CSGS Options History — January 2018

In January 2018, CSGS traded between $44.02 and $45.89. ATM implied volatility averaged 39.1%, placing in the 40.0% IV rank vs the trailing year. The 30-day expected move averaged 11.9%. IV traded above realized volatility by 27.7% (HV 20d: 11.4%). Max pain ranged from $45.00 to $45.00. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 0.65.

Notable Days

2018-01-31: Highest Volume — 125 contracts
2018-01-09: Largest IV spike — 76.9% change
2018-01-31: Highest IV Rank — 83.1%
2018-01-31: Largest Expected Move — 19.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.13	$44.02	$45.89	$44.30	$45.19
Max Pain	$45.00	$45.00	$45.00	$45.00	$45.00
ATM IV	39.1%	17.1%	67.7%	20.9%	67.7%
Expected Move	11.9%	6.0%	19.4%	6.0%	19.4%
HV 20d	11.4%	9.3%	12.5%	9.6%	12.0%
HV 60d	19.9%	15.4%	20.5%	19.9%	15.4%
IV Rank	40.0%	7.1%	83.1%	12.8%	83.1%
IV Percentile	73.5%	3.6%	99.6%	26.2%	99.6%
Term Structure	-8.7%	-29.3%	13.8%	13.8%	-29.3%
VWIV	42.0%	21.0%	67.7%	21.0%	67.7%
Skew 25d	12.0%	-1.4%	80.2%	-0.3%	55.0%
Skew 10d	19.1%	-0.2%	56.8%	-0.2%	56.4%
Call IV 25d	39.4%	20.6%	49.7%	20.6%	46.7%
Put IV 25d	51.4%	20.3%	109.1%	20.3%	101.7%
Bid-Ask Spread %	96.69	65.34	109.11	82.92	109.11
Gamma HHI	0.71	0.37	0.97	0.88	0.65
Net GEX	26.9K	-568	120.4K	23.4K	5.4K
Net DEX	-209.0K	-553.9K	-84.4K	-130.8K	-144.4K
Net VEX	-763	-987	-542	-899	-957
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.65	0.28	0.89	0.62	0.28
Total Volume	75.476	60	125	84	125
Total OI	173.286	117	223	165	182

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
2018-01-02	$44.30	$45.00	20.9%	6.0%	9.6%	12.8%	21.0%	-0.3%	13.8%	23.4K	-130.8K	-899	0.62	82.92	N/A	N/A	52	32	107	58
2018-01-03	$44.02	$45.00	35.2%	10.1%	9.4%	34.2%	28.9%	80.2%	3.8%	19.0K	-87.4K	-849	0.89	107.72	N/A	N/A	36	32	113	58
2018-01-04	$44.35	$45.00	19.8%	10.2%	9.3%	11.1%	34.8%	4.9%	-5.1%	32.2K	-152.5K	-927	0.86	92.78	N/A	N/A	42	36	121	58
2018-01-05	$44.78	$45.00	19.8%	9.6%	9.7%	11.1%	34.9%	4.0%	-3.6%	40.1K	-236.4K	-987	0.86	65.34	N/A	N/A	42	36	135	62
2018-01-08	$44.37	$45.00	17.1%	8.4%	10.2%	7.1%	31.5%	5.5%	-0.4%	52.7K	-185.5K	-936	0.86	79.87	N/A	N/A	42	36	145	62
2018-01-09	$44.30	$45.00	30.3%	11.6%	9.8%	26.9%	45.0%	26.1%	-13.8%	36.4K	-169.4K	-902	0.86	91.52	N/A	N/A	42	36	145	62
2018-01-10	$44.44	$45.00	34.8%	10.0%	9.8%	33.6%	35.3%	1.9%	-5.1%	47.6K	-156.3K	-862	0.86	74.98	N/A	N/A	42	36	145	62
2018-01-11	$45.33	$45.00	38.2%	10.9%	11.9%	38.7%	38.1%	1.7%	-6.0%	46.8K	-295.9K	-889	0.86	99.05	N/A	N/A	42	36	145	62
2018-01-12	$45.60	$45.00	39.2%	11.2%	11.9%	40.2%	38.9%	7.1%	-6.3%	41.0K	-358.2K	-855	0.46	101.78	N/A	N/A	52	24	145	62
2018-01-16	$45.24	$45.00	37.2%	10.7%	12.2%	37.2%	37.4%	3.2%	-5.5%	52.1K	-366.5K	-801	0.51	100.48	N/A	N/A	47	24	155	63
2018-01-17	$45.39	$45.00	42.9%	12.3%	11.9%	45.7%	44.9%	6.5%	-9.2%	120.4K	-553.9K	-673	0.51	107.27	N/A	N/A	47	24	160	63
2018-01-18	$45.19	$45.00	42.1%	12.1%	12.0%	44.6%	41.6%	-1.4%	-9.5%	50.0K	-346.2K	-757	0.51	102.55	N/A	N/A	47	24	160	63
2018-01-19	$45.65	$45.00	43.1%	12.4%	12.4%	46.1%	44.6%	0.2%	-9.4%	99	-552.8K	-677	0.51	107.59	N/A	N/A	47	24	160	63
2018-01-22	$45.84	$45.00	46.6%	13.3%	12.4%	51.3%	49.9%	21.6%	-11.7%	73	-98.0K	-635	0.67	101.64	N/A	N/A	36	24	58	63
2018-01-23	$45.62	$45.00	46.1%	13.2%	12.5%	50.6%	45.3%	2.1%	-12.6%	-324	-97.0K	-591	0.67	100.70	N/A	N/A	36	24	54	63
2018-01-24	$45.56	$45.00	46.7%	13.4%	12.5%	51.5%	46.9%	3.5%	-13.2%	-446	-90.6K	-592	0.67	103.68	N/A	N/A	36	24	54	63
2018-01-25	$45.89	$45.00	47.2%	13.5%	12.3%	52.2%	48.2%	7.5%	-14.5%	-438	-91.4K	-581	0.67	99.43	N/A	N/A	36	24	54	63
2018-01-26	$45.89	$45.00	46.2%	13.2%	12.1%	50.7%	47.5%	6.4%	-14.6%	-410	-99.7K	-553	0.67	99.88	N/A	N/A	36	24	54	63
2018-01-29	$45.55	$45.00	47.4%	13.6%	12.5%	52.5%	49.1%	13.5%	-15.0%	-568	-91.7K	-542	0.67	101.41	N/A	N/A	36	24	54	63
2018-01-30	$45.28	$45.00	51.7%	14.8%	12.4%	59.0%	50.5%	3.3%	-16.4%	-509	-84.4K	-554	0.29	100.72	N/A	N/A	93	27	54	63
2018-01-31	$45.19	$45.00	67.7%	19.4%	12.0%	83.1%	67.7%	55.0%	-29.3%	5.4K	-144.4K	-957	0.28	109.11	N/A	N/A	98	27	116	66