CSGS Options History — November 2017

In November 2017, CSGS traded between $42.20 and $45.98. ATM implied volatility averaged 26.1%, placing in the 20.6% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded below realized volatility by 2.0% (HV 20d: 28.1%). Max pain ranged from $40.00 to $45.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.33.

Notable Days

2017-11-09: Highest Volume — 193 contracts
2017-11-24: Largest IV spike — 127.8% change
2017-11-24: Highest IV Rank — 50.0%
2017-11-24: Largest Expected Move — 13.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.18	$42.20	$45.98	$42.20	$45.89
Max Pain	$43.81	$40.00	$45.00	$40.00	$45.00
ATM IV	26.1%	17.5%	45.7%	40.6%	21.9%
Expected Move	7.2%	5.2%	13.1%	11.6%	6.3%
HV 20d	28.1%	12.0%	31.1%	12.0%	30.1%
HV 60d	19.6%	13.4%	20.9%	13.4%	20.7%
IV Rank	20.6%	7.7%	50.0%	42.3%	14.3%
IV Percentile	49.9%	6.3%	92.9%	84.1%	35.3%
Term Structure	1.8%	-12.6%	23.4%	23.4%	-3.6%
VWIV	26.7%	20.2%	60.7%	60.7%	21.9%
Skew 25d	1.2%	-45.7%	44.9%	-45.7%	6.6%
Skew 10d	7.9%	-49.7%	56.2%	26.0%	10.4%
Call IV 25d	28.2%	16.2%	105.3%	105.3%	16.2%
Put IV 25d	29.4%	18.6%	68.4%	59.7%	22.8%
Bid-Ask Spread %	102.74	81.41	120.92	97.93	104.12
Gamma HHI	0.59	0.34	0.85	0.47	0.49
Net GEX	18.6K	-313	44.9K	10.4K	5.6K
Net DEX	-130.1K	-315.4K	-2.6K	-227.3K	-165.0K
Net VEX	-1.1K	-1.5K	-823	-1.5K	-847
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.33	0.52	1.81	1.81	1.49
Total Volume	132.619	95	193	104	112
Total OI	287.095	195	375	300	205

Daily Data (21 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
2017-11-01	$42.20	$40.00	40.6%	11.6%	12.0%	42.3%	60.7%	-45.7%	23.4%	10.4K	-227.3K	-1.5K	1.81	97.93	N/A	N/A	37	67	179	121
2017-11-02	$44.89	$40.00	23.8%	6.0%	24.5%	17.1%	21.3%	0.9%	3.9%	38.9K	-315.4K	-1.4K	1.57	103.11	N/A	N/A	37	58	180	131
2017-11-03	$43.59	$40.00	17.5%	5.2%	26.9%	7.7%	24.9%	-12.0%	6.9%	39.7K	-210.0K	-1.3K	1.57	106.95	N/A	N/A	37	58	180	130
2017-11-06	$44.12	$40.00	27.4%	5.7%	27.0%	22.4%	22.1%	3.2%	5.5%	36.3K	-217.0K	-1.2K	0.52	96.07	N/A	N/A	111	58	180	130
2017-11-07	$43.45	$40.00	33.9%	5.5%	27.8%	32.2%	20.2%	0.5%	5.2%	36.6K	-178.9K	-1.2K	0.72	107.07	N/A	N/A	111	80	223	130
2017-11-08	$43.78	$45.00	19.6%	5.6%	27.7%	10.8%	20.8%	5.6%	5.4%	39.5K	-169.8K	-1.3K	0.72	102.52	N/A	N/A	111	80	223	152
2017-11-09	$43.59	$45.00	29.3%	8.4%	27.8%	25.3%	29.4%	-2.3%	-3.7%	24.5K	-153.2K	-1.3K	0.72	114.15	N/A	N/A	112	81	223	152
2017-11-10	$43.51	$45.00	25.3%	7.3%	27.8%	19.3%	26.3%	5.3%	3.4%	30.9K	-153.3K	-1.4K	1.53	114.10	N/A	N/A	53	81	222	150
2017-11-13	$43.63	$45.00	22.8%	6.5%	27.8%	15.6%	23.7%	1.8%	2.6%	44.9K	-138.3K	-1.2K	1.50	113.33	N/A	N/A	54	81	222	150
2017-11-14	$42.93	$45.00	24.1%	6.9%	28.5%	17.4%	24.9%	5.6%	5.4%	22.9K	-100.7K	-1.2K	1.09	99.14	N/A	N/A	74	81	222	150
2017-11-15	$42.82	$45.00	23.4%	6.7%	28.5%	16.5%	23.6%	0.6%	3.9%	14.3K	-16.1K	-1.0K	1.09	106.89	N/A	N/A	74	81	184	150
2017-11-16	$44.07	$45.00	23.5%	6.7%	30.0%	16.6%	23.5%	3.3%	1.0%	24.6K	-53.4K	-994	1.50	93.87	N/A	N/A	54	81	184	150
2017-11-17	$43.75	$45.00	30.6%	8.8%	30.3%	27.3%	31.6%	25.4%	-0.2%	1.4K	-2.6K	-823	1.54	95.50	N/A	N/A	54	83	171	150
2017-11-20	$44.25	$45.00	32.6%	9.3%	30.3%	30.3%	35.4%	44.9%	-4.1%	1.9K	-22.0K	-844	1.56	108.02	N/A	N/A	43	67	86	109
2017-11-21	$44.93	$45.00	20.2%	5.8%	30.6%	11.7%	20.3%	1.9%	-0.3%	2.4K	-72.3K	-845	1.56	92.69	N/A	N/A	43	67	86	109
2017-11-22	$44.86	$45.00	20.1%	5.8%	30.6%	11.5%	20.4%	2.0%	0.3%	2.2K	-73.1K	-875	1.56	108.38	N/A	N/A	43	67	86	109
2017-11-24	$44.63	$45.00	45.7%	13.1%	30.7%	50.0%	42.7%	-3.9%	-12.6%	-313	-51.7K	-918	1.56	120.92	N/A	N/A	43	67	86	109
2017-11-27	$45.05	$45.00	21.3%	6.1%	30.8%	13.2%	22.3%	-30.6%	-0.3%	2.6K	-82.1K	-825	1.26	107.76	N/A	N/A	53	67	86	109
2017-11-28	$45.98	$45.00	22.3%	6.4%	31.1%	14.9%	22.0%	5.4%	-1.7%	5.8K	-163.5K	-877	1.49	81.41	N/A	N/A	45	67	96	109
2017-11-29	$45.95	$45.00	22.9%	6.6%	30.3%	15.7%	22.6%	6.4%	-1.6%	5.7K	-166.8K	-865	1.49	83.49	N/A	N/A	45	67	96	109
2017-11-30	$45.89	$45.00	21.9%	6.3%	30.1%	14.3%	21.9%	6.6%	-3.6%	5.6K	-165.0K	-847	1.49	104.12	N/A	N/A	45	67	96	109