CSGS Options History — December 2013

In December 2013, CSGS traded between $28.57 and $29.61. ATM implied volatility averaged 25.9%, placing in the 10.9% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded above realized volatility by 10.1% (HV 20d: 15.8%). Max pain ranged from $22.50 to $22.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 1.00.

Notable Days

2013-12-13: Highest Volume — 140 contracts
2013-12-12: Largest IV spike — 42.1% change
2013-12-19: Highest IV Rank — 16.5%
2013-12-19: Largest Expected Move — 8.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$29.10	$28.57	$29.61	$28.74	$29.40
Max Pain	$22.50	$22.50	$22.50	$22.50	$22.50
ATM IV	25.9%	18.8%	32.7%	29.7%	28.5%
Expected Move	7.2%	5.4%	8.9%	8.5%	8.2%
HV 20d	15.8%	13.8%	20.7%	20.7%	14.5%
HV 60d	19.1%	18.7%	19.9%	18.8%	18.8%
IV Rank	10.9%	4.2%	16.5%	13.2%	14.0%
IV Percentile	46.8%	8.7%	77.4%	67.1%	66.3%
Term Structure	3.4%	-3.7%	8.2%	2.2%	3.6%
Skew 25d	20.5%	-6.3%	62.6%	0.4%	62.6%
Skew 10d	24.6%	-5.6%	73.5%	0.2%	73.5%
Call IV 25d	25.7%	18.6%	33.5%	25.6%	30.2%
Put IV 25d	46.2%	20.8%	92.8%	26.0%	92.8%
Bid-Ask Spread %	113.05	98.37	124.32	113.06	107.51
Gamma HHI	0.66	0.41	0.90	0.69	0.41
Net GEX	12.6K	1.7K	20.0K	15.6K	1.7K
Net DEX	-510.5K	-734.2K	-54.0K	-704.1K	-54.9K
Net VEX	-208	-370	-100	-299	-107
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	11.429	0	140	0	0
Total OI	468.667	41	650	650	41

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
2013-12-02	$28.74	$22.50	29.7%	8.5%	20.7%	13.2%	0.0%	0.4%	2.2%	15.6K	-704.1K	-299	0.00	113.06	N/A	N/A	0	0	323	327
2013-12-03	$28.69	$22.50	28.8%	8.3%	20.6%	12.7%	0.0%	-3.9%	8.1%	17.2K	-701.7K	-367	0.00	124.32	N/A	N/A	0	0	323	327
2013-12-04	$28.83	$22.50	22.2%	6.4%	19.6%	6.8%	0.0%	26.4%	6.9%	15.4K	-705.7K	-271	0.00	115.14	N/A	N/A	0	0	323	327
2013-12-05	$28.57	$22.50	31.0%	8.9%	20.0%	14.6%	0.0%	13.9%	7.6%	17.2K	-692.3K	-370	0.00	121.53	N/A	N/A	0	0	323	327
2013-12-06	$28.97	$0.00	27.6%	7.0%	19.0%	11.6%	0.0%	37.8%	5.6%	16.4K	-690.9K	-305	0.00	121.59	N/A	N/A	0	0	309	327
2013-12-09	$29.01	$0.00	32.7%	8.2%	14.5%	16.2%	0.0%	-6.3%	-2.9%	16.1K	-671.6K	-243	0.00	109.53	N/A	N/A	0	0	309	327
2013-12-10	$29.00	$0.00	28.6%	6.0%	13.8%	14.1%	0.0%	-0.4%	4.1%	17.0K	-688.8K	-260	0.00	103.37	N/A	N/A	0	0	309	327
2013-12-11	$28.94	$0.00	21.5%	5.9%	13.9%	6.9%	0.0%	-4.0%	2.4%	17.3K	-666.9K	-211	0.00	107.25	N/A	N/A	0	0	309	327
2013-12-12	$28.81	$0.00	30.5%	8.7%	13.8%	16.0%	0.0%	-0.7%	-3.0%	16.4K	-683.5K	-284	0.00	118.08	N/A	N/A	0	0	309	327
2013-12-13	$28.68	$0.00	21.7%	6.2%	14.0%	7.1%	0.0%	29.5%	4.2%	15.9K	-668.1K	-263	1.00	110.85	N/A	N/A	70	70	309	327
2013-12-16	$29.17	$0.00	26.5%	7.6%	14.9%	12.0%	0.0%	42.2%	1.6%	17.2K	-709.5K	-212	1.00	113.16	N/A	N/A	50	50	309	327
2013-12-17	$28.76	$0.00	22.6%	6.5%	14.9%	8.0%	0.0%	-1.7%	1.7%	15.1K	-662.1K	-173	0.00	114.39	N/A	N/A	0	0	309	327
2013-12-18	$29.46	$0.00	25.6%	7.3%	14.7%	11.0%	0.0%	31.3%	2.3%	18.1K	-734.2K	-150	0.00	113.78	N/A	N/A	0	0	309	327
2013-12-19	$29.19	$0.00	31.1%	8.9%	15.0%	16.5%	0.0%	1.0%	-3.7%	18.8K	-702.3K	-184	0.00	118.70	N/A	N/A	0	0	309	327
2013-12-20	$29.30	$0.00	25.1%	7.2%	15.0%	10.6%	0.0%	9.5%	8.2%	20.0K	-710.2K	-149	0.00	116.55	N/A	N/A	0	0	309	327
2013-12-23	$29.50	$0.00	19.4%	5.5%	14.5%	4.8%	0.0%	37.4%	5.9%	1.9K	-54.0K	-100	0.00	110.26	N/A	N/A	0	0	30	11
2013-12-24	$29.59	$0.00	18.8%	5.4%	14.6%	4.2%	0.0%	41.1%	4.7%	1.7K	-55.0K	-105	0.00	111.72	N/A	N/A	0	0	30	11
2013-12-26	$29.55	$0.00	25.4%	7.3%	14.5%	10.8%	0.0%	53.5%	2.9%	1.8K	-54.7K	-104	0.00	112.66	N/A	N/A	0	0	30	11
2013-12-27	$29.61	$0.00	24.2%	6.9%	14.5%	9.6%	0.0%	58.4%	7.6%	1.8K	-55.1K	-106	0.00	112.22	N/A	N/A	0	0	30	11
2013-12-30	$29.43	$0.00	22.1%	6.3%	14.6%	7.5%	0.0%	3.2%	2.0%	1.7K	-54.3K	-106	0.00	98.37	N/A	N/A	0	0	30	11
2013-12-31	$29.40	$0.00	28.5%	8.2%	14.5%	14.0%	0.0%	62.6%	3.6%	1.7K	-54.9K	-107	0.00	107.51	N/A	N/A	0	0	30	11