VSAT Options History — February 2011

In February 2011, VSAT traded between $39.93 and $45.00. ATM implied volatility averaged 47.3%, placing in the 52.3% IV rank vs the trailing year. The 30-day expected move averaged 12.4%. IV traded above realized volatility by 16.3% (HV 20d: 31.0%). Max pain ranged from $25.00 to $45.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 2 of 19 days. Put/call ratio averaged 0.13.

Notable Days

2011-02-23: Highest Volume — 40 contracts
2011-02-17: Largest IV spike — 74.1% change
2011-02-04: Highest IV Rank — 92.0%
2011-02-03: Largest Expected Move — 18.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$42.71	$39.93	$45.00	$44.96	$41.61
Max Pain	$28.16	$25.00	$45.00	$45.00	$25.00
ATM IV	47.3%	28.3%	68.3%	40.5%	28.3%
Expected Move	12.4%	8.1%	18.9%	11.6%	8.1%
HV 20d	31.0%	22.1%	36.6%	27.7%	36.0%
HV 60d	23.6%	19.9%	26.6%	21.5%	26.5%
IV Rank	52.3%	16.4%	92.0%	39.4%	16.4%
IV Percentile	83.8%	20.6%	99.6%	92.5%	20.6%
Term Structure	-8.5%	-28.8%	11.5%	-2.7%	6.9%
VWIV	39.9%	28.1%	56.0%	42.6%	28.1%
Skew 25d	3.2%	-47.1%	34.7%	34.7%	4.9%
Skew 10d	6.2%	-61.2%	37.5%	28.2%	37.5%
Call IV 25d	46.1%	23.9%	89.3%	56.9%	26.6%
Put IV 25d	49.3%	26.1%	91.6%	91.6%	31.4%
Bid-Ask Spread %	134.87	122.50	148.43	140.99	139.17
Gamma HHI	0.52	0.36	0.73	0.73	0.48
Net GEX	17.0K	9.6K	25.5K	25.5K	21.8K
Net DEX	-964.7K	-1.3M	-592.9K	-1.3M	-879.4K
Net VEX	-4.1K	-4.6K	-3.6K	-4.4K	-3.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.13	0.00	1.00	0.00	0.00
Total Volume	6.053	0	40	0	10
Total OI	780.053	747	827	778	827

Daily Data (19 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
2011-02-01	$44.96	$45.00	40.5%	11.6%	27.7%	39.4%	0.0%	34.7%	-2.7%	25.5K	-1.3M	-4.4K	0.00	140.99	N/A	N/A	0	0	489	289
2011-02-02	$44.59	$45.00	46.5%	13.3%	25.9%	50.7%	0.0%	-18.8%	-2.0%	22.5K	-1.2M	-4.4K	0.00	146.14	N/A	N/A	0	0	489	289
2011-02-03	$44.40	$45.00	65.8%	18.9%	25.6%	87.2%	0.0%	-37.2%	-20.3%	15.7K	-1.2M	-4.6K	0.00	148.43	N/A	N/A	0	0	489	289
2011-02-04	$44.71	$25.00	68.3%	11.4%	25.7%	92.0%	0.0%	3.4%	-9.1%	16.4K	-1.3M	-4.5K	0.00	135.72	N/A	N/A	0	0	489	289
2011-02-07	$44.83	$25.00	62.6%	9.3%	25.5%	81.2%	42.6%	2.3%	-5.6%	17.9K	-1.2M	-4.5K	0.00	132.17	N/A	N/A	8	0	489	289
2011-02-08	$45.00	$25.00	51.3%	11.8%	25.5%	59.9%	43.4%	10.8%	-8.4%	20.0K	-1.3M	-4.3K	0.00	130.05	N/A	N/A	2	0	489	289
2011-02-09	$44.42	$25.00	51.7%	12.1%	25.8%	60.6%	0.0%	11.0%	-10.8%	19.1K	-1.2M	-4.4K	0.00	133.22	N/A	N/A	0	0	491	289
2011-02-10	$44.36	$25.00	43.3%	12.4%	25.8%	44.7%	0.0%	34.0%	-12.7%	16.7K	-1.2M	-4.4K	0.00	134.57	N/A	N/A	4	0	491	289
2011-02-11	$44.87	$25.00	42.8%	12.3%	22.1%	43.8%	0.0%	8.8%	-11.2%	23.5K	-1.3M	-4.2K	0.00	133.77	N/A	N/A	0	0	495	289
2011-02-14	$41.80	$25.00	56.8%	16.3%	33.8%	70.2%	40.1%	24.1%	-1.3%	12.9K	-923.6K	-4.3K	0.00	131.37	N/A	N/A	1	0	495	289
2011-02-15	$40.34	$25.00	56.3%	16.1%	35.9%	69.3%	56.0%	13.9%	-28.8%	9.6K	-646.8K	-4.2K	0.00	133.68	N/A	N/A	10	0	496	289
2011-02-16	$40.81	$25.00	31.5%	9.0%	36.1%	22.4%	0.0%	6.1%	-0.8%	14.8K	-592.9K	-3.7K	0.00	122.50	N/A	N/A	0	0	486	289
2011-02-17	$41.30	$25.00	54.8%	15.7%	36.1%	66.5%	0.0%	17.1%	-18.7%	10.7K	-684.2K	-4.0K	0.00	125.32	N/A	N/A	0	0	486	289
2011-02-18	$41.25	$25.00	41.5%	11.9%	36.1%	41.3%	0.0%	6.9%	-6.1%	15.4K	-698.4K	-3.9K	0.00	134.30	N/A	N/A	0	0	486	289
2011-02-22	$40.43	$25.00	39.7%	11.4%	36.4%	37.9%	0.0%	9.4%	-15.0%	18.6K	-719.0K	-3.6K	0.00	135.85	N/A	N/A	0	0	458	289
2011-02-23	$39.93	$25.00	41.4%	11.9%	36.6%	41.2%	29.3%	-47.1%	-15.7%	12.0K	-619.1K	-3.6K	1.00	141.63	N/A	N/A	20	20	458	289
2011-02-24	$40.40	$25.00	46.0%	13.2%	35.2%	49.8%	0.0%	-34.8%	-9.9%	10.2K	-771.0K	-3.8K	0.00	136.21	N/A	N/A	20	0	478	309
2011-02-25	$41.41	$25.00	29.3%	8.4%	36.4%	18.3%	0.0%	12.2%	11.5%	19.6K	-737.1K	-3.8K	0.00	127.50	N/A	N/A	20	0	498	309
2011-02-28	$41.61	$25.00	28.3%	8.1%	36.0%	16.4%	28.1%	4.9%	6.9%	21.8K	-879.4K	-3.6K	0.00	139.17	N/A	N/A	0	10	518	309