VSAT Options History — May 2010

In May 2010, VSAT traded between $31.48 and $35.48. ATM implied volatility averaged 34.5%, placing in the 42.9% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded above realized volatility by 6.9% (HV 20d: 27.5%). Max pain ranged from $25.00 to $35.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 1.10.

Notable Days

2010-05-11: Highest Volume — 230 contracts
2010-05-07: Largest IV spike — 24.6% change
2010-05-25: Highest IV Rank — 82.8%
2010-05-25: Largest Expected Move — 11.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$33.27	$31.48	$35.48	$35.48	$32.13
Max Pain	$30.25	$25.00	$35.00	$35.00	$30.00
ATM IV	34.5%	24.5%	41.1%	30.9%	24.5%
Expected Move	9.7%	7.0%	11.6%	8.9%	7.0%
HV 20d	27.5%	16.2%	34.2%	16.2%	33.3%
HV 60d	24.2%	22.0%	26.1%	22.0%	26.1%
IV Rank	42.9%	19.3%	82.8%	19.8%	19.3%
IV Percentile	48.4%	5.6%	88.9%	25.4%	5.6%
Term Structure	1.0%	-4.4%	13.0%	0.0%	13.0%
VWIV	35.5%	28.5%	53.3%	53.3%	31.0%
Skew 25d	2.7%	0.2%	5.2%	0.2%	2.3%
Skew 10d	4.2%	2.6%	6.8%	2.9%	4.4%
Call IV 25d	34.5%	31.9%	36.6%	35.7%	33.3%
Put IV 25d	37.2%	35.6%	41.4%	35.9%	35.6%
Bid-Ask Spread %	96.96	70.95	136.94	94.62	112.88
Gamma HHI	0.69	0.49	0.91	0.76	0.75
Net GEX	14.0K	5.0K	22.9K	18.3K	10.3K
Net DEX	-435.6K	-920.5K	10.4K	-920.5K	-185.2K
Net VEX	-3.0K	-3.8K	-1.9K	-2.0K	-3.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.10	0.00	5.00	0.17	5.00
Total Volume	38	0	230	0	0
Total OI	733.75	552	1,023	552	656

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
2010-05-03	$35.48	$35.00	30.9%	8.9%	16.2%	19.8%	0.0%	0.0%	0.0%	18.3K	-920.5K	-2.0K	0.00	94.62	N/A	N/A	0	0	407	145
2010-05-04	$34.77	$35.00	33.8%	9.7%	17.4%	24.7%	0.0%	0.0%	-1.7%	19.6K	-784.8K	-2.1K	0.00	101.49	N/A	N/A	0	0	407	145
2010-05-05	$34.53	$35.00	30.6%	8.8%	17.1%	19.3%	0.0%	0.0%	0.5%	20.0K	-758.4K	-2.0K	0.00	90.82	N/A	N/A	0	0	407	145
2010-05-06	$33.35	$35.00	32.1%	9.2%	21.0%	21.8%	53.3%	0.0%	0.1%	21.9K	-544.4K	-2.0K	0.17	136.94	N/A	N/A	23	4	407	145
2010-05-07	$32.60	$25.00	40.0%	10.2%	22.0%	35.6%	0.0%	0.0%	-4.4%	22.9K	-485.4K	-2.2K	0.00	80.19	N/A	N/A	0	0	429	146
2010-05-10	$34.04	$25.00	36.8%	10.1%	27.4%	30.0%	35.3%	0.0%	-1.0%	19.6K	-701.0K	-2.0K	0.00	90.15	N/A	N/A	20	0	429	146
2010-05-11	$33.54	$25.00	35.0%	10.0%	27.5%	27.0%	35.1%	0.0%	-1.5%	19.7K	-603.8K	-1.9K	0.77	84.52	N/A	N/A	130	100	409	146
2010-05-12	$34.24	$25.00	41.1%	9.3%	28.6%	37.5%	32.6%	0.0%	0.8%	21.9K	-818.8K	-3.1K	0.58	90.18	N/A	N/A	67	39	501	216
2010-05-13	$33.76	$25.00	37.4%	10.7%	28.8%	43.2%	37.2%	0.0%	-3.0%	21.5K	-681.5K	-3.5K	3.90	70.95	N/A	N/A	40	156	531	255
2010-05-14	$33.80	$30.00	31.6%	9.1%	28.8%	37.8%	0.0%	0.0%	1.3%	7.6K	-369.7K	-3.8K	0.00	97.75	N/A	N/A	0	0	571	409
2010-05-17	$34.19	$30.00	32.5%	9.3%	28.7%	45.6%	32.5%	0.0%	0.6%	8.8K	-470.5K	-3.7K	0.00	92.57	N/A	N/A	20	0	571	409
2010-05-18	$33.88	$30.00	33.8%	9.7%	28.9%	50.2%	33.8%	0.0%	0.6%	8.8K	-483.3K	-3.8K	0.00	95.44	N/A	N/A	0	20	577	409
2010-05-19	$33.65	$35.00	34.5%	9.9%	28.9%	59.3%	0.0%	0.0%	1.7%	5.0K	-303.1K	-3.7K	0.00	98.57	N/A	N/A	31	0	577	429
2010-05-20	$32.17	$35.00	36.6%	10.5%	32.4%	67.8%	28.5%	0.0%	0.5%	9.6K	10.4K	-3.5K	2.00	104.46	N/A	N/A	10	20	594	429
2010-05-21	$32.12	$30.00	33.7%	9.7%	32.2%	56.3%	0.0%	0.0%	9.4%	11.4K	-21.8K	-3.5K	0.00	104.40	N/A	N/A	10	0	604	412
2010-05-24	$31.51	$30.00	37.3%	10.7%	32.4%	70.6%	0.0%	0.2%	2.0%	8.3K	-129.5K	-3.4K	0.00	99.93	N/A	N/A	0	0	389	268
2010-05-25	$31.62	$30.00	40.4%	11.6%	32.6%	82.8%	0.0%	0.9%	-1.7%	7.8K	-104.9K	-3.4K	0.83	99.25	N/A	N/A	24	20	389	268
2010-05-26	$31.48	$30.00	37.8%	10.8%	32.1%	72.4%	0.0%	4.9%	0.9%	9.1K	-116.7K	-3.2K	0.00	100.98	N/A	N/A	14	0	385	258
2010-05-27	$32.54	$30.00	28.8%	8.3%	34.2%	36.8%	31.0%	5.2%	1.2%	8.4K	-239.5K	-3.4K	5.00	93.11	N/A	N/A	2	10	397	258
2010-05-28	$32.13	$30.00	24.5%	7.0%	33.3%	19.3%	0.0%	2.3%	13.0%	10.3K	-185.2K	-3.2K	0.00	112.88	N/A	N/A	0	0	398	258