$ASTS - the Nov 20 VEX ladder at $65, $70 and $80. Honest answer: it’s a long way from spot and unlikely to come into play anytime soon. > The Nov 20 straddle prices about a 28.5% move, so $65 is roughly twice the implied range. But if you want to know what it takes to climb it, three things have to happen: i) price has to travel through the $43 and $50 zone. Those are the only gamma nodes on the way up, both small, and neither is a vanna anchor. ii) volatility has to cool off while price rises. The ladder is positive VEX which means dealer buying kicks in as implied vol drops. iii) earnings land on Nov 9, before the Nov 20 expiry. Vol usually resets after a report, and that reset is the moment that could put the ladder to work. Far away, but now you know the route.