CSGS Options History — February 2009

In February 2009, CSGS traded between $13.16 and $15.47. ATM implied volatility averaged 48.5%, placing in the 14.5% IV rank vs the trailing year. The 30-day expected move averaged 14.3%. IV traded above realized volatility by 8.0% (HV 20d: 40.6%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.96.

Notable Days

2009-02-09: Highest Volume — 281 contracts
2009-02-12: Largest IV spike — 17.2% change
2009-02-23: Highest IV Rank — 18.8%
2009-02-23: Largest Expected Move — 15.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.61	$13.16	$15.47	$14.78	$13.52
Max Pain	$15.79	$15.00	$17.50	$15.00	$15.00
ATM IV	48.5%	43.8%	54.6%	49.2%	54.0%
Expected Move	14.3%	13.1%	15.7%	14.1%	15.5%
HV 20d	40.6%	29.2%	47.9%	47.9%	39.5%
HV 60d	56.4%	44.6%	62.4%	62.4%	44.6%
IV Rank	14.5%	11.1%	18.8%	15.0%	18.4%
IV Percentile	53.8%	34.5%	70.6%	57.1%	69.8%
Term Structure	0.9%	-2.2%	4.4%	2.5%	-0.2%
VWIV	49.1%	45.8%	53.8%	49.2%	53.8%
Skew 25d	9.0%	5.3%	15.4%	9.2%	6.2%
Skew 10d	19.8%	8.6%	27.3%	21.8%	11.9%
Call IV 25d	46.0%	37.7%	49.5%	48.9%	48.9%
Put IV 25d	55.0%	51.4%	58.2%	58.0%	55.1%
Bid-Ask Spread %	41.48	26.32	66.53	44.41	39.28
Gamma HHI	0.56	0.31	0.82	0.55	0.35
Net GEX	53.5K	-2.9K	143.9K	43.6K	-1.1K
Net DEX	-306.2K	-944.3K	552.5K	-311.4K	327.6K
Net VEX	-5.2K	-6.5K	-3.4K	-6.0K	-3.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.96	0.00	5.00	0.00	5.00
Total Volume	41.947	0	281	10	18
Total OI	3,015.684	2,139	3,646	3,023	2,139

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
2009-02-02	$14.78	$15.00	49.2%	14.1%	47.9%	15.0%	49.2%	9.2%	2.5%	43.6K	-311.4K	-6.0K	0.00	44.41	N/A	N/A	0	10	1,945	1,078
2009-02-03	$15.31	$15.00	48.7%	14.0%	46.8%	14.6%	48.7%	10.2%	2.7%	49.0K	-631.8K	-6.0K	0.00	55.42	N/A	N/A	140	0	1,945	1,088
2009-02-04	$15.46	$15.00	48.9%	14.0%	46.9%	14.8%	0.0%	9.2%	3.3%	51.1K	-944.3K	-6.5K	0.00	56.93	N/A	N/A	20	0	2,045	1,088
2009-02-05	$15.33	$15.00	47.6%	13.6%	46.7%	13.8%	0.0%	7.0%	4.4%	53.7K	-879.9K	-6.4K	0.00	26.32	N/A	N/A	10	0	2,051	1,088
2009-02-06	$15.47	$17.50	46.5%	14.8%	46.9%	13.1%	51.7%	6.2%	-2.2%	58.7K	-914.5K	-6.3K	0.00	51.53	N/A	N/A	0	22	2,061	1,088
2009-02-09	$15.21	$17.50	43.8%	15.1%	46.2%	11.1%	0.0%	7.4%	-2.2%	66.3K	-805.3K	-6.0K	0.00	57.94	N/A	N/A	281	0	2,061	1,078
2009-02-10	$15.20	$17.50	48.4%	14.9%	45.8%	14.4%	0.0%	7.1%	-1.7%	79.9K	-923.7K	-6.1K	0.00	34.48	N/A	N/A	0	0	2,297	1,078
2009-02-11	$15.01	$17.50	44.0%	14.5%	42.8%	11.3%	0.0%	9.2%	-1.2%	89.9K	-717.9K	-5.9K	0.00	28.61	N/A	N/A	0	10	2,297	1,078
2009-02-12	$15.11	$17.50	51.6%	14.8%	42.3%	16.7%	0.0%	8.8%	-2.0%	91.5K	-818.1K	-5.9K	0.00	39.19	N/A	N/A	0	0	2,297	1,078
2009-02-13	$15.03	$17.50	45.9%	13.1%	41.8%	12.6%	45.8%	7.3%	4.2%	106.2K	-739.5K	-5.6K	0.67	41.50	N/A	N/A	163	110	2,297	1,078
2009-02-17	$14.73	$15.00	48.1%	13.8%	42.3%	14.2%	0.0%	7.5%	2.0%	143.9K	-385.8K	-5.4K	0.00	40.86	N/A	N/A	0	0	2,460	1,186
2009-02-18	$14.39	$15.00	46.4%	13.3%	35.8%	13.0%	0.0%	13.1%	4.0%	94.7K	44.2K	-4.9K	0.00	66.53	N/A	N/A	0	0	2,460	1,186
2009-02-19	$14.39	$15.00	48.9%	14.0%	32.3%	14.7%	48.8%	15.4%	1.0%	86.5K	171.6K	-4.6K	0.00	31.64	N/A	N/A	0	4	2,460	1,136
2009-02-20	$13.87	$15.00	48.1%	13.8%	29.2%	14.1%	0.0%	11.2%	1.9%	1.3K	552.5K	-4.0K	0.00	33.93	N/A	N/A	0	0	2,460	1,136
2009-02-23	$13.52	$15.00	54.6%	15.7%	30.5%	18.8%	0.0%	5.5%	0.1%	-452	310.4K	-3.8K	0.00	34.23	N/A	N/A	0	0	1,220	920
2009-02-24	$14.20	$15.00	47.5%	13.6%	34.8%	13.7%	0.0%	13.7%	1.3%	3.3K	179.1K	-4.0K	0.00	34.77	N/A	N/A	0	0	1,220	920
2009-02-25	$13.92	$15.00	46.2%	13.2%	34.0%	12.8%	45.8%	11.1%	-0.6%	1.1K	259.5K	-3.8K	2.00	31.65	N/A	N/A	2	4	1,220	920
2009-02-26	$13.16	$15.00	53.8%	15.4%	38.0%	18.2%	53.8%	5.3%	-0.4%	-2.9K	408.8K	-3.4K	0.00	38.82	N/A	N/A	3	0	1,220	919
2009-02-27	$13.52	$15.00	54.0%	15.5%	39.5%	18.4%	0.0%	6.2%	-0.2%	-1.1K	327.6K	-3.6K	5.00	39.28	N/A	N/A	3	15	1,220	919