CSGS Options History — November 2014

In November 2014, CSGS traded between $25.12 and $26.55. ATM implied volatility averaged 44.6%, placing in the 22.0% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded above realized volatility by 23.9% (HV 20d: 20.7%). Max pain ranged from $22.50 to $30.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 2.94.

Notable Days

2014-11-17: Highest Volume — 56 contracts
2014-11-19: Largest IV spike — 225.7% change
2014-11-12: Highest IV Rank — 59.7%
2014-11-11: Largest Expected Move — 12.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$25.61	$25.12	$26.55	$26.55	$25.12
Max Pain	$26.00	$22.50	$30.00	$30.00	$22.50
ATM IV	44.6%	22.0%	94.4%	34.5%	58.1%
Expected Move	9.2%	6.1%	12.4%	6.1%	10.0%
HV 20d	20.7%	15.2%	25.0%	24.8%	15.5%
HV 60d	18.0%	17.4%	18.7%	18.2%	17.8%
IV Rank	22.0%	4.9%	59.7%	14.3%	32.2%
IV Percentile	50.0%	6.7%	93.3%	46.0%	82.1%
Term Structure	-8.2%	-41.2%	20.5%	-6.7%	-34.0%
VWIV	27.5%	14.0%	51.4%	25.7%	24.9%
Skew 25d	-20.4%	-55.2%	7.3%	6.0%	-2.4%
Skew 10d	-7.7%	-72.3%	32.7%	7.8%	21.6%
Call IV 25d	79.0%	30.9%	124.0%	35.0%	124.0%
Put IV 25d	58.5%	19.4%	121.6%	41.0%	121.6%
Bid-Ask Spread %	119.89	94.85	145.36	117.31	129.85
Gamma HHI	0.76	0.50	1.00	0.50	0.83
Net GEX	-3.5K	-7.4K	-1.0K	-2.0K	-5.4K
Net DEX	74.4K	27.4K	125.6K	55.1K	125.6K
Net VEX	-156	-283	-55	-72	-275
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.94	1.10	4.60	1.10	4.60
Total Volume	27.158	0	56	11	0
Total OI	62.421	30	111	31	111

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
2014-11-03	$26.55	$0.00	34.5%	6.1%	24.8%	14.3%	0.0%	6.0%	-6.7%	-2.0K	55.1K	-72	0.00	117.31	N/A	N/A	0	11	0	31
2014-11-04	$26.24	$0.00	80.2%	10.0%	24.8%	49.0%	0.0%	3.3%	-34.0%	-1.0K	44.5K	-109	0.00	133.30	N/A	N/A	0	11	0	31
2014-11-05	$25.69	$0.00	26.2%	7.9%	25.0%	8.0%	0.0%	-3.6%	-0.7%	-1.8K	58.7K	-59	0.00	100.23	N/A	N/A	0	11	0	31
2014-11-06	$25.64	$0.00	22.0%	7.6%	23.6%	4.9%	25.7%	-19.3%	6.5%	-1.7K	59.7K	-55	1.10	94.85	N/A	N/A	10	11	0	31
2014-11-07	$25.54	$30.00	30.9%	9.7%	23.6%	11.5%	21.7%	-42.3%	13.0%	-1.3K	51.4K	-105	1.10	114.02	N/A	N/A	10	11	10	31
2014-11-10	$25.75	$30.00	30.4%	9.6%	23.8%	11.2%	14.0%	-21.5%	20.5%	-1.3K	54.1K	-83	1.10	123.13	N/A	N/A	10	11	10	31
2014-11-11	$25.70	$30.00	35.0%	12.4%	23.6%	14.7%	33.5%	-47.1%	15.4%	-1.1K	27.4K	-90	2.00	113.27	N/A	N/A	10	20	10	20
2014-11-12	$25.81	$30.00	94.4%	9.6%	20.4%	59.7%	51.4%	-10.3%	5.9%	-2.2K	63.4K	-133	2.00	123.93	N/A	N/A	10	20	10	41
2014-11-13	$25.83	$30.00	26.9%	7.5%	19.6%	8.6%	28.9%	-27.1%	-1.1%	-2.4K	61.3K	-120	2.00	107.39	N/A	N/A	10	20	10	41
2014-11-14	$25.65	$30.00	22.7%	7.7%	19.6%	5.4%	0.0%	-26.8%	3.1%	-2.6K	63.0K	-111	0.00	108.91	N/A	N/A	0	26	10	41
2014-11-17	$25.31	$30.00	25.8%	7.7%	20.2%	7.7%	25.6%	-49.6%	0.7%	-5.9K	93.7K	-188	4.60	105.28	N/A	N/A	10	46	10	67
2014-11-18	$25.48	$22.50	26.0%	7.7%	19.8%	7.9%	26.5%	-6.7%	0.5%	-6.5K	102.3K	-230	4.60	106.84	N/A	N/A	10	46	10	77
2014-11-19	$25.16	$22.50	84.8%	12.3%	19.2%	52.5%	0.0%	7.3%	-41.2%	-2.7K	91.7K	-283	0.00	145.36	N/A	N/A	0	0	10	77
2014-11-20	$25.24	$22.50	65.0%	11.3%	19.2%	37.5%	28.0%	4.6%	-24.2%	-3.5K	102.9K	-260	4.60	130.83	N/A	N/A	10	46	10	77
2014-11-21	$25.23	$22.50	50.1%	9.6%	19.2%	26.1%	22.3%	-31.8%	-26.0%	-4.7K	82.5K	-233	4.60	128.86	N/A	N/A	10	46	10	77
2014-11-24	$25.62	$22.50	58.0%	10.4%	19.8%	32.1%	0.0%	-37.1%	-26.6%	-6.1K	94.1K	-157	0.00	144.91	N/A	N/A	0	0	10	77
2014-11-25	$25.46	$22.50	52.4%	11.1%	15.8%	27.9%	24.9%	-55.2%	-28.1%	-6.6K	88.1K	-213	4.60	128.63	N/A	N/A	10	46	10	77
2014-11-26	$25.49	$22.50	24.0%	7.3%	15.2%	6.3%	0.0%	-28.9%	0.8%	-7.4K	93.7K	-187	0.00	120.92	N/A	N/A	0	24	10	77
2014-11-28	$25.12	$22.50	58.1%	10.0%	15.5%	32.2%	0.0%	-2.4%	-34.0%	-5.4K	125.6K	-275	0.00	129.85	N/A	N/A	0	0	10	101