CSGS Options History — January 2015

In January 2015, CSGS traded between $23.87 and $25.39. ATM implied volatility averaged 27.5%, placing in the 7.7% IV rank vs the trailing year. The 30-day expected move averaged 6.7%. IV traded above realized volatility by 7.3% (HV 20d: 20.1%). Max pain ranged from $22.50 to $25.00. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 2.34.

Notable Days

2015-01-22: Highest Volume — 118 contracts
2015-01-05: Largest IV spike — 250.8% change
2015-01-06: Highest IV Rank — 44.7%
2015-01-27: Largest Expected Move — 7.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$24.89	$23.87	$25.39	$24.46	$24.55
Max Pain	$24.56	$22.50	$25.00	$22.50	$25.00
ATM IV	27.5%	17.9%	75.6%	18.6%	24.8%
Expected Move	6.7%	5.8%	7.7%	6.6%	7.1%
HV 20d	20.1%	17.2%	23.0%	18.7%	23.0%
HV 60d	18.6%	17.5%	19.7%	19.5%	18.2%
IV Rank	7.7%	0.3%	44.7%	0.8%	5.6%
IV Percentile	15.9%	0.4%	84.9%	0.4%	15.9%
Term Structure	-0.2%	-4.9%	4.9%	4.9%	-4.0%
VWIV	23.9%	21.1%	25.7%	23.2%	24.2%
Skew 25d	-40.8%	-62.1%	4.3%	4.3%	-53.4%
Skew 10d	-62.7%	-95.2%	5.7%	5.7%	-95.2%
Call IV 25d	66.1%	18.3%	86.2%	18.3%	75.9%
Put IV 25d	25.3%	20.6%	52.7%	22.7%	22.5%
Bid-Ask Spread %	127.15	113.47	138.36	122.98	138.36
Gamma HHI	0.55	0.36	0.90	0.80	0.54
Net GEX	-5.5K	-9.1K	-2.2K	-2.2K	-6.8K
Net DEX	51.1K	8.5K	107.6K	21.3K	107.6K
Net VEX	-518	-872	-187	-187	-669
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.34	0.17	5.83	1.43	3.38
Total Volume	62.65	0	118	34	105
Total OI	192.2	54	280	54	280

Daily Data (20 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
2015-01-02	$24.46	$0.00	18.6%	6.6%	18.7%	0.8%	0.0%	4.3%	4.9%	-2.2K	21.3K	-187	1.43	122.98	N/A	N/A	14	20	14	40
2015-01-05	$23.93	$0.00	65.2%	5.8%	19.7%	36.7%	0.0%	-21.3%	1.6%	-3.2K	33.9K	-230	0.00	116.56	N/A	N/A	0	0	14	50
2015-01-06	$23.87	$0.00	75.6%	6.6%	19.7%	44.7%	23.2%	-16.0%	0.4%	-3.4K	33.8K	-222	0.00	119.08	N/A	N/A	0	7	14	50
2015-01-07	$24.30	$22.50	20.4%	6.3%	20.7%	2.2%	0.0%	-24.6%	1.2%	-3.5K	28.7K	-222	0.00	117.02	N/A	N/A	0	13	14	57
2015-01-08	$24.44	$22.50	17.9%	6.4%	20.8%	0.3%	25.5%	-31.2%	0.8%	-4.2K	34.2K	-251	1.50	118.29	N/A	N/A	20	30	14	70
2015-01-09	$24.83	$22.50	18.7%	6.6%	21.1%	0.9%	24.1%	-36.8%	1.6%	-3.3K	25.1K	-278	2.21	117.54	N/A	N/A	24	53	24	70
2015-01-12	$25.09	$25.00	22.0%	7.0%	21.3%	3.5%	23.0%	-46.3%	0.0%	-9.1K	48.2K	-416	1.10	131.15	N/A	N/A	52	57	28	116
2015-01-13	$25.27	$25.00	24.4%	6.9%	19.0%	5.3%	23.2%	-48.2%	0.2%	-8.2K	38.7K	-517	1.10	132.29	N/A	N/A	52	57	66	126
2015-01-14	$25.33	$25.00	24.4%	7.0%	18.9%	5.3%	23.6%	-49.0%	-0.5%	-8.1K	30.7K	-531	1.09	128.79	N/A	N/A	54	59	76	126
2015-01-15	$25.19	$25.00	24.5%	7.0%	19.0%	5.4%	25.7%	-39.4%	-0.5%	-8.7K	34.1K	-628	1.09	124.74	N/A	N/A	54	59	92	128
2015-01-16	$25.37	$25.00	24.0%	6.9%	18.2%	5.0%	24.0%	-49.8%	0.3%	-7.8K	23.2K	-605	0.17	127.73	N/A	N/A	24	4	92	128
2015-01-20	$25.39	$25.00	23.4%	6.7%	17.2%	4.6%	0.0%	-53.6%	0.8%	-2.9K	8.5K	-615	0.00	129.56	N/A	N/A	0	0	116	122
2015-01-21	$24.70	$25.00	24.3%	7.0%	19.8%	5.2%	0.0%	-41.0%	-3.1%	-6.0K	40.7K	-588	5.83	113.47	N/A	N/A	6	35	116	122
2015-01-22	$24.81	$25.00	24.3%	7.0%	19.8%	5.3%	25.5%	-43.8%	-3.0%	-6.1K	91.6K	-872	2.93	126.95	N/A	N/A	30	88	122	157
2015-01-23	$25.35	$25.00	20.9%	6.0%	21.1%	2.6%	21.1%	-24.7%	0.7%	-5.2K	82.7K	-712	3.67	135.66	N/A	N/A	24	88	123	157
2015-01-26	$25.34	$25.00	21.9%	6.3%	21.0%	3.4%	0.0%	-58.5%	0.6%	-5.0K	82.3K	-698	0.00	136.41	N/A	N/A	0	0	123	157
2015-01-27	$25.33	$25.00	26.8%	7.7%	21.0%	7.2%	0.0%	-60.6%	-4.9%	-4.5K	79.3K	-703	0.00	133.80	N/A	N/A	0	0	123	157
2015-01-28	$25.09	$25.00	24.2%	7.0%	21.3%	5.2%	24.1%	-59.5%	-0.1%	-5.1K	88.9K	-732	3.67	137.75	N/A	N/A	24	88	123	157
2015-01-29	$25.21	$25.00	22.9%	6.6%	21.3%	4.2%	23.1%	-62.1%	-1.0%	-6.4K	88.5K	-680	3.67	134.94	N/A	N/A	24	88	123	157
2015-01-30	$24.55	$25.00	24.8%	7.1%	23.0%	5.6%	24.2%	-53.4%	-4.0%	-6.8K	107.6K	-669	3.38	138.36	N/A	N/A	24	81	123	157