CSGS Options History — January 2016

In January 2016, CSGS traded between $32.80 and $35.65. ATM implied volatility averaged 29.2%, placing in the 9.9% IV rank vs the trailing year. The 30-day expected move averaged 8.4%. IV traded above realized volatility by 1.6% (HV 20d: 27.5%). Max pain ranged from $35.00 to $35.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 0 of 19 days. Put/call ratio averaged 0.20.

Notable Days

2016-01-25: Highest Volume — 438 contracts
2016-01-11: Largest IV spike — 48.6% change
2016-01-11: Highest IV Rank — 13.4%
2016-01-25: Largest Expected Move — 9.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$34.44	$32.80	$35.65	$34.95	$35.06
Max Pain	$35.00	$35.00	$35.00	$35.00	$35.00
ATM IV	29.2%	23.5%	34.9%	26.8%	30.0%
Expected Move	8.4%	7.7%	9.4%	7.7%	8.6%
HV 20d	27.5%	24.3%	31.6%	24.5%	31.6%
HV 60d	34.1%	33.1%	35.5%	33.1%	35.4%
IV Rank	9.9%	6.5%	13.4%	8.5%	10.5%
IV Percentile	82.0%	55.2%	91.3%	82.1%	86.9%
Term Structure	-2.7%	-5.6%	-1.2%	-1.2%	-3.1%
VWIV	29.3%	26.7%	32.8%	27.0%	30.0%
Skew 25d	3.4%	-3.7%	12.3%	2.2%	2.6%
Skew 10d	6.1%	-6.5%	20.3%	3.6%	3.8%
Call IV 25d	26.7%	22.3%	30.3%	27.0%	26.2%
Put IV 25d	30.1%	23.6%	34.6%	29.2%	28.8%
Bid-Ask Spread %	105.58	99.93	117.28	102.33	117.28
Gamma HHI	0.36	0.31	0.46	0.31	0.36
Net GEX	6.2K	-7.7K	15.9K	6.8K	15.1K
Net DEX	-90.1K	-263.6K	73.3K	-88.4K	-193.7K
Net VEX	-1.6K	-1.9K	-1.4K	-1.6K	-1.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.20	0.15	0.26	0.15	0.26
Total Volume	368.895	314	438	318	438
Total OI	614.526	553	697	553	697

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
2016-01-04	$34.95	$35.00	26.8%	7.7%	24.5%	8.5%	27.0%	2.2%	-1.2%	6.8K	-88.4K	-1.6K	0.15	102.33	N/A	N/A	276	42	288	265
2016-01-05	$34.93	$35.00	24.0%	7.7%	24.3%	6.8%	26.7%	1.5%	-2.2%	6.7K	-77.9K	-1.5K	0.15	103.31	N/A	N/A	277	42	288	265
2016-01-06	$35.55	$35.00	23.9%	7.8%	24.9%	6.8%	27.3%	3.5%	-2.1%	12.0K	-153.9K	-1.5K	0.16	101.89	N/A	N/A	277	43	299	265
2016-01-07	$35.08	$35.00	26.4%	8.0%	24.5%	8.3%	27.8%	-3.7%	-1.9%	10.0K	-133.0K	-1.6K	0.16	103.13	N/A	N/A	277	43	309	266
2016-01-08	$34.14	$35.00	23.5%	8.2%	26.4%	6.5%	28.7%	0.3%	-1.7%	3.4K	-37.9K	-1.7K	0.16	99.93	N/A	N/A	277	43	309	266
2016-01-11	$33.75	$35.00	34.9%	8.1%	26.7%	13.4%	28.4%	4.9%	-1.7%	1.5K	-16.3K	-1.6K	0.16	103.09	N/A	N/A	277	43	309	266
2016-01-12	$33.88	$35.00	33.2%	8.0%	26.6%	12.4%	27.7%	4.5%	-1.7%	1.2K	-13.5K	-1.6K	0.16	103.42	N/A	N/A	277	43	309	266
2016-01-13	$33.48	$35.00	28.8%	8.3%	26.4%	9.7%	28.9%	3.6%	-1.6%	-3.5K	23.4K	-1.6K	0.16	105.18	N/A	N/A	277	43	309	266
2016-01-14	$33.81	$35.00	28.9%	8.3%	25.3%	9.8%	28.9%	3.8%	-1.9%	672	-20.1K	-1.5K	0.16	101.43	N/A	N/A	277	43	307	266
2016-01-15	$33.00	$35.00	28.9%	8.3%	26.5%	9.8%	29.6%	2.3%	-2.9%	-6.5K	62.2K	-1.6K	0.16	104.03	N/A	N/A	277	43	307	266
2016-01-19	$32.80	$35.00	28.5%	8.2%	25.1%	9.5%	30.1%	1.1%	-3.1%	-7.7K	73.3K	-1.5K	0.15	104.27	N/A	N/A	273	41	295	264
2016-01-20	$34.21	$35.00	32.7%	9.4%	28.9%	12.1%	32.7%	7.0%	-5.6%	1.3K	-48.5K	-1.4K	0.26	107.43	N/A	N/A	346	90	295	264
2016-01-21	$34.34	$35.00	29.5%	8.5%	27.9%	10.1%	29.5%	7.8%	-2.2%	8.1K	-89.6K	-1.9K	0.26	100.15	N/A	N/A	346	90	379	314
2016-01-22	$35.65	$35.00	29.5%	8.4%	30.8%	10.1%	29.5%	12.3%	-2.7%	15.9K	-263.6K	-1.8K	0.26	101.92	N/A	N/A	346	90	379	314
2016-01-25	$35.32	$35.00	32.8%	9.4%	29.9%	12.1%	32.8%	6.9%	-5.3%	14.8K	-256.0K	-1.8K	0.26	103.78	N/A	N/A	348	90	379	314
2016-01-26	$35.29	$35.00	30.7%	8.8%	29.7%	10.9%	30.7%	4.2%	-3.4%	15.4K	-228.9K	-1.8K	0.26	117.16	N/A	N/A	348	90	383	314
2016-01-27	$34.29	$35.00	29.9%	8.6%	31.3%	10.4%	30.0%	-1.5%	-3.1%	9.6K	-85.5K	-1.7K	0.26	115.06	N/A	N/A	348	90	383	314
2016-01-28	$34.86	$35.00	31.0%	8.9%	31.5%	11.0%	31.0%	1.5%	-3.7%	13.1K	-163.2K	-1.7K	0.26	111.17	N/A	N/A	348	90	383	314
2016-01-29	$35.06	$35.00	30.0%	8.6%	31.6%	10.5%	30.0%	2.6%	-3.1%	15.1K	-193.7K	-1.7K	0.26	117.28	N/A	N/A	348	90	383	314