CSGS Options History — November 2012

In November 2012, CSGS traded between $17.83 and $20.23. ATM implied volatility averaged 65.5%, placing in the 30.5% IV rank vs the trailing year. The 30-day expected move averaged 16.3%. IV traded above realized volatility by 41.7% (HV 20d: 23.8%). Max pain ranged from $15.00 to $22.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.10.

Notable Days

2012-11-01: Highest Volume — 10 contracts
2012-11-30: Largest IV spike — 197.9% change
2012-11-30: Highest IV Rank — 70.0%
2012-11-30: Largest Expected Move — 37.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.64	$17.83	$20.23	$20.23	$18.58
Max Pain	$15.71	$15.00	$22.50	$22.50	$15.00
ATM IV	65.5%	27.5%	128.9%	49.8%	128.9%
Expected Move	16.3%	7.3%	37.0%	14.3%	37.0%
HV 20d	23.8%	19.1%	25.6%	19.1%	25.0%
HV 60d	25.6%	23.7%	31.1%	30.4%	24.7%
IV Rank	30.5%	6.8%	70.0%	20.7%	70.0%
IV Percentile	77.6%	26.6%	96.0%	80.6%	96.0%
Term Structure	-22.0%	-77.1%	8.5%	-48.6%	-39.0%
VWIV	29.1%	29.1%	29.1%	29.1%	29.1%
Skew 25d	8.1%	-11.2%	106.5%	37.6%	35.2%
Skew 10d	19.4%	-4.9%	106.8%	106.5%	10.5%
Call IV 25d	45.3%	18.3%	162.9%	46.3%	48.4%
Put IV 25d	53.4%	21.1%	171.0%	83.9%	83.6%
Bid-Ask Spread %	146.56	117.42	161.59	153.67	160.13
Gamma HHI	0.57	0.37	0.80	0.57	0.57
Net GEX	2.2K	776	3.8K	2.1K	1.2K
Net DEX	42.7K	-35.6K	149.1K	149.1K	-11.6K
Net VEX	-219	-361	-67	-266	-97
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.10	0.00	0.20	0.00	0.20
Total Volume	0.857	0	10	10	0
Total OI	222.476	93	351	336	93

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	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2012-11-01	$20.23	$22.50	49.8%	14.3%	19.1%	20.7%	0.0%	37.6%	-48.6%	2.1K	149.1K	-266	0.00	153.67	N/A	N/A	10	0	203	133
2012-11-02	$19.64	$22.50	31.5%	9.0%	20.6%	9.3%	0.0%	-11.2%	-14.7%	3.0K	122.4K	-359	0.00	117.42	N/A	N/A	0	0	213	133
2012-11-05	$19.93	$15.00	36.5%	8.2%	21.5%	12.4%	0.0%	-0.2%	2.2%	3.2K	120.4K	-361	0.00	140.44	N/A	N/A	0	2	213	133
2012-11-06	$20.00	$15.00	33.2%	7.8%	21.8%	10.4%	0.0%	-1.0%	2.5%	2.9K	149.0K	-270	0.00	139.15	N/A	N/A	0	0	213	133
2012-11-07	$19.19	$15.00	47.3%	7.3%	25.1%	19.1%	29.1%	-3.6%	1.5%	2.7K	138.8K	-286	0.20	136.83	N/A	N/A	5	1	213	133
2012-11-08	$18.95	$15.00	58.4%	10.8%	25.0%	26.1%	0.0%	-7.7%	0.3%	2.8K	136.7K	-297	0.00	144.46	N/A	N/A	0	0	218	133
2012-11-09	$18.98	$15.00	60.6%	10.6%	25.0%	27.4%	0.0%	-5.1%	0.8%	3.8K	35.6K	-267	0.00	143.52	N/A	N/A	0	0	218	76
2012-11-12	$18.53	$15.00	117.0%	12.8%	25.6%	62.5%	0.0%	4.4%	-27.2%	3.8K	31.0K	-254	0.00	152.38	N/A	N/A	0	0	218	76
2012-11-13	$18.49	$15.00	45.8%	7.6%	25.2%	18.2%	0.0%	11.1%	8.5%	2.3K	53.9K	-199	0.00	142.34	N/A	N/A	0	0	218	76
2012-11-14	$18.06	$15.00	51.2%	12.0%	25.5%	21.6%	0.0%	1.8%	-24.5%	2.0K	56.9K	-182	0.00	141.96	N/A	N/A	0	0	218	76
2012-11-15	$18.02	$15.00	48.7%	14.0%	23.5%	20.0%	0.0%	5.5%	-36.2%	2.0K	57.2K	-188	0.00	157.48	N/A	N/A	0	0	218	76
2012-11-16	$17.83	$15.00	101.0%	28.9%	21.7%	52.5%	0.0%	6.9%	-23.8%	776	43.9K	-261	0.00	155.06	N/A	N/A	0	0	218	76
2012-11-19	$18.15	$15.00	103.1%	29.6%	24.1%	53.9%	0.0%	106.5%	-28.3%	1.1K	-20.3K	-178	0.00	151.87	N/A	N/A	0	0	63	30
2012-11-20	$18.12	$15.00	65.8%	18.9%	23.7%	30.7%	0.0%	-6.5%	-35.6%	1.3K	-7.8K	-67	0.00	148.79	N/A	N/A	0	0	63	30
2012-11-21	$17.90	$15.00	41.8%	12.0%	23.7%	15.7%	0.0%	-7.6%	-30.5%	1.8K	-23.8K	-161	0.00	148.23	N/A	N/A	0	0	63	30
2012-11-23	$17.91	$15.00	114.8%	32.9%	23.9%	61.2%	0.0%	3.8%	-77.1%	917	-23.3K	-192	0.00	149.18	N/A	N/A	0	0	63	30
2012-11-26	$18.03	$15.00	123.6%	35.4%	24.5%	66.6%	0.0%	8.1%	-35.5%	1.1K	-35.6K	-237	0.00	161.59	N/A	N/A	0	0	63	30
2012-11-27	$18.18	$15.00	27.5%	7.9%	24.9%	6.8%	0.0%	0.7%	-1.8%	2.1K	-23.6K	-158	0.00	134.37	N/A	N/A	0	0	63	30
2012-11-28	$18.26	$15.00	46.3%	13.3%	25.2%	18.5%	0.0%	-11.2%	-36.6%	2.1K	-23.4K	-155	0.00	144.76	N/A	N/A	0	0	63	30
2012-11-29	$18.55	$15.00	43.3%	12.4%	25.4%	16.6%	0.0%	2.3%	-19.0%	2.3K	-27.8K	-172	0.00	154.16	N/A	N/A	0	0	63	30
2012-11-30	$18.58	$15.00	128.9%	37.0%	25.0%	70.0%	0.0%	35.2%	-39.0%	1.2K	-11.6K	-97	0.00	160.13	N/A	N/A	0	0	63	30