CSGS Options History — September 2007

In September 2007, CSGS traded between $21.25 and $23.03. ATM implied volatility averaged 31.9%, placing in the 39.3% IV rank vs the trailing year. The 30-day expected move averaged 8.9%. IV traded above realized volatility by 6.5% (HV 20d: 25.4%). Max pain ranged from $22.50 to $25.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 16 of 19 days. Put/call ratio averaged 1.15.

Notable Days

2007-09-06: Highest Volume — 210 contracts
2007-09-13: Largest IV drop — 12.5% change
2007-09-10: Highest IV Rank — 52.2%
2007-09-05: Largest Expected Move — 10.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.99	$21.25	$23.03	$23.03	$21.25
Max Pain	$22.89	$22.50	$25.00	$25.00	$22.50
ATM IV	31.9%	28.3%	37.5%	36.4%	31.5%
Expected Move	8.9%	8.1%	10.6%	10.4%	9.0%
HV 20d	25.4%	18.9%	49.0%	49.0%	23.3%
HV 60d	40.3%	39.7%	41.1%	39.9%	41.1%
IV Rank	39.3%	30.8%	52.2%	49.8%	38.3%
IV Percentile	75.4%	60.5%	92.4%	89.3%	79.0%
Term Structure	2.0%	-3.3%	5.1%	-2.1%	1.8%
VWIV	29.3%	20.8%	36.2%	20.8%	28.3%
Skew 25d	1.3%	-4.5%	8.4%	0.4%	1.1%
Skew 10d	5.4%	-7.8%	13.9%	-4.6%	7.7%
Call IV 25d	31.9%	26.7%	36.1%	32.9%	31.3%
Put IV 25d	33.2%	27.7%	40.6%	33.3%	32.4%
Bid-Ask Spread %	25.57	12.51	34.28	27.79	32.41
Gamma HHI	0.31	0.28	0.37	0.32	0.28
Net GEX	201.8K	184.3K	222.6K	222.6K	195.1K
Net DEX	-4.1M	-6.1M	-2.9M	-6.1M	-3.4M
Net VEX	-59.8K	-67.1K	-52.9K	-67.1K	-52.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.15	0.00	6.50	6.50	1.00
Total Volume	45.158	0	210	10	40
Total OI	14,225.474	12,714	14,818	14,552	12,804

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
2007-09-04	$23.03	$25.00	36.4%	10.4%	49.0%	49.8%	20.8%	0.4%	-2.1%	222.6K	-6.1M	-67.1K	0.00	27.79	N/A	N/A	0	10	10,422	4,130
2007-09-05	$22.83	$25.00	37.0%	10.6%	48.7%	51.0%	0.0%	-3.7%	-2.9%	220.5K	-5.6M	-66.5K	6.50	24.99	N/A	N/A	10	65	10,422	4,109
2007-09-06	$22.64	$25.00	36.2%	10.4%	28.4%	49.3%	36.2%	4.5%	-3.3%	212.9K	-5.1M	-65.6K	0.91	12.51	N/A	N/A	110	100	10,422	4,174
2007-09-07	$22.06	$22.50	36.4%	9.2%	29.2%	49.8%	0.0%	8.4%	1.1%	201.6K	-4.1M	-62.5K	1.60	22.63	N/A	N/A	10	16	10,532	4,274
2007-09-10	$21.78	$22.50	37.5%	9.2%	24.0%	52.2%	0.0%	4.8%	1.1%	196.7K	-3.5M	-60.2K	0.45	32.69	N/A	N/A	22	10	10,532	4,264
2007-09-11	$22.03	$22.50	35.3%	9.0%	20.9%	47.1%	0.0%	-4.2%	1.2%	184.3K	-4.2M	-65.2K	0.20	29.57	N/A	N/A	50	10	10,554	4,264
2007-09-12	$21.94	$22.50	34.2%	8.8%	20.4%	44.5%	0.0%	-4.5%	2.0%	202.0K	-3.8M	-60.3K	2.00	31.43	N/A	N/A	10	20	10,554	4,208
2007-09-13	$21.70	$22.50	29.9%	8.6%	20.6%	34.4%	0.0%	-3.1%	2.5%	199.7K	-3.4M	-58.5K	0.71	19.65	N/A	N/A	14	10	10,564	4,218
2007-09-14	$21.58	$22.50	30.6%	8.8%	20.2%	36.2%	0.0%	-4.5%	2.3%	193.2K	-3.2M	-57.9K	0.13	15.63	N/A	N/A	153	20	10,574	4,228
2007-09-17	$21.50	$22.50	30.3%	8.7%	18.9%	35.5%	0.0%	2.3%	3.0%	192.4K	-2.9M	-57.1K	0.00	17.95	N/A	N/A	0	10	10,546	4,248
2007-09-18	$22.02	$22.50	29.2%	8.4%	21.3%	33.0%	0.0%	2.4%	3.0%	199.4K	-3.7M	-59.5K	0.00	30.76	N/A	N/A	0	0	10,546	4,258
2007-09-19	$22.27	$22.50	29.1%	8.3%	21.6%	32.6%	0.0%	4.0%	3.8%	202.3K	-4.4M	-60.8K	0.00	28.81	N/A	N/A	0	10	10,546	4,258
2007-09-20	$21.97	$22.50	29.0%	8.3%	21.7%	32.5%	0.0%	2.8%	4.3%	200.5K	-3.7M	-59.6K	0.00	22.39	N/A	N/A	10	0	10,546	4,258
2007-09-21	$22.31	$22.50	28.6%	8.2%	22.6%	31.5%	0.0%	4.9%	4.6%	191.7K	-4.3M	-59.7K	0.00	31.40	N/A	N/A	0	0	10,556	4,258
2007-09-24	$22.15	$22.50	28.9%	8.3%	21.8%	32.3%	0.0%	3.1%	3.7%	216.5K	-5.0M	-58.6K	0.93	28.68	N/A	N/A	15	14	9,011	3,703
2007-09-25	$21.39	$22.50	29.6%	8.5%	24.4%	33.8%	32.9%	1.8%	3.3%	196.2K	-3.8M	-54.9K	1.11	20.49	N/A	N/A	36	40	9,015	3,716
2007-09-26	$21.52	$22.50	28.5%	8.2%	22.8%	31.4%	28.0%	1.2%	5.1%	198.2K	-3.8M	-54.7K	0.56	21.70	N/A	N/A	18	10	9,031	3,750
2007-09-27	$21.77	$22.50	28.3%	8.1%	22.2%	30.8%	28.3%	2.4%	4.3%	209.2K	-4.2M	-55.3K	0.00	34.28	N/A	N/A	15	0	9,049	3,740
2007-09-28	$21.25	$22.50	31.5%	9.0%	23.3%	38.3%	0.0%	1.1%	1.8%	195.1K	-3.4M	-52.9K	1.00	32.41	N/A	N/A	20	20	9,064	3,740