VSAT Options History — May 2009

In May 2009, VSAT traded between $21.17 and $25.08. ATM implied volatility averaged 51.4%, placing in the 21.1% IV rank vs the trailing year. The 30-day expected move averaged 13.8%. IV traded above realized volatility by 11.9% (HV 20d: 39.5%). Max pain ranged from $15.00 to $22.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.21.

Notable Days

2009-05-29: Highest Volume — 104 contracts
2009-05-11: Largest IV spike — 27.5% change
2009-05-12: Highest IV Rank — 40.5%
2009-05-04: Largest Expected Move — 15.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.04	$21.17	$25.08	$23.05	$25.08
Max Pain	$20.25	$15.00	$22.50	$22.50	$22.50
ATM IV	51.4%	41.1%	76.8%	51.0%	41.6%
Expected Move	13.8%	11.8%	15.2%	14.6%	11.9%
HV 20d	39.5%	30.8%	47.4%	35.8%	47.4%
HV 60d	56.9%	51.2%	71.0%	71.0%	52.2%
IV Rank	21.1%	13.3%	40.5%	20.9%	13.7%
IV Percentile	70.8%	52.4%	94.8%	72.2%	52.8%
Term Structure	-0.1%	-1.7%	2.3%	1.2%	-1.5%
VWIV	46.9%	41.7%	51.7%	49.5%	41.7%
Skew 25d	0.2%	-11.2%	10.4%	10.4%	-8.8%
Skew 10d	-6.4%	-15.3%	7.0%	7.0%	-0.9%
Call IV 25d	45.1%	35.0%	50.3%	35.0%	41.7%
Put IV 25d	45.4%	32.8%	53.0%	45.4%	32.8%
Bid-Ask Spread %	80.11	65.00	97.47	97.47	95.71
Gamma HHI	0.50	0.35	0.67	0.35	0.67
Net GEX	2.9K	1.8K	4.3K	1.8K	4.3K
Net DEX	-117.1K	-205.1K	-50.9K	-83.1K	-205.1K
Net VEX	-578	-803	-389	-389	-803
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.21	0.00	1.20	0.00	0.00
Total Volume	14.05	0	104	20	104
Total OI	126.55	77	182	77	182

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
2009-05-01	$23.05	$22.50	51.0%	14.6%	35.8%	20.9%	0.0%	10.4%	1.2%	1.8K	-83.1K	-389	0.00	97.47	N/A	N/A	20	0	66	11
2009-05-04	$23.56	$20.00	54.3%	15.2%	36.6%	23.4%	49.5%	3.2%	-1.7%	2.2K	-101.3K	-452	0.00	65.00	N/A	N/A	4	0	77	11
2009-05-05	$23.21	$20.00	52.3%	14.9%	33.5%	21.9%	0.0%	3.7%	-1.0%	2.4K	-100.3K	-460	0.00	69.87	N/A	N/A	0	0	81	11
2009-05-06	$23.03	$20.00	52.6%	14.9%	30.8%	22.1%	48.8%	3.0%	-1.2%	2.3K	-98.4K	-457	0.00	69.84	N/A	N/A	4	0	81	11
2009-05-07	$22.37	$20.00	49.6%	14.8%	33.0%	19.8%	0.0%	3.6%	0.6%	2.5K	-91.0K	-456	0.00	69.78	N/A	N/A	0	0	85	11
2009-05-08	$23.21	$20.00	59.7%	14.9%	33.8%	27.4%	0.0%	1.8%	-0.6%	2.5K	-104.6K	-464	0.00	69.54	N/A	N/A	0	0	85	11
2009-05-11	$22.78	$20.00	76.0%	15.1%	34.7%	39.9%	0.0%	2.4%	-1.1%	2.5K	-96.6K	-449	0.00	71.75	N/A	N/A	1	0	85	11
2009-05-12	$21.84	$20.00	76.8%	14.9%	37.6%	40.5%	0.0%	1.9%	-0.2%	2.4K	-83.3K	-440	1.20	70.02	N/A	N/A	10	12	86	11
2009-05-13	$21.17	$20.00	60.9%	15.0%	39.1%	28.3%	0.0%	-2.8%	0.6%	2.1K	-50.9K	-428	0.00	77.92	N/A	N/A	0	0	96	23
2009-05-14	$21.43	$20.00	51.3%	14.7%	38.3%	21.1%	51.7%	0.2%	0.2%	2.1K	-61.7K	-429	0.21	78.17	N/A	N/A	24	5	96	23
2009-05-15	$21.88	$15.00	47.5%	13.6%	38.3%	18.2%	47.3%	5.0%	2.3%	2.8K	-74.4K	-548	0.29	81.72	N/A	N/A	17	5	120	28
2009-05-18	$23.29	$15.00	47.9%	13.7%	43.6%	18.4%	47.6%	-11.2%	-0.9%	3.5K	-144.5K	-663	0.00	78.37	N/A	N/A	2	0	117	11
2009-05-19	$23.73	$15.00	44.8%	12.8%	42.7%	16.1%	42.0%	-0.9%	1.6%	3.9K	-155.8K	-662	0.65	83.24	N/A	N/A	20	13	118	11
2009-05-20	$23.74	$22.50	43.5%	12.5%	42.5%	15.1%	0.0%	-1.7%	2.1%	4.1K	-162.0K	-723	0.00	85.16	N/A	N/A	0	10	128	14
2009-05-21	$23.27	$22.50	44.7%	12.8%	43.3%	16.0%	0.0%	-2.6%	-1.4%	3.4K	-141.5K	-748	0.00	85.81	N/A	N/A	0	10	128	24
2009-05-22	$23.13	$22.50	43.7%	12.5%	42.7%	15.3%	0.0%	-1.6%	-0.7%	3.4K	-136.2K	-746	0.00	89.29	N/A	N/A	0	10	128	34
2009-05-26	$24.06	$22.50	41.1%	11.8%	44.8%	13.3%	0.0%	2.0%	0.7%	3.6K	-161.2K	-752	0.00	87.39	N/A	N/A	0	0	128	44
2009-05-27	$23.36	$22.50	43.8%	12.6%	46.1%	15.4%	0.0%	-1.8%	-0.6%	3.4K	-140.1K	-745	0.00	88.26	N/A	N/A	0	0	128	44
2009-05-28	$23.66	$22.50	44.4%	12.7%	44.7%	15.8%	0.0%	-0.9%	-1.0%	3.6K	-150.9K	-742	0.00	87.90	N/A	N/A	10	0	128	44
2009-05-29	$25.08	$22.50	41.6%	11.9%	47.4%	13.7%	41.7%	-8.8%	-1.5%	4.3K	-205.1K	-803	0.00	95.71	N/A	N/A	104	0	138	44