CSGS Options History — February 2010

In February 2010, CSGS traded between $19.48 and $21.11. ATM implied volatility averaged 34.3%, placing in the 35.4% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded above realized volatility by 1.5% (HV 20d: 32.8%). Max pain ranged from $17.50 to $17.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 0.11.

Notable Days

2010-02-24: Highest Volume — 2,225 contracts
2010-02-23: Largest IV spike — 9.2% change
2010-02-24: Highest IV Rank — 47.5%
2010-02-24: Largest Expected Move — 11.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$20.26	$19.48	$21.11	$19.48	$20.15
Max Pain	$17.50	$17.50	$17.50	$17.50	$17.50
ATM IV	34.3%	30.2%	38.8%	30.2%	35.4%
Expected Move	9.9%	8.7%	11.1%	8.7%	10.2%
HV 20d	32.8%	29.9%	39.2%	34.6%	31.6%
HV 60d	44.0%	29.8%	45.9%	45.0%	29.8%
IV Rank	35.4%	24.4%	47.5%	24.4%	38.5%
IV Percentile	38.2%	15.9%	63.1%	15.9%	45.2%
Term Structure	0.5%	-3.3%	3.8%	3.8%	-2.0%
VWIV	32.0%	22.3%	38.7%	30.3%	35.5%
Skew 25d	1.6%	-6.3%	10.2%	4.0%	3.6%
Skew 10d	1.2%	-11.6%	14.8%	0.4%	4.2%
Call IV 25d	31.9%	22.7%	35.9%	34.1%	28.0%
Put IV 25d	33.5%	27.7%	38.1%	38.1%	31.6%
Bid-Ask Spread %	65.49	25.35	96.90	65.17	95.97
Gamma HHI	0.71	0.41	0.84	0.76	0.81
Net GEX	74.0K	43.7K	216.7K	54.8K	216.7K
Net DEX	-1.4M	-3.0M	-813.7K	-952.3K	-3.0M
Net VEX	-2.9K	-6.2K	-2.2K	-2.9K	-6.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.11	0.00	1.00	0.00	0.06
Total Volume	172.158	1	2,225	10	53
Total OI	1,422.158	1,176	3,131	1,213	3,131

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
2010-02-01	$19.48	$17.50	30.2%	8.7%	34.6%	24.4%	30.3%	4.0%	3.8%	54.8K	-952.3K	-2.9K	0.00	65.17	N/A	N/A	10	0	1,009	204
2010-02-02	$19.78	$17.50	31.2%	8.9%	33.2%	27.0%	31.2%	3.9%	1.5%	58.2K	-1.1M	-2.8K	1.00	65.48	N/A	N/A	4	4	1,009	204
2010-02-03	$20.51	$17.50	31.9%	9.1%	33.2%	28.8%	0.0%	1.7%	0.0%	58.0K	-1.4M	-2.6K	0.20	65.33	N/A	N/A	10	2	1,010	208
2010-02-04	$20.44	$17.50	33.2%	9.5%	32.1%	32.4%	33.2%	1.5%	1.1%	54.5K	-1.4M	-2.7K	0.00	60.55	N/A	N/A	54	0	1,014	206
2010-02-05	$20.35	$17.50	30.9%	9.6%	32.1%	26.3%	22.3%	-6.3%	2.2%	59.1K	-1.4M	-2.7K	0.00	48.62	N/A	N/A	0	4	1,033	206
2010-02-08	$20.08	$17.50	33.5%	10.3%	32.5%	33.3%	0.0%	1.6%	0.7%	60.4K	-1.3M	-2.6K	0.00	35.38	N/A	N/A	10	0	1,033	206
2010-02-09	$20.17	$17.50	33.8%	9.8%	32.4%	34.1%	0.0%	2.1%	1.3%	64.8K	-1.3M	-2.7K	0.00	38.68	N/A	N/A	18	0	1,043	206
2010-02-10	$19.81	$17.50	34.7%	9.9%	33.3%	36.5%	25.2%	0.6%	1.1%	64.6K	-1.1M	-2.6K	0.64	58.56	N/A	N/A	42	27	1,046	206
2010-02-11	$20.08	$17.50	35.3%	10.1%	33.3%	38.1%	0.0%	4.8%	1.1%	72.1K	-1.2M	-2.7K	0.00	44.74	N/A	N/A	10	0	1,061	233
2010-02-12	$20.10	$17.50	34.6%	9.9%	33.0%	36.4%	0.0%	10.2%	0.0%	79.6K	-1.2M	-2.7K	0.00	91.44	N/A	N/A	1	0	1,071	233
2010-02-16	$20.31	$17.50	35.9%	10.3%	33.1%	39.7%	0.0%	7.0%	-0.2%	87.1K	-1.4M	-2.4K	0.00	96.90	N/A	N/A	5	0	1,071	233
2010-02-17	$20.45	$17.50	35.5%	10.2%	32.8%	38.6%	32.7%	-2.2%	0.7%	83.4K	-1.6M	-2.2K	0.00	56.55	N/A	N/A	195	0	1,071	233
2010-02-18	$20.90	$17.50	37.3%	10.7%	32.3%	43.4%	32.1%	2.4%	-1.2%	53.2K	-1.8M	-2.2K	0.00	85.47	N/A	N/A	376	0	1,186	233
2010-02-19	$21.11	$17.50	35.4%	10.1%	30.5%	38.3%	35.9%	-0.9%	0.8%	54.0K	-1.9M	-2.6K	0.00	25.35	N/A	N/A	84	0	1,301	233
2010-02-22	$20.98	$17.50	32.6%	9.3%	29.9%	30.7%	34.8%	-3.5%	3.1%	53.5K	-1.2M	-2.5K	0.00	49.76	N/A	N/A	60	0	1,045	131
2010-02-23	$20.82	$17.50	35.5%	10.2%	30.2%	38.8%	0.0%	1.8%	-1.5%	53.3K	-1.2M	-2.6K	0.00	92.54	N/A	N/A	25	0	1,071	131
2010-02-24	$19.56	$17.50	38.8%	11.1%	39.2%	47.5%	38.7%	-2.7%	-3.3%	43.7K	-813.7K	-2.4K	0.03	82.78	N/A	N/A	2,163	62	1,082	131
2010-02-25	$19.94	$17.50	36.1%	10.4%	34.2%	40.4%	0.0%	1.5%	0.5%	135.6K	-1.9M	-4.5K	0.00	84.95	N/A	N/A	52	0	2,133	164
2010-02-26	$20.15	$17.50	35.4%	10.2%	31.6%	38.5%	35.5%	3.6%	-2.0%	216.7K	-3.0M	-6.2K	0.06	95.97	N/A	N/A	50	3	2,967	164