CSGS Options History — February 2018

In February 2018, CSGS traded between $43.95 and $48.58. ATM implied volatility averaged 31.2%, placing in the 28.2% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded above realized volatility by 14.7% (HV 20d: 16.6%). Max pain ranged from $45.00 to $45.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 15 of 19 days. Put/call ratio averaged 0.64.

Notable Days

2018-02-09: Highest Volume — 179 contracts
2018-02-07: Largest IV drop — 34.7% change
2018-02-02: Highest IV Rank — 87.4%
2018-02-07: Largest Expected Move — 10.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$46.14	$43.95	$48.58	$45.24	$46.76
Max Pain	$45.00	$45.00	$45.00	$45.00	$45.00
ATM IV	31.2%	17.2%	70.6%	57.1%	21.3%
Expected Move	7.2%	4.9%	10.8%	9.8%	6.1%
HV 20d	16.6%	11.5%	23.4%	11.6%	23.4%
HV 60d	14.8%	13.9%	16.5%	14.1%	16.5%
IV Rank	28.2%	7.2%	87.4%	67.1%	13.3%
IV Percentile	48.1%	4.0%	99.6%	97.2%	31.0%
Term Structure	2.0%	-7.1%	7.7%	-2.7%	3.9%
VWIV	26.0%	16.1%	35.7%	33.6%	21.9%
Skew 25d	7.1%	-1.9%	26.4%	2.5%	10.1%
Skew 10d	11.0%	-2.8%	59.7%	8.2%	11.6%
Call IV 25d	24.4%	13.4%	36.4%	33.0%	13.4%
Put IV 25d	31.5%	21.7%	52.3%	35.5%	23.5%
Bid-Ask Spread %	89.39	25.28	114.94	94.84	25.28
Gamma HHI	0.64	0.48	0.87	0.65	0.58
Net GEX	11.9K	-2.7K	35.0K	6.4K	12.1K
Net DEX	-199.3K	-423.2K	-19.8K	-134.6K	-208.0K
Net VEX	-800	-930	-643	-860	-746
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.64	0.27	1.30	0.28	1.26
Total Volume	107.474	55	179	125	61
Total OI	244.737	187	292	187	292

Daily Data (19 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
2018-02-01	$45.24	$45.00	57.1%	9.8%	11.6%	67.1%	33.6%	2.5%	-2.7%	6.4K	-134.6K	-860	0.28	94.84	N/A	N/A	98	27	121	66
2018-02-02	$45.10	$45.00	70.6%	9.5%	11.5%	87.4%	33.4%	4.0%	5.4%	6.2K	-123.3K	-841	0.28	99.56	N/A	N/A	98	27	121	66
2018-02-05	$44.18	$45.00	57.7%	6.2%	13.3%	68.1%	32.3%	-1.9%	6.5%	3.5K	-84.8K	-643	0.28	114.94	N/A	N/A	97	27	121	66
2018-02-06	$43.95	$45.00	57.6%	10.2%	13.0%	67.8%	31.8%	20.8%	-6.1%	4.6K	-82.6K	-749	0.28	112.21	N/A	N/A	97	27	122	66
2018-02-07	$43.97	$45.00	37.6%	10.8%	13.0%	37.8%	35.7%	6.7%	-7.1%	4.7K	-87.4K	-765	0.28	83.20	N/A	N/A	97	27	122	66
2018-02-08	$45.01	$45.00	31.3%	9.0%	15.5%	28.3%	31.9%	11.2%	-2.7%	6.1K	-123.6K	-681	0.70	107.13	N/A	N/A	93	65	122	66
2018-02-09	$44.81	$45.00	28.6%	8.2%	13.8%	24.3%	32.8%	2.1%	0.3%	-2.7K	-19.8K	-871	0.57	111.45	N/A	N/A	114	65	125	107
2018-02-12	$44.69	$45.00	24.9%	7.1%	13.6%	18.7%	25.8%	0.4%	2.2%	-220	-38.4K	-878	0.57	105.27	N/A	N/A	114	65	151	107
2018-02-13	$45.17	$45.00	23.3%	6.7%	14.0%	16.4%	20.2%	9.1%	3.4%	529	-102.9K	-852	0.27	105.93	N/A	N/A	113	30	151	107
2018-02-14	$46.35	$45.00	22.3%	6.4%	16.7%	14.8%	18.9%	26.4%	7.2%	2.8K	-191.7K	-810	0.27	111.56	N/A	N/A	113	30	151	107
2018-02-15	$46.86	$45.00	19.8%	5.7%	16.9%	11.0%	16.1%	15.8%	7.7%	6.3K	-245.6K	-783	0.52	110.12	N/A	N/A	58	30	151	105
2018-02-16	$47.73	$45.00	26.5%	7.6%	17.7%	21.2%	21.4%	3.0%	4.4%	16.3K	-345.1K	-792	0.46	102.01	N/A	N/A	65	30	180	105
2018-02-20	$47.75	$45.00	18.3%	5.2%	17.7%	8.8%	23.5%	5.9%	0.5%	23.0K	-329.1K	-930	0.61	105.39	N/A	N/A	46	28	185	90
2018-02-21	$48.58	$45.00	18.3%	5.2%	18.3%	8.8%	23.2%	3.6%	0.3%	35.0K	-423.2K	-846	0.82	90.84	N/A	N/A	34	28	186	90
2018-02-22	$47.96	$45.00	17.2%	4.9%	19.1%	7.2%	22.9%	4.0%	2.7%	31.7K	-359.5K	-824	1.04	46.61	N/A	N/A	27	28	190	90
2018-02-23	$47.18	$45.00	21.1%	6.1%	20.1%	13.1%	22.6%	5.0%	6.7%	20.3K	-276.8K	-833	1.22	45.16	N/A	N/A	27	33	191	90
2018-02-26	$48.27	$45.00	18.4%	5.3%	21.5%	9.0%	22.7%	1.1%	0.1%	30.6K	-354.7K	-727	1.30	70.75	N/A	N/A	27	35	191	95
2018-02-27	$47.09	$45.00	21.4%	6.1%	23.4%	13.5%	22.9%	4.3%	5.4%	18.8K	-254.8K	-777	1.26	56.19	N/A	N/A	27	34	191	97
2018-02-28	$46.76	$45.00	21.3%	6.1%	23.4%	13.3%	21.9%	10.1%	3.9%	12.1K	-208.0K	-746	1.26	25.28	N/A	N/A	27	34	191	101