CSGS Options History — February 2013

In February 2013, CSGS traded between $18.25 and $20.40. ATM implied volatility averaged 29.8%, placing in the 8.2% IV rank vs the trailing year. The 30-day expected move averaged 8.1%. IV traded above realized volatility by 3.6% (HV 20d: 26.2%). Max pain ranged from $20.00 to $22.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.48.

Notable Days

2013-02-14: Highest Volume — 100 contracts
2013-02-15: Largest IV spike — 66.5% change
2013-02-04: Highest IV Rank — 24.9%
2013-02-04: Largest Expected Move — 12.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.58	$18.25	$20.40	$18.73	$19.41
Max Pain	$20.53	$20.00	$22.50	$22.50	$20.00
ATM IV	29.8%	16.7%	56.5%	46.4%	23.8%
Expected Move	8.1%	4.8%	12.5%	10.9%	6.8%
HV 20d	26.2%	19.7%	28.3%	19.7%	25.0%
HV 60d	23.3%	22.4%	23.9%	22.9%	23.6%
IV Rank	8.2%	0.1%	24.9%	18.6%	4.5%
IV Percentile	32.1%	0.4%	76.2%	69.8%	11.1%
Term Structure	-1.3%	-21.9%	12.1%	-15.0%	-0.6%
VWIV	26.6%	17.0%	34.3%	27.9%	27.5%
Skew 25d	3.9%	-4.7%	18.2%	6.0%	-4.2%
Skew 10d	7.1%	-1.6%	30.4%	6.2%	-1.4%
Call IV 25d	23.4%	16.3%	30.7%	26.2%	25.7%
Put IV 25d	27.2%	18.8%	38.2%	32.3%	21.5%
Bid-Ask Spread %	63.00	24.52	132.65	83.19	56.89
Gamma HHI	0.82	0.58	0.95	0.69	0.95
Net GEX	16.6K	4.5K	34.7K	7.1K	18.2K
Net DEX	32.4K	-86.3K	124.7K	111.3K	88.0K
Net VEX	-502	-617	-303	-327	-433
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.48	0.00	4.50	0.00	0.00
Total Volume	17.684	0	100	2	0
Total OI	344.842	267	408	267	344

Daily Data (19 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
2013-02-01	$18.73	$22.50	46.4%	10.9%	19.7%	18.6%	0.0%	6.0%	-15.0%	7.1K	111.3K	-327	0.00	83.19	N/A	N/A	2	0	157	110
2013-02-04	$18.25	$22.50	56.5%	12.5%	21.3%	24.9%	27.9%	6.1%	-21.9%	4.5K	109.1K	-348	4.50	88.28	N/A	N/A	2	9	159	110
2013-02-05	$18.64	$22.50	34.6%	9.4%	22.8%	11.2%	34.3%	1.6%	-3.5%	6.3K	124.7K	-303	0.19	34.18	N/A	N/A	52	10	161	119
2013-02-06	$19.37	$22.50	33.7%	7.1%	26.8%	10.7%	30.4%	-4.7%	9.1%	12.4K	-46.1K	-386	0.62	132.65	N/A	N/A	42	26	213	118
2013-02-07	$19.02	$20.00	23.9%	6.8%	27.5%	4.6%	20.0%	-4.2%	-5.4%	12.8K	20.6K	-570	0.00	65.77	N/A	N/A	13	0	241	144
2013-02-08	$19.29	$20.00	28.1%	8.1%	28.0%	7.2%	28.1%	-3.7%	1.5%	16.0K	58.1K	-513	0.00	45.07	N/A	N/A	10	0	232	144
2013-02-11	$19.54	$20.00	30.3%	8.7%	28.3%	8.5%	0.0%	12.0%	12.1%	18.4K	15.6K	-568	0.00	113.92	N/A	N/A	0	0	242	144
2013-02-12	$19.77	$20.00	28.0%	8.0%	27.9%	7.1%	0.0%	2.3%	-0.5%	24.2K	-11.1K	-595	0.00	61.38	N/A	N/A	0	0	242	144
2013-02-13	$20.05	$20.00	28.4%	8.1%	28.0%	7.3%	28.4%	3.1%	0.4%	34.7K	-52.7K	-617	0.00	74.65	N/A	N/A	10	0	242	144
2013-02-14	$20.25	$20.00	16.7%	4.8%	27.8%	0.1%	17.0%	1.9%	-1.2%	20.8K	-68.0K	-561	0.00	108.38	N/A	N/A	100	0	252	144
2013-02-15	$20.28	$20.00	27.8%	8.0%	27.7%	7.0%	0.0%	18.2%	1.5%	28.1K	-86.3K	-615	0.00	32.91	N/A	N/A	20	0	264	144
2013-02-19	$20.40	$20.00	28.7%	8.2%	27.7%	7.6%	0.0%	7.5%	-0.8%	10.4K	25.0K	-584	0.00	59.04	N/A	N/A	0	0	194	115
2013-02-20	$20.24	$20.00	25.7%	7.4%	27.5%	5.7%	25.7%	3.9%	0.5%	12.6K	43.7K	-532	0.00	41.06	N/A	N/A	35	0	194	115
2013-02-21	$20.11	$20.00	26.6%	7.6%	26.6%	6.2%	0.0%	16.1%	0.0%	17.0K	22.2K	-587	0.00	52.28	N/A	N/A	0	0	229	115
2013-02-22	$20.11	$20.00	25.9%	7.4%	26.0%	5.8%	0.0%	16.2%	0.1%	18.0K	24.4K	-574	0.00	54.45	N/A	N/A	0	0	229	115
2013-02-25	$19.65	$20.00	27.5%	7.9%	27.6%	6.8%	27.5%	0.3%	0.1%	17.4K	60.5K	-507	0.00	24.52	N/A	N/A	5	0	229	115
2013-02-26	$19.43	$20.00	27.6%	7.9%	25.8%	6.9%	0.0%	-3.3%	-1.7%	16.9K	89.0K	-458	0.00	27.07	N/A	N/A	0	0	229	115
2013-02-27	$19.56	$20.00	26.2%	7.5%	25.8%	6.0%	0.0%	-1.5%	1.0%	18.6K	88.0K	-457	0.00	41.34	N/A	N/A	0	0	229	115
2013-02-28	$19.41	$20.00	23.8%	6.8%	25.0%	4.5%	0.0%	-4.2%	-0.6%	18.2K	88.0K	-433	0.00	56.89	N/A	N/A	0	0	229	115