VSAT Options History — April 2009

In April 2009, VSAT traded between $21.07 and $23.78. ATM implied volatility averaged 52.3%, placing in the 21.9% IV rank vs the trailing year. The 30-day expected move averaged 15.2%. IV traded below realized volatility by 3.8% (HV 20d: 56.2%). Max pain ranged from $15.00 to $22.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2009-04-21: Highest Volume — 13 contracts
2009-04-09: Largest IV spike — 20.7% change
2009-04-22: Highest IV Rank — 23.9%
2009-04-07: Largest Expected Move — 15.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.17	$21.07	$23.78	$21.07	$22.99
Max Pain	$20.83	$15.00	$22.50	$15.00	$22.50
ATM IV	52.3%	43.5%	55.0%	53.4%	52.5%
Expected Move	15.2%	13.8%	15.9%	15.3%	15.1%
HV 20d	56.2%	41.1%	66.5%	64.7%	44.6%
HV 60d	71.1%	69.4%	71.7%	69.4%	71.1%
IV Rank	21.9%	15.3%	23.9%	22.7%	22.1%
IV Percentile	80.8%	68.3%	87.7%	84.9%	77.0%
Term Structure	-0.5%	-2.1%	2.6%	2.6%	-0.4%
VWIV	53.7%	53.7%	53.7%	53.7%	53.7%
Skew 25d	7.2%	-3.5%	18.4%	5.2%	0.1%
Skew 10d	4.4%	-9.9%	19.6%	-9.9%	-5.8%
Call IV 25d	46.7%	35.1%	49.7%	49.7%	46.6%
Put IV 25d	53.9%	45.5%	60.5%	54.9%	46.7%
Bid-Ask Spread %	77.89	59.46	94.48	85.45	94.48
Gamma HHI	0.46	0.32	0.71	0.41	0.35
Net GEX	2.7K	117	6.8K	2.5K	1.7K
Net DEX	-72.1K	-93.4K	-2.3K	-63.4K	-83.9K
Net VEX	-337	-398	-6	-344	-390
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	0.857	0	13	0	0
Total OI	78.619	3	91	87	77

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	Spread %	Call Wall	Put Wall	Call Vol	Call OI	Put OI
2009-04-01	$21.07	$15.00	53.4%	15.3%	64.7%	22.7%	0.0%	5.2%	2.6%	2.5K	-63.4K	-344	85.45	N/A	N/A	0	72	15
2009-04-02	$22.72	$15.00	52.8%	15.1%	62.5%	22.2%	0.0%	3.9%	-0.6%	2.8K	-92.0K	-363	69.85	N/A	N/A	0	72	15
2009-04-03	$22.81	$0.00	51.5%	14.8%	62.7%	21.3%	0.0%	4.5%	0.5%	2.9K	-93.4K	-361	68.60	N/A	N/A	0	72	15
2009-04-06	$21.88	$0.00	52.8%	14.8%	65.3%	22.3%	0.0%	5.2%	1.1%	2.9K	-77.3K	-345	71.72	N/A	N/A	0	72	15
2009-04-07	$21.14	$0.00	50.4%	15.9%	66.5%	20.5%	0.0%	6.1%	-2.1%	2.8K	-63.1K	-331	70.54	N/A	N/A	0	72	15
2009-04-08	$21.27	$0.00	43.5%	15.1%	66.5%	15.3%	0.0%	12.0%	-0.1%	2.8K	-64.1K	-335	65.82	N/A	N/A	0	72	15
2009-04-09	$21.92	$0.00	52.6%	15.1%	62.0%	22.1%	0.0%	6.9%	-0.6%	3.5K	-75.7K	-337	69.37	N/A	N/A	0	72	15
2009-04-13	$21.99	$0.00	54.4%	15.6%	62.0%	23.5%	0.0%	5.4%	-1.6%	3.9K	-77.3K	-331	68.22	N/A	N/A	0	72	15
2009-04-14	$21.67	$0.00	53.7%	15.4%	60.2%	22.9%	0.0%	10.6%	-1.0%	3.7K	-70.1K	-319	74.72	N/A	N/A	5	72	15
2009-04-15	$21.86	$0.00	53.4%	15.3%	59.4%	22.7%	0.0%	10.7%	-0.9%	4.4K	-76.1K	-339	75.04	N/A	N/A	0	76	15
2009-04-16	$22.40	$0.00	54.0%	15.5%	59.2%	23.2%	0.0%	9.1%	-0.7%	6.8K	-89.4K	-340	70.46	N/A	N/A	0	76	15
2009-04-17	$21.91	$0.00	53.8%	15.4%	60.1%	23.0%	0.0%	6.6%	-1.4%	5.2K	-72.4K	-331	81.32	N/A	N/A	0	76	15
2009-04-20	$21.53	$0.00	54.3%	15.6%	58.8%	23.4%	0.0%	14.1%	-0.8%	1.2K	-55.9K	-317	82.96	N/A	N/A	0	54	11
2009-04-21	$22.24	$0.00	53.2%	15.3%	51.9%	22.6%	53.7%	5.8%	-0.9%	1.2K	-61.5K	-321	82.77	N/A	N/A	13	54	11
2009-04-22	$22.07	$22.50	55.0%	15.8%	51.3%	23.9%	0.0%	18.4%	-2.0%	1.6K	-73.1K	-397	85.95	N/A	N/A	0	66	11
2009-04-23	$22.02	$22.50	53.7%	15.4%	49.7%	22.9%	0.0%	16.4%	-1.4%	1.6K	-71.8K	-390	86.77	N/A	N/A	0	66	11
2009-04-24	$22.54	$22.50	52.1%	14.9%	47.9%	21.8%	0.0%	4.7%	0.1%	1.7K	-77.3K	-398	90.65	N/A	N/A	0	66	11
2009-04-27	$22.75	$22.50	50.7%	14.5%	41.1%	20.7%	0.0%	0.0%	0.0%	117	-2.3K	-6	59.46	N/A	N/A	0	2	1
2009-04-28	$23.00	$22.50	53.1%	15.2%	41.1%	22.5%	0.0%	-3.5%	-0.7%	1.7K	-82.9K	-393	92.09	N/A	N/A	0	66	11
2009-04-29	$23.78	$22.50	48.0%	13.8%	42.3%	18.6%	0.0%	1.6%	1.2%	1.7K	-92.2K	-393	89.55	N/A	N/A	0	66	11
2009-04-30	$22.99	$22.50	52.5%	15.1%	44.6%	22.1%	0.0%	0.1%	-0.4%	1.7K	-83.9K	-390	94.48	N/A	N/A	0	66	11