CSGS Options History — May 2009

In May 2009, CSGS traded between $13.01 and $14.43. ATM implied volatility averaged 45.3%, placing in the 12.2% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded above realized volatility by 6.1% (HV 20d: 39.1%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.77.

Notable Days

2009-05-14: Highest Volume — 96 contracts
2009-05-11: Largest IV spike — 51.9% change
2009-05-11: Highest IV Rank — 20.1%
2009-05-28: Largest Expected Move — 14.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.53	$13.01	$14.43	$14.43	$13.77
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	45.3%	27.3%	56.5%	47.3%	27.3%
Expected Move	13.4%	7.8%	14.8%	13.6%	7.8%
HV 20d	39.1%	25.0%	53.6%	53.6%	25.0%
HV 60d	48.2%	46.0%	49.7%	48.8%	46.0%
IV Rank	12.2%	0.0%	20.1%	13.6%	0.0%
IV Percentile	31.1%	0.0%	71.4%	37.3%	0.0%
Term Structure	0.1%	-3.8%	12.4%	0.1%	12.1%
VWIV	42.3%	29.6%	53.1%	47.4%	44.9%
Skew 25d	10.0%	-0.7%	22.3%	8.7%	12.6%
Skew 10d	11.7%	1.3%	31.8%	8.1%	14.6%
Call IV 25d	38.0%	28.0%	46.5%	44.3%	28.0%
Put IV 25d	48.0%	40.6%	53.2%	53.0%	40.6%
Bid-Ask Spread %	56.26	25.21	84.64	30.77	62.52
Gamma HHI	0.35	0.31	0.42	0.33	0.37
Net GEX	3.8K	1.1K	6.9K	6.8K	1.6K
Net DEX	-28.6K	-126.4K	23.4K	-126.4K	-31.6K
Net VEX	-2.3K	-2.5K	-2.2K	-2.5K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.77	0.00	6.38	0.10	0.50
Total Volume	17.15	0	96	22	5
Total OI	1,027.4	910	1,095	910	1,068

Daily Data (20 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
2009-05-01	$14.43	$15.00	47.3%	13.6%	53.6%	13.6%	47.4%	8.7%	0.1%	6.8K	-126.4K	-2.5K	0.10	30.77	N/A	N/A	20	2	583	327
2009-05-04	$14.19	$15.00	49.8%	13.5%	52.7%	15.4%	29.6%	17.3%	-0.8%	6.9K	-99.9K	-2.4K	0.00	79.55	N/A	N/A	0	20	603	327
2009-05-05	$14.06	$15.00	50.3%	13.3%	51.8%	15.7%	53.1%	16.1%	-2.1%	6.2K	-67.3K	-2.4K	0.20	25.21	N/A	N/A	10	2	603	347
2009-05-06	$14.00	$15.00	41.4%	13.8%	50.7%	9.4%	0.0%	10.4%	-2.6%	6.0K	-54.7K	-2.5K	0.00	52.47	N/A	N/A	50	0	613	347
2009-05-07	$13.74	$15.00	37.0%	14.4%	50.7%	6.3%	0.0%	9.2%	0.6%	5.4K	-63.4K	-2.5K	0.50	68.60	N/A	N/A	20	10	663	347
2009-05-08	$13.57	$15.00	37.2%	14.2%	49.4%	6.4%	0.0%	3.3%	-3.3%	4.2K	-31.8K	-2.4K	0.00	69.82	N/A	N/A	0	0	683	357
2009-05-11	$13.27	$15.00	56.5%	14.7%	49.7%	20.1%	0.0%	6.4%	-3.8%	4.4K	-19.7K	-2.3K	0.00	84.64	N/A	N/A	25	0	683	347
2009-05-12	$13.52	$15.00	44.9%	14.2%	41.2%	11.9%	0.0%	6.6%	-0.7%	4.5K	-58.7K	-2.4K	0.00	32.12	N/A	N/A	0	0	708	347
2009-05-13	$13.01	$15.00	46.3%	14.1%	43.3%	12.9%	0.0%	-0.7%	-3.0%	4.9K	-23.3K	-2.2K	0.00	54.91	N/A	N/A	0	0	708	347
2009-05-14	$13.09	$15.00	47.3%	13.6%	34.9%	13.6%	46.2%	1.4%	-1.2%	4.2K	-14.5K	-2.2K	6.38	57.82	N/A	N/A	13	83	708	347
2009-05-15	$13.20	$15.00	50.8%	14.6%	34.0%	16.1%	0.0%	4.1%	-2.7%	2.5K	-1.0K	-2.4K	0.00	55.83	N/A	N/A	4	0	706	389
2009-05-18	$13.39	$15.00	46.5%	13.3%	32.9%	13.1%	0.0%	9.4%	0.3%	1.8K	13.1K	-2.3K	0.00	55.00	N/A	N/A	0	0	648	379
2009-05-19	$13.34	$15.00	46.3%	13.3%	30.2%	12.9%	0.0%	9.5%	0.7%	1.9K	11.8K	-2.3K	0.00	57.85	N/A	N/A	0	0	648	379
2009-05-20	$13.29	$15.00	46.5%	13.3%	30.2%	13.1%	35.1%	13.9%	0.7%	2.1K	7.6K	-2.3K	0.00	49.49	N/A	N/A	15	0	648	379
2009-05-21	$13.05	$15.00	42.9%	12.3%	30.0%	10.5%	39.7%	10.9%	2.1%	1.1K	21.4K	-2.2K	0.03	51.72	N/A	N/A	31	1	663	374
2009-05-22	$13.06	$15.00	44.8%	12.9%	30.0%	11.8%	44.9%	13.1%	-0.5%	1.5K	23.4K	-2.3K	0.00	52.98	N/A	N/A	0	2	693	375
2009-05-26	$13.41	$15.00	49.5%	14.2%	32.1%	15.2%	0.0%	18.3%	-1.9%	2.2K	7.3K	-2.3K	0.00	76.05	N/A	N/A	0	0	693	375
2009-05-27	$13.52	$15.00	40.9%	11.7%	31.8%	9.1%	0.0%	7.2%	12.4%	3.9K	-35.1K	-2.3K	0.00	48.15	N/A	N/A	0	0	693	375
2009-05-28	$13.66	$15.00	51.5%	14.8%	28.6%	16.6%	0.0%	22.3%	-3.7%	3.6K	-28.5K	-2.4K	0.50	59.65	N/A	N/A	20	10	693	375
2009-05-29	$13.77	$15.00	27.3%	7.8%	25.0%	0.0%	0.0%	12.6%	12.1%	1.6K	-31.6K	-2.3K	0.00	62.52	N/A	N/A	0	5	683	385