CSGS Options History — January 2011

In January 2011, CSGS traded between $18.49 and $19.65. ATM implied volatility averaged 28.0%, placing in the 8.6% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 9.8% (HV 20d: 18.2%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 0.38.

Notable Days

2011-01-21: Highest Volume — 25 contracts
2011-01-13: Largest IV spike — 34.6% change
2011-01-20: Highest IV Rank — 19.0%
2011-01-20: Largest Expected Move — 10.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.12	$18.49	$19.65	$19.22	$19.45
Max Pain	$19.53	$17.50	$20.00	$20.00	$20.00
ATM IV	28.0%	21.3%	37.3%	21.3%	29.3%
Expected Move	8.5%	6.1%	10.7%	6.1%	8.4%
HV 20d	18.2%	13.1%	24.1%	18.8%	23.6%
HV 60d	25.5%	20.0%	28.0%	28.0%	20.3%
IV Rank	8.6%	1.2%	19.0%	1.2%	10.1%
IV Percentile	18.9%	0.8%	66.7%	0.8%	17.9%
Term Structure	1.8%	-5.6%	13.9%	7.6%	0.7%
VWIV	33.9%	30.7%	37.9%	32.1%	30.7%
Skew 25d	-1.3%	-12.0%	9.5%	4.3%	-2.3%
Skew 10d	0.2%	-8.3%	5.2%	-1.4%	-6.3%
Call IV 25d	28.0%	19.5%	35.9%	23.5%	30.9%
Put IV 25d	26.7%	21.4%	35.5%	27.7%	28.6%
Bid-Ask Spread %	107.58	91.64	117.65	114.46	110.19
Gamma HHI	0.53	0.40	0.69	0.69	0.41
Net GEX	4.5K	1.8K	8.1K	6.0K	2.5K
Net DEX	141.2K	31.0K	264.1K	79.8K	126.7K
Net VEX	-2.6K	-2.9K	-2.2K	-2.9K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.38	0.00	1.50	0.00	1.50
Total Volume	3.05	0	25	20	0
Total OI	1,032.9	1,004	1,046	1,004	1,046

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
2011-01-03	$19.22	$20.00	21.3%	6.1%	18.8%	1.2%	0.0%	4.3%	7.6%	6.0K	79.8K	-2.9K	0.00	114.46	N/A	N/A	20	0	601	403
2011-01-04	$19.00	$20.00	24.9%	7.1%	19.1%	5.1%	0.0%	3.6%	7.2%	5.6K	115.3K	-2.9K	0.00	116.47	N/A	N/A	0	0	621	403
2011-01-05	$19.15	$20.00	22.2%	6.4%	16.1%	2.2%	0.0%	9.5%	13.9%	5.9K	111.8K	-2.9K	0.00	97.28	N/A	N/A	0	0	621	403
2011-01-06	$19.14	$20.00	23.7%	6.8%	16.0%	3.9%	0.0%	2.7%	9.5%	6.1K	100.5K	-2.9K	0.00	117.65	N/A	N/A	0	0	621	403
2011-01-07	$19.15	$0.00	23.7%	9.0%	15.6%	3.8%	0.0%	-4.8%	0.2%	5.8K	122.7K	-2.8K	0.00	102.42	N/A	N/A	0	0	621	403
2011-01-10	$19.23	$0.00	25.0%	8.9%	13.8%	5.3%	0.0%	-3.0%	0.3%	6.1K	110.3K	-2.8K	0.00	105.30	N/A	N/A	0	0	621	403
2011-01-11	$19.37	$0.00	22.9%	9.2%	13.1%	2.9%	0.0%	-2.5%	0.2%	6.8K	86.0K	-2.8K	0.00	91.64	N/A	N/A	0	0	621	403
2011-01-12	$19.65	$0.00	23.2%	9.2%	14.0%	3.3%	32.1%	-2.8%	-0.8%	8.1K	31.0K	-2.9K	0.00	101.88	N/A	N/A	0	10	621	403
2011-01-13	$19.30	$20.00	31.3%	9.0%	14.8%	12.3%	0.0%	-3.5%	0.8%	5.9K	93.6K	-2.8K	0.00	101.96	N/A	N/A	0	0	621	413
2011-01-14	$19.45	$20.00	31.7%	9.1%	15.0%	12.8%	0.0%	-2.5%	-1.2%	6.4K	90.6K	-2.8K	0.00	103.93	N/A	N/A	0	0	621	413
2011-01-18	$19.07	$20.00	34.7%	10.0%	16.7%	16.1%	34.9%	-5.7%	-1.5%	4.9K	132.6K	-2.6K	0.00	104.11	N/A	N/A	4	0	621	413
2011-01-19	$18.55	$20.00	28.4%	8.1%	19.3%	9.0%	0.0%	-12.0%	0.1%	2.6K	255.1K	-2.3K	0.00	106.40	N/A	N/A	0	0	624	413
2011-01-20	$18.57	$20.00	37.3%	10.7%	18.7%	19.0%	0.0%	2.6%	-5.1%	2.7K	256.4K	-2.3K	0.00	105.97	N/A	N/A	1	0	624	413
2011-01-21	$18.49	$20.00	30.9%	8.9%	18.7%	11.9%	37.9%	0.5%	-5.6%	2.4K	264.1K	-2.2K	1.50	113.30	N/A	N/A	10	15	624	413
2011-01-24	$18.51	$17.50	30.1%	8.6%	18.7%	11.0%	0.0%	2.8%	-2.2%	1.9K	263.9K	-2.2K	0.00	114.65	N/A	N/A	0	0	617	428
2011-01-25	$18.76	$17.50	29.3%	8.4%	19.2%	10.1%	0.0%	-2.5%	6.2%	1.8K	254.8K	-2.2K	0.00	114.50	N/A	N/A	0	0	617	428
2011-01-26	$19.50	$17.50	30.5%	8.8%	23.8%	11.5%	30.7%	-3.7%	0.9%	3.6K	94.1K	-2.5K	0.00	109.87	N/A	N/A	0	1	617	428
2011-01-27	$19.54	$20.00	28.9%	8.3%	23.8%	9.6%	0.0%	-2.8%	2.7%	3.0K	95.6K	-2.5K	0.00	108.22	N/A	N/A	0	0	617	429
2011-01-28	$19.26	$20.00	30.6%	8.8%	24.1%	11.5%	0.0%	-4.5%	1.3%	2.9K	138.4K	-2.4K	0.00	111.35	N/A	N/A	0	0	617	429
2011-01-31	$19.45	$20.00	29.3%	8.4%	23.6%	10.1%	0.0%	-2.3%	0.7%	2.5K	126.7K	-2.3K	0.00	110.19	N/A	N/A	0	0	617	429