CSGS Options History — February 2016

In February 2016, CSGS traded between $34.31 and $39.12. ATM implied volatility averaged 27.0%, placing in the 8.6% IV rank vs the trailing year. The 30-day expected move averaged 7.3%. IV traded below realized volatility by 7.1% (HV 20d: 34.1%). Max pain ranged from $30.00 to $35.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.48.

Notable Days

2016-02-01: Highest Volume — 438 contracts
2016-02-09: Largest IV spike — 77.3% change
2016-02-05: Highest IV Rank — 15.8%
2016-02-03: Largest Expected Move — 10.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$37.44	$34.31	$39.12	$35.11	$38.01
Max Pain	$33.00	$30.00	$35.00	$35.00	$35.00
ATM IV	27.0%	19.4%	38.9%	32.1%	21.8%
Expected Move	7.3%	5.6%	10.1%	9.2%	6.2%
HV 20d	34.1%	29.2%	39.2%	31.6%	30.7%
HV 60d	28.7%	26.4%	35.6%	35.4%	28.2%
IV Rank	8.6%	4.1%	15.8%	11.7%	5.5%
IV Percentile	61.6%	29.4%	92.1%	88.1%	34.9%
Term Structure	-0.9%	-6.3%	2.7%	-4.5%	-0.1%
VWIV	27.4%	20.7%	35.4%	32.1%	29.3%
Skew 25d	3.4%	-6.2%	38.7%	3.1%	-6.2%
Skew 10d	5.9%	-14.3%	66.6%	4.6%	-13.4%
Call IV 25d	25.7%	21.6%	31.1%	28.0%	24.9%
Put IV 25d	29.0%	18.5%	68.7%	31.1%	18.7%
Bid-Ask Spread %	104.47	86.45	114.94	112.80	113.90
Gamma HHI	0.58	0.35	0.86	0.36	0.66
Net GEX	20.9K	10.5K	27.0K	15.8K	17.9K
Net DEX	-408.5K	-671.0K	-91.7K	-205.5K	-141.1K
Net VEX	-1.5K	-1.8K	-1.1K	-1.5K	-1.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.48	0.19	0.80	0.26	0.77
Total Volume	274.35	204	438	438	256
Total OI	734.35	604	802	697	686

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
2016-02-01	$35.11	$35.00	32.1%	9.2%	31.6%	11.7%	32.1%	3.1%	-4.5%	15.8K	-205.5K	-1.5K	0.26	112.80	N/A	N/A	348	90	383	314
2016-02-02	$34.31	$35.00	32.8%	9.4%	30.8%	12.1%	32.8%	-1.0%	-5.0%	10.5K	-91.7K	-1.5K	0.26	114.94	N/A	N/A	348	90	383	314
2016-02-03	$35.37	$35.00	35.4%	10.1%	32.8%	13.7%	35.4%	38.7%	-6.3%	14.5K	-228.9K	-1.5K	0.19	108.82	N/A	N/A	274	51	383	314
2016-02-04	$37.67	$30.00	31.1%	5.7%	39.2%	11.1%	23.1%	1.8%	2.7%	27.0K	-581.1K	-1.2K	0.31	86.45	N/A	N/A	290	91	383	335
2016-02-05	$37.58	$30.00	38.9%	5.6%	38.8%	15.8%	26.2%	3.0%	2.4%	23.2K	-523.1K	-1.8K	0.31	103.74	N/A	N/A	290	91	401	391
2016-02-08	$38.17	$30.00	19.4%	6.6%	37.3%	4.1%	20.7%	2.6%	2.0%	25.8K	-671.0K	-1.5K	0.59	101.38	N/A	N/A	155	91	401	391
2016-02-09	$37.45	$30.00	34.4%	9.0%	37.8%	13.1%	24.9%	2.6%	-4.2%	21.5K	-550.5K	-1.8K	0.59	97.85	N/A	N/A	155	91	401	391
2016-02-10	$37.32	$30.00	31.3%	9.0%	37.9%	11.2%	25.3%	2.5%	-3.4%	20.7K	-535.4K	-1.8K	0.59	98.48	N/A	N/A	155	91	401	391
2016-02-11	$37.33	$30.00	32.0%	9.2%	37.5%	11.7%	25.4%	3.6%	-2.1%	20.2K	-531.2K	-1.7K	0.59	95.60	N/A	N/A	155	91	401	391
2016-02-12	$37.47	$30.00	29.4%	8.4%	37.4%	10.1%	25.6%	1.8%	-0.0%	22.1K	-545.4K	-1.6K	0.32	101.80	N/A	N/A	155	49	401	391
2016-02-16	$37.51	$30.00	23.6%	6.8%	35.8%	6.6%	27.1%	2.0%	0.5%	21.6K	-608.6K	-1.4K	0.38	103.67	N/A	N/A	155	59	401	391
2016-02-17	$38.00	$35.00	22.0%	6.3%	35.6%	5.6%	25.9%	2.2%	1.3%	23.9K	-638.9K	-1.4K	0.38	102.54	N/A	N/A	155	59	401	401
2016-02-18	$37.89	$35.00	22.8%	6.5%	33.3%	6.1%	26.0%	2.7%	2.0%	21.3K	-662.1K	-1.4K	0.38	105.07	N/A	N/A	155	59	401	401
2016-02-19	$37.68	$35.00	22.8%	6.5%	33.5%	6.1%	25.1%	2.1%	1.7%	21.2K	-629.5K	-1.2K	0.36	105.64	N/A	N/A	165	59	401	401
2016-02-22	$38.06	$35.00	22.1%	6.3%	31.3%	5.7%	25.0%	1.7%	-1.1%	21.8K	-214.6K	-1.2K	0.34	105.49	N/A	N/A	155	52	285	319
2016-02-23	$37.95	$35.00	21.0%	6.0%	31.0%	5.0%	27.0%	0.6%	-0.9%	20.9K	-194.1K	-1.1K	0.75	104.06	N/A	N/A	140	105	285	322
2016-02-24	$38.19	$35.00	22.3%	6.4%	31.0%	5.8%	31.0%	1.9%	-1.0%	18.3K	-162.6K	-1.6K	0.80	110.70	N/A	N/A	139	111	290	379
2016-02-25	$39.12	$35.00	23.9%	6.9%	29.2%	6.8%	29.3%	6.2%	-1.1%	26.3K	-242.8K	-1.6K	0.77	103.54	N/A	N/A	145	111	291	385
2016-02-26	$38.62	$35.00	20.5%	5.9%	29.8%	4.7%	31.1%	-4.7%	0.1%	23.8K	-211.2K	-1.6K	0.77	112.91	N/A	N/A	145	111	301	385
2016-02-29	$38.01	$35.00	21.8%	6.2%	30.7%	5.5%	29.3%	-6.2%	-0.1%	17.9K	-141.1K	-1.5K	0.77	113.90	N/A	N/A	145	111	301	385