CSGS Options History — May 2013

In May 2013, CSGS traded between $20.36 and $21.89. ATM implied volatility averaged 22.1%, placing in the 5.0% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded below realized volatility by 6.9% (HV 20d: 29.0%). Max pain ranged from $20.00 to $22.50. Net GEX was positive for 11 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 0.00.

Notable Days

2013-05-15: Highest Volume — 80 contracts
2013-05-29: Largest IV spike — 122.9% change
2013-05-29: Highest IV Rank — 20.8%
2013-05-29: Largest Expected Move — 12.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.41	$20.36	$21.89	$20.36	$21.63
Max Pain	$22.16	$20.00	$22.50	$20.00	$22.50
ATM IV	22.1%	15.1%	44.8%	20.7%	16.6%
Expected Move	6.1%	4.3%	12.8%	5.9%	4.8%
HV 20d	29.0%	24.7%	33.6%	28.9%	24.7%
HV 60d	22.8%	21.9%	24.4%	23.6%	24.4%
IV Rank	5.0%	0.3%	20.8%	3.8%	1.3%
IV Percentile	16.4%	0.4%	69.4%	8.7%	2.0%
Term Structure	2.6%	-11.4%	9.5%	-1.3%	5.1%
VWIV	20.7%	16.5%	24.5%	24.5%	16.5%
Skew 25d	3.9%	-5.1%	19.9%	0.2%	5.3%
Skew 10d	6.2%	-1.5%	23.4%	7.0%	3.2%
Call IV 25d	19.4%	14.0%	51.6%	19.4%	15.5%
Put IV 25d	23.3%	14.6%	54.2%	19.5%	20.8%
Bid-Ask Spread %	55.41	16.52	148.91	30.05	91.82
Gamma HHI	0.60	0.36	0.95	0.95	0.76
Net GEX	-2.7K	-20.3K	2.8K	-16.0K	-3.3K
Net DEX	-23.2K	-141.7K	159.3K	159.3K	82.1K
Net VEX	-321	-685	-173	-685	-281
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	7.318	0	80	12	0
Total OI	354.636	163	529	464	213

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2013-05-01	$20.36	$20.00	20.7%	5.9%	28.9%	3.8%	24.5%	0.2%	-1.3%	-16.0K	159.3K	-685	30.05	N/A	N/A	0	12	176	288
2013-05-02	$20.72	$20.00	23.9%	6.9%	29.5%	5.7%	0.0%	6.0%	4.6%	-20.3K	52.4K	-575	104.09	N/A	N/A	0	0	176	276
2013-05-03	$21.18	$20.00	17.9%	5.1%	29.8%	2.0%	0.0%	4.2%	-2.7%	-7.8K	-56.9K	-409	16.52	N/A	N/A	0	0	176	276
2013-05-06	$21.16	$22.50	17.9%	5.9%	29.8%	2.0%	0.0%	9.4%	9.0%	-6.8K	-65.8K	-336	48.41	N/A	N/A	0	0	176	276
2013-05-07	$21.39	$22.50	23.0%	5.5%	29.8%	5.1%	0.0%	-0.9%	0.9%	-3.8K	-90.2K	-316	28.01	N/A	N/A	0	0	176	276
2013-05-08	$21.75	$22.50	18.5%	5.8%	29.1%	2.4%	0.0%	4.3%	4.1%	259	-132.0K	-301	23.78	N/A	N/A	0	0	176	276
2013-05-09	$21.79	$22.50	19.8%	5.8%	29.1%	3.6%	0.0%	-2.5%	3.9%	423	-136.9K	-297	43.19	N/A	N/A	0	0	176	276
2013-05-10	$21.71	$22.50	19.1%	6.0%	29.0%	3.1%	21.0%	4.0%	2.7%	488	-126.1K	-269	24.91	N/A	N/A	9	0	176	276
2013-05-13	$21.77	$22.50	28.6%	6.1%	27.8%	9.7%	0.0%	4.9%	3.0%	1.4K	-140.9K	-288	25.42	N/A	N/A	0	0	185	276
2013-05-14	$21.89	$22.50	21.6%	6.0%	27.8%	4.8%	0.0%	-1.6%	2.8%	2.8K	-141.7K	-264	42.89	N/A	N/A	10	0	185	276
2013-05-15	$21.64	$22.50	35.9%	6.2%	28.2%	14.7%	16.5%	5.0%	2.9%	92	-105.6K	-265	32.71	N/A	N/A	80	0	175	276
2013-05-16	$21.30	$22.50	17.4%	5.0%	29.0%	1.9%	0.0%	-5.1%	4.8%	-4.6K	-64.1K	-267	51.84	N/A	N/A	0	0	253	276
2013-05-17	$21.61	$22.50	18.8%	5.4%	29.3%	2.9%	0.0%	2.6%	3.6%	2.1K	-141.7K	-233	54.29	N/A	N/A	0	0	253	252
2013-05-20	$21.70	$22.50	21.5%	6.2%	29.3%	4.8%	0.0%	1.5%	-0.9%	2.3K	-3.6K	-226	60.21	N/A	N/A	0	0	126	37
2013-05-21	$21.71	$22.50	15.1%	4.3%	27.3%	0.3%	0.0%	1.8%	9.5%	1.9K	4.4K	-173	73.04	N/A	N/A	0	0	126	37
2013-05-22	$21.17	$22.50	24.0%	6.9%	28.7%	6.5%	0.0%	0.8%	-3.9%	2.2K	1.5K	-242	71.33	N/A	N/A	0	50	126	37
2013-05-23	$20.83	$22.50	21.8%	6.2%	29.2%	4.9%	0.0%	10.3%	3.7%	-2.7K	102.8K	-285	30.96	N/A	N/A	0	0	126	87
2013-05-24	$20.75	$22.50	23.0%	6.6%	29.2%	5.8%	0.0%	8.4%	0.3%	-3.3K	113.0K	-261	66.11	N/A	N/A	0	0	126	87
2013-05-28	$21.73	$22.50	20.1%	5.8%	33.6%	3.8%	0.0%	19.9%	8.8%	-2.2K	62.2K	-365	85.98	N/A	N/A	0	0	126	87
2013-05-29	$21.57	$22.50	44.8%	12.8%	33.6%	20.8%	0.0%	2.5%	-11.4%	276	36.9K	-440	148.91	N/A	N/A	0	0	126	87
2013-05-30	$21.70	$22.50	15.9%	4.6%	25.2%	0.9%	0.0%	3.9%	7.1%	-2.9K	81.3K	-287	64.57	N/A	N/A	0	0	126	87
2013-05-31	$21.63	$22.50	16.6%	4.8%	24.7%	1.3%	0.0%	5.3%	5.1%	-3.3K	82.1K	-281	91.82	N/A	N/A	0	0	126	87