.3%
Bid-Ask Spread %	146.26	110.28	168.00	121.56	168.00
Gamma HHI	0.58	0.40	0.78	0.65	0.47
Net GEX	3.9K	1.2K	6.7K	4.6K	2.4K
Net DEX	-95.9K	-117.5K	-71.7K	-99.4K	-101.1K
Net VEX	-363	-493	-258	-344	-307
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	1.952	0	12	3	0
Total OI	192.048	178	200	191	186

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	Spread %	Call Wall	Put Wall	Call Vol	Call OI	Put OI
2012-07-02	$17.70	$15.00	26.2%	7.5%	21.0%	5.2%	0.0%	15.1%	3.9%	4.6K	-99.4K	-344	121.56	N/A	N/A	3	106	85
2012-07-03	$17.79	$15.00	25.5%	7.3%	20.9%	4.8%	0.0%	15.5%	8.5%	4.6K	-104.4K	-376	120.82	N/A	N/A	0	109	85
2012-07-05	$17.96	$15.00	25.4%	7.3%	20.8%	4.7%	0.0%	-4.1%	0.5%	4.8K	-117.5K	-353	122.96	N/A	N/A	0	109	85
2012-07-06	$17.75	$17.50	22.5%	8.8%	21.4%	2.9%	0.0%	5.2%	-1.7%	5.0K	-106.0K	-357	111.05	N/A	N/A	0	109	85
2012-07-09	$17.81	$17.50	22.0%	9.2%	21.2%	2.5%	0.0%	5.6%	-2.6%	5.2K	-110.1K	-332	110.28	N/A	N/A	5	109	85
2012-07-10	$17.53	$17.50	31.9%	12.2%	21.1%	8.8%	0.0%	71.5%	-6.5%	4.0K	-93.6K	-435	150.61	N/A	N/A	0	114	85
2012-07-11	$17.54	$17.50	103.9%	29.8%	20.9%	54.0%	0.0%	10.7%	-28.8%	1.2K	-86.3K	-471	165.05	N/A	N/A	0	114	85
2012-07-12	$17.45	$17.50	105.6%	30.3%	19.8%	55.0%	0.0%	46.8%	-30.1%	1.2K	-82.3K	-493	167.96	N/A	N/A	0	114	85
2012-07-13	$17.56	$17.50	106.7%	30.6%	19.5%	55.7%	0.0%	10.5%	-30.5%	1.2K	-85.3K	-479	155.09	N/A	N/A	0	114	85
2012-07-16	$17.56	$17.50	114.7%	32.9%	19.2%	60.8%	0.0%	11.6%	-40.1%	3.6K	-90.2K	-440	167.88	N/A	N/A	0	114	85
2012-07-17	$17.66	$17.50	39.6%	11.3%	19.2%	13.6%	0.0%	6.3%	3.3%	5.6K	-104.1K	-411	147.53	N/A	N/A	1	114	85
2012-07-18	$17.80	$17.50	34.8%	10.0%	17.9%	10.6%	0.0%	5.3%	-7.0%	5.6K	-116.8K	-320	140.60	N/A	N/A	8	115	85
2012-07-19	$17.61	$17.50	26.6%	7.6%	18.6%	5.5%	0.0%	-4.0%	-5.3%	5.9K	-109.3K	-312	147.83	N/A	N/A	0	115	85
2012-07-20	$17.72	$17.50	30.9%	8.9%	18.6%	8.2%	0.0%	-0.8%	-8.6%	5.6K	-109.1K	-317	155.03	N/A	N/A	12	115	85
2012-07-23	$17.17	$17.50	33.7%	9.7%	21.1%	9.9%	0.0%	-4.0%	-12.1%	3.5K	-77.9K	-322	167.82	N/A	N/A	0	103	75
2012-07-24	$17.15	$17.50	41.1%	11.8%	20.8%	14.6%	0.0%	0.3%	-5.4%	2.9K	-71.7K	-347	144.79	N/A	N/A	0	103	75
2012-07-25	$17.15	$17.50	41.6%	11.9%	20.7%	14.9%	44.4%	0.3%	-8.1%	2.8K	-76.6K	-341	147.12	N/A	N/A	7	103	75
2012-07-26	$17.30	$17.50	35.2%	10.1%	20.7%	10.8%	0.0%	-9.6%	14.9%	3.1K	-84.4K	-262	149.76	N/A	N/A	0	109	75
2012-07-27	$17.70	$17.50	31.2%	8.9%	21.9%	8.4%	0.0%	-68.3%	25.2%	6.7K	-98.9K	-258	152.86	N/A	N/A	0	109	75
2012-07-30	$17.70	$17.50	44.3%	12.7%	19.9%	16.6%	0.0%	-76.9%	16.4%	3.0K	-87.9K	-339	156.90	N/A	N/A	5	109	75
2012-07-31	$17.63	$17.50	142.0%	40.7%	18.0%	77.9%	0.0%	-135.7%	-108.3%	2.4K	-101.1K	-307	168.00	N/A	N/A	0	111	75