CSGS Options History — March 2013

In March 2013, CSGS traded between $19.24 and $21.19. ATM implied volatility averaged 25.3%, placing in the 5.4% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded above realized volatility by 8.6% (HV 20d: 16.7%). Max pain ranged from $20.00 to $22.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 0.02.

Notable Days

2013-03-04: Highest Volume — 100 contracts
2013-03-04: Largest IV spike — 130.7% change
2013-03-11: Highest IV Rank — 19.5%
2013-03-28: Largest Expected Move — 9.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.74	$19.24	$21.19	$19.24	$21.19
Max Pain	$21.38	$20.00	$22.50	$20.00	$20.00
ATM IV	25.3%	17.1%	47.9%	18.0%	33.3%
Expected Move	7.0%	4.9%	9.6%	5.2%	9.6%
HV 20d	16.7%	12.8%	25.0%	25.0%	16.1%
HV 60d	22.1%	21.1%	23.4%	23.4%	21.3%
IV Rank	5.4%	0.3%	19.5%	0.9%	10.4%
IV Percentile	20.4%	0.8%	70.6%	1.2%	50.8%
Term Structure	4.1%	-12.6%	20.4%	8.7%	-12.6%
VWIV	28.0%	19.4%	50.2%	19.4%	50.2%
Skew 25d	5.8%	-4.5%	26.7%	1.3%	12.1%
Skew 10d	10.0%	-1.7%	41.6%	0.8%	9.0%
Call IV 25d	20.9%	14.1%	27.1%	18.9%	15.3%
Put IV 25d	26.7%	16.6%	51.0%	20.2%	27.4%
Bid-Ask Spread %	46.88	21.36	85.97	42.26	85.97
Gamma HHI	0.82	0.49	0.99	0.99	0.59
Net GEX	9.3K	291	23.9K	18.0K	2.6K
Net DEX	69.3K	-72.4K	200.1K	145.4K	-40.2K
Net VEX	-333	-472	-206	-328	-395
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.02	0.00	0.10	0.00	0.10
Total Volume	11.45	0	100	1	0
Total OI	252.75	118	366	344	160

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
2013-03-01	$19.24	$20.00	18.0%	5.2%	25.0%	0.9%	0.0%	1.3%	8.7%	18.0K	145.4K	-328	0.00	42.26	N/A	N/A	0	1	229	115
2013-03-04	$19.31	$20.00	41.5%	8.0%	24.9%	15.5%	19.4%	10.0%	0.3%	15.7K	-72.4K	-386	0.00	23.85	N/A	N/A	0	100	229	27
2013-03-05	$19.51	$22.50	18.7%	7.7%	22.8%	1.3%	0.0%	7.3%	0.2%	23.8K	49.7K	-393	0.00	40.37	N/A	N/A	0	55	229	82
2013-03-06	$19.54	$22.50	21.3%	7.5%	21.9%	3.0%	0.0%	-2.5%	1.0%	12.9K	106.8K	-472	0.00	22.58	N/A	N/A	0	0	229	137
2013-03-07	$19.49	$22.50	17.3%	7.6%	17.2%	0.4%	0.0%	-2.9%	0.1%	14.9K	151.2K	-407	0.00	55.61	N/A	N/A	0	0	229	137
2013-03-08	$19.55	$22.50	29.8%	6.8%	15.8%	8.2%	0.0%	-1.4%	20.4%	13.0K	96.4K	-462	0.00	65.05	N/A	N/A	0	0	229	137
2013-03-11	$19.42	$22.50	47.9%	7.7%	15.3%	19.5%	0.0%	16.8%	18.6%	10.3K	94.3K	-430	0.00	68.32	N/A	N/A	0	0	229	137
2013-03-12	$19.39	$22.50	20.7%	7.3%	14.6%	2.6%	0.0%	-2.9%	1.4%	11.0K	194.0K	-283	0.00	43.41	N/A	N/A	0	0	229	137
2013-03-13	$19.27	$22.50	27.9%	7.2%	14.0%	7.0%	0.0%	-4.0%	1.8%	9.1K	200.1K	-247	0.00	38.87	N/A	N/A	0	0	229	137
2013-03-14	$19.27	$22.50	25.1%	7.2%	12.8%	5.3%	30.0%	5.4%	2.4%	7.1K	153.0K	-206	0.00	31.51	N/A	N/A	0	20	229	104
2013-03-15	$19.75	$22.50	20.6%	5.9%	15.4%	2.5%	0.0%	-4.5%	2.2%	23.9K	46.4K	-311	0.00	60.61	N/A	N/A	10	0	229	124
2013-03-18	$19.75	$22.50	23.9%	6.9%	15.3%	4.6%	0.0%	-0.3%	4.4%	291	57.6K	-246	0.00	45.64	N/A	N/A	0	0	49	69
2013-03-19	$19.69	$22.50	22.9%	6.6%	15.1%	3.9%	22.9%	-0.1%	6.5%	617	57.2K	-251	0.00	41.91	N/A	N/A	12	0	49	69
2013-03-20	$19.81	$20.00	21.5%	6.2%	15.2%	3.1%	21.6%	23.6%	6.9%	2.9K	46.3K	-265	0.00	36.21	N/A	N/A	10	0	61	69
2013-03-21	$19.93	$20.00	24.0%	6.9%	15.2%	4.6%	24.0%	1.8%	4.7%	3.1K	32.3K	-301	0.00	56.50	N/A	N/A	10	0	71	69
2013-03-22	$19.80	$20.00	26.7%	7.7%	15.4%	6.3%	0.0%	26.7%	-0.3%	4.0K	30.7K	-316	0.00	53.87	N/A	N/A	0	0	80	69
2013-03-25	$19.96	$20.00	24.0%	6.9%	13.2%	4.6%	0.0%	0.8%	4.5%	4.4K	25.7K	-312	0.00	45.58	N/A	N/A	0	0	80	69
2013-03-26	$20.26	$20.00	23.3%	6.7%	13.3%	4.2%	0.0%	22.4%	5.4%	4.9K	14.6K	-325	0.00	21.36	N/A	N/A	0	0	80	69
2013-03-27	$20.75	$20.00	17.1%	4.9%	15.3%	0.3%	50.2%	6.8%	5.1%	4.2K	-2.7K	-315	0.10	58.09	N/A	N/A	10	1	80	69
2013-03-28	$21.19	$20.00	33.3%	9.6%	16.1%	10.4%	0.0%	12.1%	-12.6%	2.6K	-40.2K	-395	0.00	85.97	N/A	N/A	0	0	90	70