CSGS Options History — March 2014

In March 2014, CSGS traded between $25.69 and $28.48. ATM implied volatility averaged 37.6%, placing in the 34.6% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded above realized volatility by 14.7% (HV 20d: 22.9%). Max pain ranged from $20.00 to $30.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2014-03-18: Highest Volume — 33 contracts
2014-03-07: Largest IV spike — 27.0% change
2014-03-12: Highest IV Rank — 50.9%
2014-03-26: Largest Expected Move — 12.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$27.24	$25.69	$28.48	$27.56	$26.04
Max Pain	$26.92	$20.00	$30.00	$20.00	$30.00
ATM IV	37.6%	30.5%	48.4%	40.1%	36.9%
Expected Move	9.9%	6.7%	12.1%	11.5%	10.6%
HV 20d	22.9%	17.7%	32.4%	32.4%	24.5%
HV 60d	26.3%	25.3%	27.6%	25.3%	27.6%
IV Rank	34.6%	24.0%	50.9%	38.4%	33.6%
IV Percentile	87.5%	71.4%	97.6%	95.6%	88.5%
Term Structure	-7.4%	-26.8%	12.5%	-0.9%	-11.1%
VWIV	27.5%	27.5%	27.5%	27.5%	27.5%
Skew 25d	1.5%	-12.7%	21.5%	3.7%	-12.7%
Skew 10d	4.6%	-8.9%	38.1%	5.7%	-1.7%
Call IV 25d	33.1%	22.1%	43.8%	38.5%	43.4%
Put IV 25d	34.6%	18.1%	47.7%	42.2%	30.7%
Bid-Ask Spread %	119.22	106.79	125.68	122.12	124.27
Gamma HHI	0.84	0.48	0.98	0.50	0.94
Net GEX	1.4K	576	2.5K	1.9K	576
Net DEX	-17.1K	-51.9K	-1.7K	-45.2K	-1.7K
Net VEX	-30	-71	-8	-38	-11
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	1.571	0	33	0	0
Total OI	37.762	27	60	44	34

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
2014-03-03	$27.56	$20.00	40.1%	11.5%	32.4%	38.4%	0.0%	3.7%	-0.9%	1.9K	-45.2K	-38	122.12	N/A	N/A	0	33	11
2014-03-04	$28.24	$20.00	35.7%	10.2%	31.2%	31.8%	0.0%	13.2%	-6.7%	1.7K	-50.5K	-28	118.09	N/A	N/A	0	33	11
2014-03-05	$28.22	$20.00	38.9%	11.1%	31.2%	36.5%	0.0%	15.2%	-5.9%	1.7K	-50.3K	-28	120.17	N/A	N/A	0	33	11
2014-03-06	$28.23	$20.00	33.9%	9.7%	17.9%	29.0%	0.0%	21.5%	12.5%	1.8K	-51.0K	-31	122.82	N/A	N/A	0	33	11
2014-03-07	$28.38	$0.00	43.0%	9.6%	17.9%	42.8%	0.0%	1.1%	-1.8%	1.9K	-51.9K	-38	120.65	N/A	N/A	0	33	11
2014-03-10	$28.48	$0.00	42.4%	8.3%	17.7%	41.9%	0.0%	5.8%	3.0%	1.2K	-8.1K	-22	123.53	N/A	N/A	0	16	11
2014-03-11	$28.01	$0.00	43.5%	6.7%	18.3%	43.5%	0.0%	6.6%	3.0%	1.1K	-6.1K	-20	110.09	N/A	N/A	0	16	11
2014-03-12	$27.92	$0.00	48.4%	7.3%	18.3%	50.9%	0.0%	-5.3%	-1.3%	1.0K	-4.7K	-15	106.79	N/A	N/A	0	16	11
2014-03-13	$27.28	$0.00	35.8%	10.3%	20.1%	31.9%	0.0%	-1.5%	-11.0%	750	-4.1K	-14	117.17	N/A	N/A	0	16	11
2014-03-14	$26.99	$0.00	36.4%	10.4%	20.2%	32.8%	0.0%	-1.3%	-10.1%	614	-2.9K	-10	123.29	N/A	N/A	0	16	11
2014-03-17	$27.11	$0.00	32.7%	9.4%	20.2%	27.2%	0.0%	2.7%	-10.5%	608	-2.5K	-8	123.89	N/A	N/A	0	16	11
2014-03-18	$27.72	$0.00	30.5%	8.8%	21.5%	24.0%	27.5%	8.1%	-9.3%	868	-3.5K	-9	114.53	N/A	N/A	33	16	11
2014-03-19	$26.96	$30.00	34.0%	9.8%	23.0%	29.2%	0.0%	-3.3%	-8.4%	2.5K	-13.8K	-63	116.33	N/A	N/A	0	49	11
2014-03-20	$26.95	$30.00	31.9%	9.1%	23.0%	26.0%	0.0%	0.1%	-7.8%	2.4K	-12.2K	-60	115.88	N/A	N/A	0	49	11
2014-03-21	$27.30	$30.00	40.0%	11.5%	23.3%	38.2%	0.0%	2.3%	-10.8%	2.4K	-17.1K	-71	117.45	N/A	N/A	0	49	11
2014-03-24	$26.61	$30.00	30.6%	8.8%	23.3%	24.0%	0.0%	-10.2%	-16.4%	1.5K	-6.1K	-33	117.70	N/A	N/A	0	34	0
2014-03-25	$26.43	$30.00	35.2%	10.1%	23.4%	30.9%	0.0%	-7.6%	-10.2%	1.6K	-7.8K	-37	123.22	N/A	N/A	0	34	0
2014-03-26	$25.81	$30.00	42.3%	12.1%	24.4%	41.7%	0.0%	-7.2%	-26.8%	1.5K	-12.5K	-51	120.20	N/A	N/A	0	34	0
2014-03-27	$26.01	$30.00	36.2%	10.4%	24.4%	32.5%	0.0%	2.9%	-12.7%	632	-2.1K	-15	119.84	N/A	N/A	0	34	0
2014-03-28	$25.69	$30.00	41.6%	11.9%	24.1%	40.6%	0.0%	-2.1%	-13.0%	1.0K	-4.9K	-26	125.68	N/A	N/A	0	34	0
2014-03-31	$26.04	$30.00	36.9%	10.6%	24.5%	33.6%	0.0%	-12.7%	-11.1%	576	-1.7K	-11	124.27	N/A	N/A	0	34	0