No, being IV member did not factor into my decision.
I have a library of about 400 stocks that I follow and VHC is one of them. I am always looking for charts that are attractive to trade. Since I have traded VHC in the past, it is actually one of the stocks that is in my most current and most viewed library list.
VHC dropped down to a level of support seen in 2007 and the stock bounced from it, meaning support was found there again. After a few weeks of backing and filling as well as retesting and building support, the chart showed that a trade with limited risk and decent probability numbers could be made.
I always look for charts that offer at least a 4-1 risk/reward ratio off of chart support/resistance levels and the VHC chart offered that and more.
Anytime that I find a chart that offers at least 4-1 risk/reward ratios and a decent probability rating I do the trade. I figure that I can be wrong as much as 80% of the time and still break even or make a bit of money. Some trades don't work out but with this formula and the chart knowledge/experience I have, I usually end up making more money than I lose and that is all I need.