CSGS Options History — January 2014

In January 2014, CSGS traded between $28.55 and $32.00. ATM implied volatility averaged 32.3%, placing in the 25.4% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 11.9% (HV 20d: 20.4%). Max pain ranged from $30.00 to $30.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2014-01-03: Highest Volume — 4 contracts
2014-01-15: Largest IV spike — 205.8% change
2014-01-15: Highest IV Rank — 90.3%
2014-01-31: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$30.11	$28.55	$32.00	$29.18	$29.96
Max Pain	$30.00	$30.00	$30.00	$30.00	$30.00
ATM IV	32.3%	20.0%	74.5%	33.6%	40.0%
Expected Move	8.5%	5.7%	11.5%	9.6%	11.5%
HV 20d	20.4%	14.7%	26.0%	14.8%	26.0%
HV 60d	19.3%	18.0%	20.7%	18.7%	20.6%
IV Rank	25.4%	5.4%	90.3%	19.1%	38.2%
IV Percentile	68.0%	13.9%	99.6%	83.7%	95.2%
Term Structure	-0.9%	-13.0%	7.9%	-0.5%	-9.5%
VWIV	17.5%	17.5%	17.5%	17.5%	17.5%
Skew 25d	11.2%	-4.6%	61.8%	61.8%	4.2%
Skew 10d	21.3%	-5.8%	76.1%	76.1%	7.1%
Call IV 25d	28.5%	19.1%	39.7%	36.4%	39.7%
Put IV 25d	39.7%	22.0%	98.2%	98.2%	43.9%
Bid-Ask Spread %	112.33	94.87	121.60	120.84	110.09
Gamma HHI	0.59	0.42	0.86	0.42	0.58
Net GEX	2.4K	1.7K	3.3K	1.7K	2.6K
Net DEX	-69.3K	-91.8K	-51.9K	-52.9K	-71.4K
Net VEX	-99	-130	-69	-101	-98
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	0.476	0	4	0	0
Total OI	46.381	41	49	41	49

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	Spread %	Call Wall	Put Wall	Call Vol	Call OI	Put OI
2014-01-02	$29.18	$0.00	33.6%	9.6%	14.8%	19.1%	0.0%	61.8%	-0.5%	1.7K	-52.9K	-101	120.84	N/A	N/A	0	30	11
2014-01-03	$29.18	$0.00	20.0%	5.7%	14.7%	5.4%	0.0%	4.4%	3.7%	1.8K	-51.9K	-100	104.63	N/A	N/A	4	30	11
2014-01-06	$28.55	$30.00	38.3%	6.3%	16.4%	31.6%	0.0%	-0.4%	6.2%	2.1K	-57.6K	-123	106.57	N/A	N/A	0	34	11
2014-01-07	$28.99	$30.00	24.3%	7.2%	16.6%	12.9%	0.0%	-0.5%	-1.0%	2.7K	-55.9K	-81	107.57	N/A	N/A	0	34	11
2014-01-08	$29.03	$30.00	33.0%	8.3%	16.6%	24.5%	0.0%	-4.6%	-0.3%	2.1K	-55.3K	-120	118.02	N/A	N/A	0	34	11
2014-01-09	$29.30	$30.00	25.1%	8.9%	16.9%	14.0%	0.0%	5.9%	-2.5%	2.1K	-58.8K	-115	119.17	N/A	N/A	0	34	11
2014-01-10	$29.93	$30.00	27.5%	6.5%	18.4%	17.2%	0.0%	25.8%	1.2%	2.0K	-64.8K	-75	111.33	N/A	N/A	0	34	11
2014-01-13	$29.42	$30.00	28.4%	7.6%	19.5%	20.7%	0.0%	2.4%	0.4%	2.3K	-61.3K	-105	107.19	N/A	N/A	0	34	11
2014-01-14	$29.64	$30.00	24.4%	7.2%	19.5%	14.7%	0.0%	4.7%	-3.2%	2.3K	-62.2K	-87	94.87	N/A	N/A	0	34	11
2014-01-15	$30.56	$30.00	74.5%	11.0%	21.4%	90.3%	0.0%	19.6%	2.1%	1.9K	-69.1K	-118	112.01	N/A	N/A	0	34	11
2014-01-16	$30.96	$30.00	22.2%	6.4%	20.8%	11.4%	17.5%	22.7%	7.9%	2.0K	-74.6K	-76	108.54	N/A	N/A	3	34	11
2014-01-17	$31.07	$30.00	33.3%	9.6%	19.4%	28.2%	0.0%	25.9%	-6.2%	2.6K	-80.5K	-105	121.60	N/A	N/A	2	37	11
2014-01-21	$31.46	$30.00	24.6%	7.0%	19.1%	15.0%	0.0%	1.8%	3.6%	2.8K	-86.6K	-92	117.52	N/A	N/A	0	37	11
2014-01-22	$32.00	$30.00	24.2%	6.9%	19.7%	14.4%	0.0%	11.4%	2.2%	2.7K	-91.5K	-69	111.75	N/A	N/A	1	37	11
2014-01-23	$31.76	$30.00	28.4%	8.2%	20.1%	20.8%	0.0%	-4.3%	-0.4%	3.3K	-91.8K	-89	117.62	N/A	N/A	0	38	11
2014-01-24	$30.62	$30.00	28.1%	8.1%	24.7%	20.3%	0.0%	4.8%	6.5%	2.6K	-78.6K	-117	115.06	N/A	N/A	0	38	11
2014-01-27	$30.05	$30.00	35.7%	10.2%	25.7%	31.7%	0.0%	4.0%	2.7%	2.4K	-71.3K	-130	116.69	N/A	N/A	0	38	11
2014-01-28	$30.10	$30.00	39.3%	11.3%	25.7%	37.2%	0.0%	5.1%	-11.0%	2.6K	-72.5K	-100	110.94	N/A	N/A	0	38	11
2014-01-29	$30.15	$30.00	38.4%	11.0%	25.6%	35.9%	0.0%	36.7%	-13.0%	2.4K	-72.2K	-79	112.80	N/A	N/A	0	38	11
2014-01-30	$30.34	$30.00	35.0%	10.0%	25.7%	30.8%	0.0%	4.0%	-7.1%	2.7K	-75.5K	-95	114.18	N/A	N/A	0	38	11
2014-01-31	$29.96	$30.00	40.0%	11.5%	26.0%	38.2%	0.0%	4.2%	-9.5%	2.6K	-71.4K	-98	110.09	N/A	N/A	0	38	11