CSGS Options History — January 2013

In January 2013, CSGS traded between $18.18 and $19.50. ATM implied volatility averaged 42.3%, placing in the 16.0% IV rank vs the trailing year. The 30-day expected move averaged 11.6%. IV traded above realized volatility by 19.6% (HV 20d: 22.7%). Max pain ranged from $17.50 to $17.50. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.28.

Notable Days

2013-01-04: Highest Volume — 57 contracts
2013-01-09: Largest IV spike — 112.7% change
2013-01-03: Highest IV Rank — 60.7%
2013-01-03: Largest Expected Move — 32.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.97	$18.18	$19.50	$18.62	$18.83
Max Pain	$17.50	$17.50	$17.50	$17.50	$17.50
ATM IV	42.3%	22.7%	114.0%	56.3%	40.8%
Expected Move	11.6%	6.5%	32.7%	16.1%	11.7%
HV 20d	22.7%	19.5%	25.7%	24.7%	21.3%
HV 60d	23.5%	22.9%	24.2%	23.3%	23.1%
IV Rank	16.0%	3.8%	60.7%	24.8%	15.1%
IV Percentile	53.0%	6.3%	93.3%	75.8%	63.9%
Term Structure	-8.0%	-113.9%	12.1%	-35.7%	11.1%
VWIV	23.2%	17.8%	33.0%	33.0%	18.4%
Skew 25d	11.4%	-7.5%	86.0%	5.5%	9.3%
Skew 10d	6.7%	-3.7%	21.1%	-2.2%	4.5%
Call IV 25d	25.4%	18.1%	34.3%	20.5%	21.5%
Put IV 25d	36.8%	18.5%	118.5%	26.1%	30.8%
Bid-Ask Spread %	104.89	36.93	155.88	153.32	137.94
Gamma HHI	0.49	0.33	0.65	0.56	0.65
Net GEX	1.5K	-1.1K	6.8K	981	6.8K
Net DEX	115.2K	6.7K	151.9K	48.6K	101.5K
Net VEX	-316	-544	-186	-186	-368
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.28	0.00	2.50	2.50	0.00
Total Volume	8.571	0	57	14	0
Total OI	181.095	91	267	91	267

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
2013-01-02	$18.62	$0.00	56.3%	16.1%	24.7%	24.8%	0.0%	5.5%	-35.7%	981	48.6K	-186	2.50	153.32	N/A	N/A	4	10	48	43
2013-01-03	$19.05	$0.00	114.0%	32.7%	25.7%	60.7%	0.0%	86.0%	-113.9%	-238	6.7K	-345	0.00	152.27	N/A	N/A	0	0	52	53
2013-01-04	$19.20	$17.50	39.9%	8.3%	25.5%	14.5%	0.0%	8.0%	-0.8%	751	44.4K	-248	0.00	82.38	N/A	N/A	0	57	52	53
2013-01-07	$19.30	$17.50	49.5%	9.4%	24.8%	20.5%	33.0%	4.9%	-2.5%	-1.1K	134.5K	-376	0.00	108.38	N/A	N/A	14	0	52	110
2013-01-08	$19.41	$17.50	23.0%	8.8%	24.1%	4.0%	0.0%	6.7%	-2.0%	-113	124.2K	-390	0.00	61.85	N/A	N/A	0	0	66	110
2013-01-09	$19.50	$17.50	48.8%	9.0%	24.0%	20.1%	0.0%	8.4%	-1.8%	-119	123.0K	-385	0.00	118.77	N/A	N/A	0	0	66	110
2013-01-10	$19.49	$17.50	89.5%	25.7%	23.8%	45.4%	0.0%	80.2%	-3.5%	-803	63.2K	-544	0.00	155.88	N/A	N/A	0	0	66	110
2013-01-11	$19.36	$17.50	29.2%	8.4%	23.7%	7.8%	0.0%	6.6%	-0.9%	157	126.2K	-381	0.00	56.03	N/A	N/A	0	0	66	110
2013-01-14	$19.05	$17.50	24.9%	7.1%	24.0%	5.2%	0.0%	-5.7%	-0.8%	436	129.9K	-330	0.00	129.56	N/A	N/A	0	0	66	110
2013-01-15	$19.28	$17.50	29.7%	8.5%	23.3%	8.2%	0.0%	3.6%	-2.1%	626	140.2K	-313	0.00	36.93	N/A	N/A	0	0	66	110
2013-01-16	$19.12	$17.50	29.5%	8.5%	22.3%	8.1%	0.0%	-7.5%	-1.7%	557	138.6K	-312	0.00	82.61	N/A	N/A	0	0	66	110
2013-01-17	$19.02	$17.50	30.2%	8.7%	19.6%	8.5%	0.0%	-6.4%	-2.7%	693	141.1K	-292	0.00	121.35	N/A	N/A	0	0	66	110
2013-01-18	$19.05	$17.50	22.7%	6.5%	19.5%	3.8%	26.3%	-7.1%	2.8%	837	142.5K	-289	0.00	95.08	N/A	N/A	6	0	66	110
2013-01-22	$18.84	$17.50	36.2%	10.4%	19.9%	12.2%	0.0%	-2.8%	3.6%	1.1K	141.4K	-273	0.00	151.49	N/A	N/A	1	0	72	110
2013-01-23	$18.51	$17.50	34.6%	9.9%	20.8%	11.2%	28.8%	7.0%	-5.2%	1.6K	150.0K	-222	0.00	94.25	N/A	N/A	28	0	73	110
2013-01-24	$18.29	$17.50	34.3%	9.8%	21.1%	11.1%	0.0%	1.4%	-3.2%	2.5K	145.2K	-249	0.00	55.31	N/A	N/A	0	0	101	110
2013-01-25	$18.18	$17.50	33.8%	9.7%	20.7%	10.7%	19.0%	11.3%	-4.7%	2.4K	151.9K	-213	0.00	62.57	N/A	N/A	4	0	101	110
2013-01-28	$18.79	$17.50	38.6%	11.1%	23.7%	13.7%	17.8%	20.0%	12.1%	3.7K	142.4K	-245	0.00	89.52	N/A	N/A	33	0	101	110
2013-01-29	$18.93	$17.50	41.0%	11.8%	22.0%	15.2%	18.8%	7.5%	3.1%	6.2K	98.8K	-385	0.00	141.03	N/A	N/A	3	0	134	110
2013-01-30	$18.60	$17.50	42.1%	12.1%	22.5%	15.9%	18.4%	1.4%	-19.2%	5.4K	125.1K	-297	0.00	116.24	N/A	N/A	20	0	137	110
2013-01-31	$18.83	$17.50	40.8%	11.7%	21.3%	15.1%	0.0%	9.3%	11.1%	6.8K	101.5K	-368	0.00	137.94	N/A	N/A	0	0	157	110