CSGS Options History — December 2012

In December 2012, CSGS traded between $17.86 and $19.16. ATM implied volatility averaged 72.6%, placing in the 34.9% IV rank vs the trailing year. The 30-day expected move averaged 18.8%. IV traded above realized volatility by 51.1% (HV 20d: 21.5%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 1.00.

Notable Days

2012-12-20: Highest Volume — 5,000 contracts
2012-12-27: Largest IV spike — 205.7% change
2012-12-07: Highest IV Rank — 68.5%
2012-12-21: Largest Expected Move — 31.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.52	$17.86	$19.16	$18.91	$18.18
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	72.6%	31.7%	126.5%	85.1%	31.7%
Expected Move	18.8%	9.1%	31.1%	24.4%	9.1%
HV 20d	21.5%	17.8%	24.3%	24.3%	24.0%
HV 60d	23.5%	22.1%	25.1%	25.0%	22.6%
IV Rank	34.9%	9.4%	68.5%	42.7%	9.4%
IV Percentile	79.6%	44.0%	95.2%	89.3%	44.0%
Term Structure	-12.2%	-60.9%	68.8%	30.0%	1.7%
Skew 25d	8.3%	-51.7%	62.2%	-8.1%	9.0%
Skew 10d	2.4%	-126.2%	58.1%	-126.2%	11.0%
Call IV 25d	55.3%	19.9%	167.7%	167.7%	23.2%
Put IV 25d	63.5%	18.3%	165.8%	159.6%	32.2%
Bid-Ask Spread %	151.24	76.43	172.45	159.00	76.43
Gamma HHI	0.54	0.43	0.72	0.43	0.58
Net GEX	1.3K	113	2.6K	1.1K	906
Net DEX	-237.6K	-4.7M	55.2K	-49.6K	52.8K
Net VEX	-218	-331	-156	-226	-162
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.00	1.00	1.00	1.00	1.00
Total Volume	252.5	0	5,000	0	0
Total OI	353.25	91	5,136	93	91

Daily Data (20 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
2012-12-03	$18.91	$15.00	85.1%	24.4%	24.3%	42.7%	0.0%	-8.1%	30.0%	1.1K	-49.6K	-226	0.00	159.00	N/A	N/A	0	0	63	30
2012-12-04	$19.16	$15.00	48.4%	13.9%	24.1%	19.8%	0.0%	-43.1%	-1.6%	2.6K	-33.2K	-167	0.00	157.44	N/A	N/A	0	0	63	30
2012-12-05	$18.96	$15.00	77.5%	22.2%	24.2%	38.0%	0.0%	13.1%	68.8%	1.5K	-56.0K	-223	0.00	160.03	N/A	N/A	0	0	63	30
2012-12-06	$18.67	$15.00	80.3%	23.0%	20.1%	39.7%	0.0%	0.3%	-40.0%	2.5K	-35.7K	-183	0.00	129.58	N/A	N/A	0	0	63	30
2012-12-07	$18.39	$0.00	126.5%	20.3%	20.3%	68.5%	0.0%	37.3%	-25.8%	1.5K	-35.3K	-206	0.00	156.93	N/A	N/A	0	0	63	30
2012-12-10	$18.33	$0.00	91.9%	20.6%	20.3%	46.9%	0.0%	33.1%	-28.1%	1.7K	-34.2K	-186	0.00	159.31	N/A	N/A	0	0	63	30
2012-12-11	$18.53	$0.00	95.6%	20.0%	19.0%	49.2%	0.0%	23.0%	-33.0%	2.2K	-30.5K	-167	0.00	164.77	N/A	N/A	0	0	63	30
2012-12-12	$18.36	$0.00	99.0%	17.5%	19.2%	51.3%	0.0%	8.9%	-31.6%	2.0K	-28.9K	-161	0.00	155.11	N/A	N/A	0	0	63	30
2012-12-13	$18.13	$0.00	65.0%	18.6%	17.8%	30.2%	0.0%	3.7%	-35.4%	1.7K	-28.7K	-164	0.00	169.22	N/A	N/A	0	0	63	30
2012-12-14	$17.86	$0.00	100.8%	28.9%	18.6%	52.5%	0.0%	9.6%	-36.2%	1.2K	-34.3K	-180	0.00	172.45	N/A	N/A	0	50	63	30
2012-12-17	$18.31	$0.00	63.9%	18.3%	20.3%	29.5%	0.0%	9.2%	-60.9%	1.1K	43.3K	-221	0.00	156.95	N/A	N/A	0	0	63	73
2012-12-18	$18.89	$0.00	37.0%	10.6%	22.2%	12.7%	0.0%	3.9%	2.3%	1.8K	43.8K	-227	0.00	165.97	N/A	N/A	0	0	63	73
2012-12-19	$18.94	$0.00	51.4%	14.7%	22.1%	21.7%	0.0%	-51.7%	46.2%	233	9.8K	-319	0.00	164.74	N/A	N/A	0	0	63	73
2012-12-20	$18.85	$0.00	65.9%	18.9%	21.6%	30.7%	0.0%	62.2%	11.7%	941	-1.6K	-331	1.00	148.02	N/A	N/A	2,500	2,500	63	73
2012-12-21	$18.75	$0.00	108.6%	31.1%	21.8%	57.3%	0.0%	22.7%	-40.3%	113	-4.7M	-324	0.00	167.56	N/A	N/A	0	0	2,563	2,573
2012-12-24	$18.66	$0.00	37.1%	10.6%	21.9%	12.8%	0.0%	-1.7%	6.9%	464	30.6K	-270	0.00	166.72	N/A	N/A	0	0	48	43
2012-12-26	$18.40	$0.00	34.5%	9.9%	22.4%	11.2%	0.0%	12.5%	-6.2%	807	47.1K	-208	0.00	117.54	N/A	N/A	0	0	48	43
2012-12-27	$18.29	$0.00	105.4%	30.2%	22.5%	55.3%	0.0%	23.4%	-47.6%	154	15.7K	-287	0.00	151.41	N/A	N/A	0	0	48	43
2012-12-28	$17.88	$0.00	45.4%	13.0%	23.1%	18.0%	0.0%	-1.7%	-24.6%	853	55.2K	-156	0.00	125.73	N/A	N/A	0	0	48	43
2012-12-31	$18.18	$0.00	31.7%	9.1%	24.0%	9.4%	0.0%	9.0%	1.7%	906	52.8K	-162	0.00	76.43	N/A	N/A	0	0	48	43