CSGS Options History — September 2017

In September 2017, CSGS traded between $37.40 and $40.15. ATM implied volatility averaged 27.1%, placing in the 22.1% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded above realized volatility by 14.5% (HV 20d: 12.6%). Max pain ranged from $35.00 to $45.00. Net GEX was positive for 2 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 5.39.

Notable Days

2017-09-06: Highest Volume — 307 contracts
2017-09-20: Largest IV spike — 228.3% change
2017-09-20: Highest IV Rank — 62.8%
2017-09-20: Largest Expected Move — 15.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$38.44	$37.40	$40.15	$38.60	$40.15
Max Pain	$35.56	$35.00	$45.00	$45.00	$35.00
ATM IV	27.1%	16.5%	54.2%	20.2%	19.8%
Expected Move	7.0%	4.7%	15.5%	5.8%	5.7%
HV 20d	12.6%	9.8%	16.4%	12.8%	16.4%
HV 60d	16.1%	15.5%	16.8%	16.0%	16.8%
IV Rank	22.1%	6.1%	62.8%	11.7%	11.1%
IV Percentile	51.8%	3.6%	98.0%	25.8%	21.4%
Term Structure	5.7%	-28.0%	15.3%	-1.4%	15.3%
VWIV	25.8%	19.8%	40.5%	21.9%	19.8%
Skew 25d	4.2%	-30.3%	52.5%	-3.8%	28.9%
Skew 10d	6.9%	-52.5%	65.9%	-3.5%	49.4%
Call IV 25d	25.1%	17.1%	74.3%	24.5%	20.8%
Put IV 25d	29.3%	20.8%	81.2%	20.8%	49.8%
Bid-Ask Spread %	101.82	61.63	127.22	98.85	108.14
Gamma HHI	0.66	0.42	0.87	0.77	0.44
Net GEX	-21.8K	-58.0K	862	-46.1K	862
Net DEX	421.1K	-11.2K	937.7K	756.1K	-11.2K
Net VEX	-277	-557	-63	-557	-92
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	5.39	0.69	10.57	0.69	10.00
Total Volume	188.45	81	307	235	88
Total OI	400.05	87	732	660	95

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
2017-09-01	$38.60	$45.00	20.2%	5.8%	12.8%	11.7%	21.9%	-3.8%	-1.4%	-46.1K	756.1K	-557	0.69	98.85	N/A	N/A	139	96	133	527
2017-09-05	$38.20	$0.00	26.0%	6.0%	12.1%	20.4%	0.0%	2.8%	6.1%	-42.7K	800.9K	-430	0.69	61.63	N/A	N/A	139	96	133	527
2017-09-06	$38.00	$0.00	27.2%	5.0%	11.2%	22.1%	24.9%	-0.4%	8.1%	-40.1K	801.1K	-391	1.21	94.37	N/A	N/A	139	168	133	527
2017-09-07	$38.16	$35.00	24.0%	7.5%	10.9%	17.4%	21.6%	0.3%	5.8%	-49.6K	853.3K	-553	1.21	85.42	N/A	N/A	139	168	133	599
2017-09-08	$38.35	$35.00	26.2%	6.2%	10.6%	20.7%	24.1%	1.4%	5.5%	-48.6K	837.9K	-477	1.21	103.72	N/A	N/A	139	168	133	599
2017-09-11	$38.59	$35.00	24.7%	6.6%	10.7%	18.4%	29.3%	4.6%	4.2%	-47.3K	859.4K	-314	1.21	91.28	N/A	N/A	139	168	133	599
2017-09-12	$38.61	$35.00	54.1%	6.2%	9.8%	62.6%	21.3%	-2.2%	5.3%	-58.0K	767.3K	-456	1.21	96.58	N/A	N/A	139	168	133	599
2017-09-13	$38.34	$35.00	20.5%	5.9%	10.1%	12.2%	28.4%	4.1%	6.1%	-53.9K	807.4K	-384	1.21	98.64	N/A	N/A	139	168	133	599
2017-09-14	$37.88	$35.00	24.9%	7.1%	10.1%	18.7%	24.8%	1.3%	4.7%	-8.9K	937.7K	-247	1.21	117.15	N/A	N/A	139	168	132	599
2017-09-15	$37.40	$35.00	32.4%	9.3%	10.8%	30.0%	24.9%	3.3%	2.5%	-9.1K	934.8K	-273	1.21	127.22	N/A	N/A	139	168	132	599
2017-09-18	$38.09	$35.00	18.8%	5.4%	12.1%	9.6%	26.0%	3.8%	11.3%	-6.5K	19.4K	-211	10.57	95.21	N/A	N/A	7	74	10	77
2017-09-19	$38.27	$35.00	16.5%	4.7%	12.2%	6.1%	28.9%	8.5%	14.5%	-3.6K	4.0K	-128	9.25	96.42	N/A	N/A	8	74	10	77
2017-09-20	$37.69	$35.00	54.2%	15.5%	13.1%	62.8%	40.5%	-30.3%	-28.0%	-4.0K	36.4K	-268	9.25	115.99	N/A	N/A	8	74	11	77
2017-09-21	$37.58	$35.00	27.4%	7.8%	13.1%	22.4%	30.9%	4.8%	8.5%	-5.9K	24.9K	-223	9.25	118.42	N/A	N/A	8	74	11	77
2017-09-22	$38.10	$35.00	24.8%	7.1%	14.0%	18.6%	27.0%	3.0%	7.8%	-7.8K	23.8K	-207	9.25	100.38	N/A	N/A	8	74	11	77
2017-09-25	$38.39	$35.00	23.1%	6.6%	14.2%	16.0%	23.0%	-1.9%	9.9%	-5.0K	-5.3K	-68	9.25	108.50	N/A	N/A	8	74	11	77
2017-09-26	$39.05	$35.00	37.7%	10.8%	15.3%	38.0%	29.1%	52.5%	1.8%	723	-9.0K	-63	10.00	116.55	N/A	N/A	8	80	11	77
2017-09-27	$39.70	$35.00	19.5%	5.6%	16.3%	10.6%	22.3%	1.5%	12.1%	-30	-8.6K	-103	10.00	106.53	N/A	N/A	8	80	12	83
2017-09-28	$39.70	$35.00	20.3%	5.8%	16.3%	11.8%	21.9%	1.3%	14.0%	-178	-8.0K	-104	10.00	95.35	N/A	N/A	8	80	12	83
2017-09-29	$40.15	$35.00	19.8%	5.7%	16.4%	11.1%	19.8%	28.9%	15.3%	862	-11.2K	-92	10.00	108.14	N/A	N/A	8	80	12	83