VSAT Options History — March 2009

In March 2009, VSAT traded between $16.25 and $21.77. ATM implied volatility averaged 53.8%, placing in the 23.2% IV rank vs the trailing year. The 30-day expected move averaged 15.7%. IV traded below realized volatility by 20.4% (HV 20d: 74.2%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.07.

Notable Days

2009-03-03: Highest Volume — 30 contracts
2009-03-06: Largest IV drop — 25.2% change
2009-03-05: Highest IV Rank — 28.4%
2009-03-05: Largest Expected Move — 17.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.68	$16.25	$21.77	$17.39	$20.82
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	53.8%	45.0%	60.2%	56.6%	53.9%
Expected Move	15.7%	15.0%	17.3%	16.2%	15.5%
HV 20d	74.2%	59.8%	97.4%	94.9%	64.8%
HV 60d	66.0%	62.2%	69.6%	64.1%	69.6%
IV Rank	23.2%	17.0%	28.4%	25.7%	23.1%
IV Percentile	87.0%	81.0%	92.9%	92.1%	86.1%
Term Structure	0.3%	-1.9%	5.0%	1.1%	-0.2%
VWIV	55.0%	53.2%	58.9%	58.9%	54.1%
Skew 25d	4.0%	-8.6%	12.5%	-1.4%	5.4%
Skew 10d	6.7%	-8.5%	15.6%	2.0%	5.2%
Call IV 25d	49.9%	40.3%	57.0%	48.2%	50.0%
Put IV 25d	54.0%	40.1%	62.4%	46.8%	55.4%
Bid-Ask Spread %	78.96	62.05	99.57	91.37	81.34
Gamma HHI	0.34	0.28	0.51	0.51	0.39
Net GEX	927	296	2.5K	307	2.3K
Net DEX	-32.3K	-76.6K	-10.5K	-12.0K	-61.7K
Net VEX	-246	-364	-84	-90	-344
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.07	0.00	0.50	0.50	0.00
Total Volume	3.545	0	30	0	0
Total OI	58.864	20	87	20	87

Daily Data (22 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
2009-03-02	$17.39	$0.00	56.6%	16.2%	94.9%	25.7%	0.0%	0.0%	1.1%	307	-12.0K	-90	0.00	91.37	N/A	N/A	0	0	20	0
2009-03-03	$16.92	$0.00	56.3%	16.1%	94.9%	25.5%	0.0%	-1.4%	-0.7%	296	-10.5K	-84	0.50	99.57	N/A	N/A	20	10	20	0
2009-03-04	$17.32	$0.00	56.5%	16.2%	95.3%	25.6%	0.0%	3.8%	-1.1%	508	-19.4K	-230	0.00	99.57	N/A	N/A	0	0	40	10
2009-03-05	$16.25	$0.00	60.2%	17.3%	96.9%	28.4%	0.0%	5.4%	-1.2%	421	-13.7K	-204	0.00	97.50	N/A	N/A	0	0	40	10
2009-03-06	$16.51	$0.00	45.0%	15.6%	97.4%	17.0%	58.9%	12.5%	1.0%	444	-15.1K	-209	0.00	73.59	N/A	N/A	0	4	40	10
2009-03-09	$16.32	$15.00	47.3%	15.9%	81.8%	18.4%	0.0%	-8.6%	0.8%	318	-11.9K	-209	0.00	78.66	N/A	N/A	0	0	40	14
2009-03-10	$17.07	$15.00	49.1%	15.9%	84.7%	19.8%	0.0%	-1.1%	0.7%	390	-15.8K	-222	0.00	75.24	N/A	N/A	0	0	40	14
2009-03-11	$17.21	$15.00	54.2%	15.8%	59.8%	23.6%	0.0%	1.1%	-0.1%	406	-16.2K	-222	0.00	76.67	N/A	N/A	2	0	40	14
2009-03-12	$18.61	$15.00	56.3%	16.1%	66.8%	25.2%	0.0%	2.0%	0.5%	552	-29.2K	-247	0.00	64.25	N/A	N/A	0	0	42	14
2009-03-13	$18.65	$15.00	55.9%	16.0%	63.5%	24.6%	0.0%	-0.2%	0.4%	555	-29.9K	-246	0.00	75.44	N/A	N/A	0	0	42	14
2009-03-16	$17.94	$15.00	55.8%	16.0%	63.4%	24.5%	0.0%	6.3%	0.3%	488	-24.9K	-234	0.00	82.58	N/A	N/A	0	0	42	14
2009-03-17	$18.56	$15.00	57.1%	16.4%	63.7%	25.5%	0.0%	6.4%	-1.9%	530	-28.2K	-241	0.00	75.62	N/A	N/A	0	0	42	14
2009-03-18	$19.14	$15.00	52.5%	15.0%	64.9%	22.0%	0.0%	6.3%	0.4%	604	-32.7K	-250	0.00	80.92	N/A	N/A	2	0	42	14
2009-03-19	$19.39	$15.00	53.8%	15.4%	65.1%	23.0%	0.0%	6.1%	0.0%	629	-34.6K	-250	0.00	73.65	N/A	N/A	0	0	42	14
2009-03-20	$18.73	$15.00	53.7%	15.4%	66.0%	22.9%	0.0%	4.7%	5.0%	580	-30.7K	-241	0.00	74.44	N/A	N/A	0	0	42	14
2009-03-23	$20.42	$15.00	56.0%	16.1%	69.2%	24.7%	53.2%	8.2%	-0.7%	731	-37.3K	-258	0.00	62.07	N/A	N/A	20	0	40	14
2009-03-24	$20.02	$15.00	53.3%	15.3%	69.0%	22.6%	53.7%	5.9%	-0.3%	1.6K	-43.1K	-282	0.00	66.68	N/A	N/A	2	0	60	14
2009-03-25	$20.82	$15.00	52.8%	15.1%	70.3%	22.2%	0.0%	5.2%	0.7%	2.0K	-55.1K	-296	0.00	82.60	N/A	N/A	10	0	62	14
2009-03-26	$21.77	$15.00	52.4%	15.0%	64.6%	21.9%	0.0%	4.4%	-1.3%	2.5K	-76.6K	-364	0.00	76.44	N/A	N/A	0	1	72	14
2009-03-27	$20.42	$15.00	52.2%	15.0%	69.5%	21.8%	54.1%	5.4%	2.1%	2.1K	-55.8K	-347	0.00	62.05	N/A	N/A	7	0	72	15
2009-03-30	$20.61	$15.00	52.4%	15.0%	66.2%	22.0%	0.0%	6.9%	2.0%	2.2K	-57.2K	-344	0.00	86.93	N/A	N/A	0	0	72	15
2009-03-31	$20.82	$15.00	53.9%	15.5%	64.8%	23.1%	0.0%	5.4%	-0.2%	2.3K	-61.7K	-344	0.00	81.34	N/A	N/A	0	0	72	15