CSGS Options History — January 2010

In January 2010, CSGS traded between $17.75 and $19.70. ATM implied volatility averaged 32.1%, placing in the 29.0% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded above realized volatility by 6.1% (HV 20d: 26.0%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 15 of 19 days. Put/call ratio averaged 0.32.

Notable Days

2010-01-15: Highest Volume — 206 contracts
2010-01-20: Largest IV spike — 42.0% change
2010-01-25: Highest IV Rank — 46.0%
2010-01-25: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.60	$17.75	$19.70	$19.70	$19.41
Max Pain	$19.61	$17.50	$20.00	$20.00	$17.50
ATM IV	32.1%	21.8%	38.2%	32.5%	31.5%
Expected Move	9.9%	7.0%	11.0%	9.6%	9.0%
HV 20d	26.0%	22.4%	34.9%	22.4%	34.9%
HV 60d	43.9%	43.0%	45.3%	43.0%	45.1%
IV Rank	29.0%	1.4%	46.0%	28.0%	27.9%
IV Percentile	26.8%	0.4%	54.4%	23.0%	22.6%
Term Structure	1.6%	-1.5%	7.2%	2.4%	2.1%
VWIV	33.6%	21.1%	38.2%	34.9%	31.6%
Skew 25d	0.6%	-6.0%	4.5%	-5.6%	-0.1%
Skew 10d	-2.0%	-13.6%	6.6%	-10.3%	-4.1%
Call IV 25d	32.6%	23.4%	36.8%	36.8%	33.7%
Put IV 25d	33.3%	26.4%	40.1%	31.2%	33.6%
Bid-Ask Spread %	58.30	25.28	106.68	33.38	62.96
Gamma HHI	0.71	0.58	0.88	0.83	0.74
Net GEX	26.3K	13.1K	53.9K	53.9K	49.9K
Net DEX	-697.2K	-1.3M	-280.9K	-1.3M	-933.5K
Net VEX	-2.6K	-3.0K	-2.3K	-2.7K	-3.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.32	0.00	4.35	4.35	0.00
Total Volume	41.895	0	206	139	11
Total OI	1,679.421	932	2,280	2,114	1,202

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
2010-01-04	$19.70	$20.00	32.5%	9.6%	22.4%	28.0%	34.9%	-5.6%	2.4%	53.9K	-1.3M	-2.7K	4.35	33.38	N/A	N/A	26	113	1,190	924
2010-01-05	$19.08	$20.00	21.8%	9.7%	24.9%	1.4%	34.0%	3.6%	0.7%	39.1K	-946.7K	-2.7K	0.00	63.52	N/A	N/A	40	0	1,215	1,029
2010-01-06	$18.69	$20.00	26.3%	10.8%	25.7%	12.6%	0.0%	2.6%	-1.5%	24.5K	-831.4K	-2.7K	0.00	59.64	N/A	N/A	1	0	1,250	1,029
2010-01-07	$18.60	$20.00	27.7%	10.5%	25.5%	16.1%	0.0%	3.4%	0.9%	20.6K	-796.3K	-2.7K	0.00	61.92	N/A	N/A	0	2	1,251	1,029
2010-01-08	$18.47	$20.00	27.0%	10.4%	25.6%	14.4%	0.0%	-0.8%	0.8%	15.5K	-750.7K	-2.6K	0.00	63.11	N/A	N/A	0	0	1,251	1,029
2010-01-11	$18.47	$20.00	32.3%	10.7%	25.5%	30.0%	35.9%	3.0%	0.1%	14.3K	-748.7K	-2.5K	0.00	29.10	N/A	N/A	1	0	1,251	1,029
2010-01-12	$18.42	$20.00	37.2%	10.1%	25.4%	43.2%	0.0%	-4.7%	1.1%	13.1K	-745.7K	-2.5K	0.00	66.98	N/A	N/A	5	0	1,251	1,029
2010-01-13	$18.66	$20.00	38.1%	10.4%	25.4%	45.8%	0.0%	4.5%	2.0%	16.8K	-791.6K	-2.4K	0.00	62.27	N/A	N/A	0	0	1,246	1,029
2010-01-14	$18.50	$20.00	37.5%	10.7%	24.8%	44.0%	0.0%	-3.3%	-0.4%	14.1K	-765.0K	-2.4K	0.00	60.43	N/A	N/A	0	0	1,246	1,029
2010-01-15	$18.48	$20.00	34.3%	9.8%	22.8%	35.3%	33.8%	2.1%	2.4%	14.4K	-759.8K	-2.4K	0.00	34.95	N/A	N/A	206	0	1,251	1,029
2010-01-19	$18.77	$20.00	24.9%	7.1%	23.4%	10.1%	21.1%	2.1%	7.2%	26.4K	-497.9K	-2.6K	0.00	106.68	N/A	N/A	14	0	739	193
2010-01-20	$18.45	$20.00	35.4%	10.1%	23.9%	38.4%	0.0%	1.7%	2.0%	25.3K	-462.6K	-2.6K	0.00	47.15	N/A	N/A	0	0	750	193
2010-01-21	$18.04	$20.00	33.6%	9.6%	24.6%	33.5%	34.8%	-1.7%	7.0%	22.8K	-393.2K	-2.4K	0.00	46.61	N/A	N/A	91	0	750	193
2010-01-22	$17.78	$20.00	36.7%	10.5%	24.6%	42.0%	35.9%	2.7%	0.7%	23.7K	-329.6K	-2.5K	0.00	47.09	N/A	N/A	10	0	841	193
2010-01-25	$17.75	$20.00	38.2%	11.0%	23.7%	46.0%	38.2%	-6.0%	-0.3%	23.3K	-305.7K	-2.4K	0.00	25.28	N/A	N/A	31	0	841	193
2010-01-26	$17.75	$20.00	36.3%	10.4%	23.5%	40.9%	36.3%	0.0%	1.1%	22.3K	-280.9K	-2.3K	0.00	86.96	N/A	N/A	54	0	841	193
2010-01-27	$18.82	$17.50	24.5%	7.0%	32.1%	8.8%	33.3%	4.0%	2.6%	37.0K	-634.7K	-2.6K	0.01	92.30	N/A	N/A	104	1	890	193
2010-01-28	$19.57	$17.50	33.6%	9.6%	34.9%	33.4%	33.6%	3.3%	-1.3%	42.8K	-951.4K	-2.9K	0.13	57.48	N/A	N/A	76	10	923	194
2010-01-29	$19.41	$17.50	31.5%	9.0%	34.9%	27.9%	31.6%	-0.1%	2.1%	49.9K	-933.5K	-3.0K	0.00	62.96	N/A	N/A	11	0	998	204