CSGS Options History — July 2016

In July 2016, CSGS traded between $39.54 and $41.83. ATM implied volatility averaged 36.1%, placing in the 18.3% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded above realized volatility by 12.6% (HV 20d: 23.6%). Max pain ranged from $40.00 to $40.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 3.40.

Notable Days

2016-07-13: Highest Volume — 80 contracts
2016-07-12: Largest IV spike — 92.8% change
2016-07-12: Highest IV Rank — 45.9%
2016-07-29: Largest Expected Move — 11.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$41.00	$39.54	$41.83	$40.38	$40.27
Max Pain	$40.00	$40.00	$40.00	$40.00	$40.00
ATM IV	36.1%	25.0%	90.4%	25.0%	38.6%
Expected Move	9.1%	7.2%	11.1%	7.2%	11.1%
HV 20d	23.6%	17.4%	27.5%	24.2%	17.8%
HV 60d	24.3%	23.7%	24.6%	23.7%	24.4%
IV Rank	18.3%	5.7%	45.9%	5.7%	27.2%
IV Percentile	79.1%	36.5%	98.8%	36.5%	94.0%
Term Structure	-3.0%	-9.4%	9.5%	5.4%	-7.4%
VWIV	32.9%	24.5%	61.3%	25.0%	36.5%
Skew 25d	0.7%	-46.5%	28.8%	28.8%	0.1%
Skew 10d	-0.6%	-50.2%	52.9%	52.9%	-14.9%
Call IV 25d	35.1%	23.8%	78.9%	26.3%	37.1%
Put IV 25d	35.8%	28.0%	61.3%	55.1%	37.3%
Bid-Ask Spread %	112.36	95.08	125.11	105.06	117.78
Gamma HHI	0.86	0.78	0.96	0.80	0.78
Net GEX	6.7K	5.3K	9.4K	8.2K	6.6K
Net DEX	-98.4K	-151.8K	-50.7K	-97.7K	-50.7K
Net VEX	-858	-964	-755	-821	-940
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.40	1.87	4.85	3.38	1.87
Total Volume	65.6	54	80	57	66
Total OI	227	205	249	205	249

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
2016-07-01	$40.38	$40.00	25.0%	7.2%	24.2%	5.7%	25.0%	28.8%	5.4%	8.2K	-97.7K	-821	3.38	105.06	N/A	N/A	13	44	89	116
2016-07-05	$39.91	$0.00	33.1%	9.0%	24.3%	10.6%	0.0%	2.6%	1.0%	8.1K	-84.3K	-780	3.38	113.12	N/A	N/A	13	44	89	116
2016-07-06	$39.76	$0.00	32.7%	7.6%	23.9%	10.4%	0.0%	-1.5%	0.5%	8.5K	-76.8K	-779	3.38	115.53	N/A	N/A	13	44	89	116
2016-07-07	$39.54	$0.00	28.0%	8.7%	23.6%	7.5%	0.0%	2.1%	-3.8%	8.7K	-68.2K	-755	3.38	110.65	N/A	N/A	13	44	89	116
2016-07-08	$40.96	$0.00	42.8%	8.7%	27.5%	16.6%	0.0%	5.6%	-1.0%	8.4K	-118.6K	-790	2.93	112.91	N/A	N/A	15	44	89	116
2016-07-11	$41.45	$0.00	46.9%	10.8%	27.0%	19.1%	0.0%	2.1%	-9.4%	9.4K	-139.9K	-778	2.93	121.60	N/A	N/A	15	44	93	116
2016-07-12	$41.64	$0.00	90.4%	8.4%	26.6%	45.9%	0.0%	-1.8%	-2.9%	8.9K	-151.8K	-769	4.20	107.19	N/A	N/A	15	63	93	116
2016-07-13	$41.83	$0.00	34.9%	10.0%	26.5%	11.8%	33.1%	1.2%	-8.5%	5.4K	-124.9K	-931	3.71	103.40	N/A	N/A	17	63	93	141
2016-07-14	$41.71	$40.00	30.6%	8.8%	26.1%	17.8%	29.8%	0.4%	-1.7%	5.6K	-129.5K	-921	3.71	95.08	N/A	N/A	17	63	95	141
2016-07-15	$41.52	$40.00	27.2%	7.8%	26.2%	13.7%	24.5%	0.4%	9.5%	5.6K	-113.4K	-898	3.71	120.00	N/A	N/A	17	63	95	141
2016-07-18	$41.40	$40.00	30.5%	8.7%	24.7%	17.6%	29.4%	1.4%	-2.5%	5.3K	-103.9K	-898	4.85	112.91	N/A	N/A	13	63	92	141
2016-07-19	$41.21	$40.00	34.5%	9.9%	24.3%	22.4%	28.2%	8.6%	-4.9%	5.6K	-92.7K	-903	4.85	107.73	N/A	N/A	13	63	94	141
2016-07-20	$41.54	$40.00	30.6%	8.8%	24.2%	17.7%	32.4%	-2.1%	-2.1%	5.9K	-103.7K	-870	4.85	118.51	N/A	N/A	13	63	94	141
2016-07-21	$41.13	$40.00	29.9%	8.6%	24.4%	16.9%	26.2%	5.0%	-4.0%	5.7K	-90.7K	-877	3.15	120.56	N/A	N/A	13	41	94	141
2016-07-22	$41.25	$40.00	31.3%	9.0%	24.4%	18.5%	61.3%	-46.5%	-2.9%	5.3K	-92.0K	-902	3.31	125.11	N/A	N/A	13	43	94	144
2016-07-25	$41.18	$40.00	32.8%	9.4%	22.6%	20.3%	34.5%	-2.9%	-5.1%	5.8K	-79.1K	-863	3.31	117.60	N/A	N/A	13	43	94	145
2016-07-26	$41.50	$40.00	34.0%	9.7%	17.4%	21.7%	32.8%	12.8%	-5.6%	5.4K	-95.3K	-860	3.31	106.74	N/A	N/A	13	43	94	145
2016-07-27	$40.92	$40.00	34.2%	9.8%	17.9%	22.0%	33.8%	-1.0%	-5.6%	5.4K	-72.5K	-865	1.87	97.79	N/A	N/A	23	43	94	145
2016-07-28	$40.92	$40.00	34.5%	9.9%	17.9%	22.3%	33.8%	-0.5%	-8.3%	6.7K	-82.4K	-964	1.87	117.83	N/A	N/A	23	43	104	145
2016-07-29	$40.27	$40.00	38.6%	11.1%	17.8%	27.2%	36.5%	0.1%	-7.4%	6.6K	-50.7K	-940	1.87	117.78	N/A	N/A	23	43	104	145