CSGS Options History — February 2014

In February 2014, CSGS traded between $26.56 and $28.86. ATM implied volatility averaged 35.7%, placing in the 31.8% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded above realized volatility by 2.4% (HV 20d: 33.3%). Max pain ranged from $20.00 to $30.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.22.

Notable Days

2014-02-04: Highest Volume — 28 contracts
2014-02-07: Largest IV spike — 68.4% change
2014-02-07: Highest IV Rank — 52.1%
2014-02-14: Largest Expected Move — 11.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$27.21	$26.56	$28.86	$28.82	$28.00
Max Pain	$21.58	$20.00	$30.00	$30.00	$20.00
ATM IV	35.7%	24.6%	49.2%	35.6%	28.0%
Expected Move	9.6%	7.1%	11.2%	10.2%	8.0%
HV 20d	33.3%	28.5%	37.3%	29.6%	32.3%
HV 60d	24.6%	21.9%	26.0%	21.9%	25.1%
IV Rank	31.8%	15.1%	52.1%	31.6%	20.2%
IV Percentile	85.8%	44.8%	98.4%	90.9%	62.3%
Term Structure	-6.0%	-17.3%	3.1%	-6.5%	3.0%
VWIV	38.5%	35.1%	45.9%	37.2%	35.1%
Skew 25d	3.8%	-10.3%	15.4%	1.6%	6.4%
Skew 10d	5.5%	-14.2%	12.3%	2.8%	5.6%
Call IV 25d	30.4%	19.2%	41.0%	41.0%	24.0%
Put IV 25d	34.2%	21.3%	46.3%	42.6%	30.5%
Bid-Ask Spread %	119.17	111.70	124.48	114.43	114.24
Gamma HHI	0.68	0.48	0.90	0.59	0.49
Net GEX	2.1K	1.0K	4.8K	2.7K	1.6K
Net DEX	-42.0K	-79.5K	-28.8K	-64.6K	-48.9K
Net VEX	-79	-138	-29	-91	-29
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.22	0.00	0.87	0.00	0.00
Total Volume	2.368	0	28	13	0
Total OI	74.684	44	92	49	44

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
2014-02-03	$28.82	$30.00	35.6%	10.2%	29.6%	31.6%	37.2%	1.6%	-6.5%	2.7K	-64.6K	-91	0.00	114.43	N/A	N/A	13	0	38	11
2014-02-04	$28.86	$30.00	34.2%	9.8%	28.5%	29.4%	35.8%	6.5%	-1.2%	4.8K	-79.5K	-130	0.87	111.70	N/A	N/A	15	13	51	11
2014-02-05	$26.92	$25.00	38.8%	11.1%	37.3%	36.4%	0.0%	3.5%	-8.5%	2.7K	-38.4K	-127	0.00	118.29	N/A	N/A	0	0	66	24
2014-02-06	$27.03	$25.00	29.2%	8.4%	37.3%	22.0%	0.0%	-10.3%	3.1%	2.3K	-36.9K	-107	0.00	112.26	N/A	N/A	0	0	66	24
2014-02-07	$26.88	$20.00	49.2%	9.5%	37.0%	52.1%	0.0%	-1.5%	-11.2%	2.8K	-40.0K	-138	0.00	121.83	N/A	N/A	0	0	66	24
2014-02-10	$26.56	$20.00	44.5%	8.8%	35.8%	45.0%	0.0%	1.3%	-9.0%	2.1K	-31.3K	-97	0.00	120.92	N/A	N/A	0	0	66	24
2014-02-11	$26.78	$20.00	38.7%	8.1%	35.9%	36.2%	0.0%	-3.3%	-10.7%	1.9K	-32.8K	-88	0.00	119.83	N/A	N/A	0	0	66	24
2014-02-12	$26.56	$20.00	35.3%	9.7%	35.7%	31.1%	0.0%	9.1%	-12.7%	1.1K	-28.8K	-89	0.00	123.27	N/A	N/A	0	0	66	24
2014-02-13	$26.85	$20.00	35.0%	10.0%	33.6%	30.7%	0.0%	3.4%	-9.7%	2.2K	-34.8K	-100	0.00	124.48	N/A	N/A	0	0	66	24
2014-02-14	$26.84	$20.00	39.1%	11.2%	32.9%	36.8%	45.9%	15.4%	-17.3%	1.0K	-33.3K	-87	0.00	120.28	N/A	N/A	2	0	66	24
2014-02-18	$27.05	$20.00	33.1%	9.5%	33.2%	27.9%	0.0%	6.1%	-9.0%	3.0K	-43.8K	-90	0.00	123.13	N/A	N/A	0	0	68	24
2014-02-19	$26.60	$20.00	34.7%	10.0%	32.5%	30.3%	0.0%	0.9%	-8.8%	1.5K	-33.4K	-78	0.00	119.21	N/A	N/A	0	0	68	24
2014-02-20	$26.73	$20.00	34.8%	10.0%	31.5%	30.4%	0.0%	1.0%	-6.8%	1.7K	-35.9K	-67	0.00	122.38	N/A	N/A	0	0	68	24
2014-02-21	$26.62	$20.00	24.6%	7.1%	31.6%	15.1%	0.0%	-3.1%	-1.4%	1.4K	-36.6K	-47	0.00	116.52	N/A	N/A	0	0	68	24
2014-02-24	$27.31	$20.00	35.3%	10.1%	32.0%	31.1%	0.0%	9.7%	0.9%	1.9K	-43.4K	-41	0.00	120.46	N/A	N/A	0	0	33	11
2014-02-25	$27.33	$20.00	35.9%	10.3%	31.7%	32.1%	35.1%	5.5%	-12.6%	1.8K	-43.8K	-35	0.00	122.62	N/A	N/A	2	0	33	11
2014-02-26	$27.52	$20.00	36.5%	10.5%	31.9%	32.9%	0.0%	9.1%	2.2%	1.7K	-45.4K	-32	0.00	119.48	N/A	N/A	0	0	33	11
2014-02-27	$27.72	$20.00	35.9%	10.3%	32.1%	32.1%	0.0%	10.5%	2.7%	1.7K	-46.7K	-32	0.00	118.84	N/A	N/A	0	0	33	11
2014-02-28	$28.00	$20.00	28.0%	8.0%	32.3%	20.2%	0.0%	6.4%	3.0%	1.6K	-48.9K	-29	0.00	114.24	N/A	N/A	0	0	33	11