BDN Options History — July 2007

In July 2007, BDN traded between $24.12 and $28.58. ATM implied volatility averaged 20.8%, placing in the 11.7% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded above realized volatility by 4.2% (HV 20d: 16.6%). Max pain ranged from $30.00 to $30.00. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 2.02.

Notable Days

2007-07-23: Highest Volume — 63 contracts
2007-07-25: Largest IV spike — 152.7% change
2007-07-25: Highest IV Rank — 51.5%
2007-07-25: Largest Expected Move — 16.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$27.33	$24.12	$28.58	$28.49	$24.12
Max Pain	$30.00	$30.00	$30.00	$30.00	$30.00
ATM IV	20.8%	14.7%	56.1%	21.5%	17.3%
Expected Move	5.8%	4.2%	16.1%	6.2%	5.0%
HV 20d	16.6%	13.4%	21.5%	21.5%	20.4%
HV 60d	17.7%	17.0%	19.4%	17.5%	19.4%
IV Rank	11.7%	4.7%	51.5%	6.2%	7.5%
IV Percentile	64.0%	12.6%	98.6%	31.0%	45.1%
Term Structure	-2.7%	-73.4%	8.8%	-5.1%	3.8%
VWIV	29.7%	12.7%	95.3%	12.7%	16.8%
Skew 25d	-1.4%	-3.3%	2.4%	-3.3%	2.4%
Skew 10d	-8.9%	-16.8%	-4.7%	-4.7%	-16.8%
Call IV 25d	22.1%	17.1%	25.0%	25.0%	17.1%
Put IV 25d	20.7%	19.4%	21.7%	21.7%	19.4%
Bid-Ask Spread %	91.73	33.74	122.20	87.96	110.15
Gamma HHI	0.57	0.47	0.69	0.58	0.52
Net GEX	-1.8K	-3.9K	3.0K	-3.0K	-331
Net DEX	235.4K	-22.4K	345.9K	269.1K	145.5K
Net VEX	-556	-796	-329	-796	-581
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.02	0.00	5.71	0.00	1.43
Total Volume	10.238	0	63	1	1
Total OI	304.905	127	363	363	247

Daily Data (21 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 Vol	Put Vol	Call OI	Put OI
2007-07-02	$28.49	$30.00	21.5%	6.2%	21.5%	0.0%	0.0%	0.0%	-5.1%	-3.0K	269.1K	-796	0.00	87.96	1	0	198	165
2007-07-03	$28.38	$30.00	16.5%	4.7%	21.1%	0.0%	0.0%	0.0%	6.8%	-2.4K	299.0K	-706	0.00	50.90	0	0	197	155
2007-07-05	$28.38	$30.00	16.1%	4.6%	21.2%	6.2%	0.0%	0.0%	4.9%	-2.3K	302.2K	-661	0.00	50.46	0	0	197	155
2007-07-06	$28.58	$0.00	21.1%	4.6%	15.6%	11.9%	12.7%	0.0%	-0.6%	-3.3K	272.5K	-706	2.00	91.01	2	4	197	155
2007-07-09	$28.57	$30.00	17.6%	5.7%	15.0%	7.9%	0.0%	0.0%	-2.1%	-3.8K	327.6K	-594	0.00	96.25	0	10	195	159
2007-07-10	$28.20	$30.00	24.3%	4.4%	14.7%	15.6%	0.0%	0.0%	4.5%	-2.6K	322.7K	-591	0.00	110.62	0	0	195	159
2007-07-11	$27.81	$30.00	19.7%	5.2%	14.6%	10.3%	0.0%	0.0%	-3.9%	-2.3K	343.6K	-481	0.00	100.08	10	0	195	159
2007-07-12	$28.19	$30.00	18.4%	5.3%	14.6%	8.9%	0.0%	0.0%	-5.3%	-3.8K	342.9K	-483	0.00	96.35	0	0	195	159
2007-07-13	$28.58	$30.00	20.2%	5.8%	15.5%	10.8%	20.1%	0.0%	-2.3%	-3.9K	329.1K	-528	0.00	94.20	0	4	195	159
2007-07-16	$28.23	$0.00	18.0%	5.2%	14.6%	8.4%	0.0%	0.0%	-2.6%	-3.1K	331.8K	-447	0.00	95.55	0	0	195	155
2007-07-17	$28.18	$0.00	17.6%	5.1%	14.6%	8.0%	0.0%	0.0%	-2.9%	-3.3K	336.5K	-440	0.00	100.29	0	4	195	155
2007-07-18	$27.91	$0.00	14.7%	4.2%	14.3%	4.7%	14.8%	0.0%	4.7%	-1.8K	327.5K	-479	0.00	106.23	0	15	195	152
2007-07-19	$27.94	$30.00	15.7%	4.5%	13.4%	5.7%	0.0%	0.0%	3.4%	-2.4K	331.2K	-442	0.00	106.72	0	0	195	153
2007-07-20	$27.34	$30.00	19.2%	5.5%	14.8%	9.7%	0.0%	0.0%	4.1%	-2.0K	345.9K	-404	0.00	106.58	0	0	195	153
2007-07-23	$26.77	$30.00	22.1%	6.3%	16.1%	13.0%	18.4%	0.0%	8.8%	-2.2K	103.3K	-329	0.00	43.73	63	0	67	60
2007-07-24	$26.63	$30.00	22.2%	6.4%	16.1%	13.1%	0.0%	0.0%	-4.6%	2.6K	-22.4K	-534	0.00	106.81	0	5	130	60
2007-07-25	$26.15	$30.00	56.1%	16.1%	16.4%	51.5%	95.3%	0.0%	-73.4%	3.0K	-9.9K	-568	5.71	122.20	7	40	130	60
2007-07-26	$25.63	$30.00	16.8%	4.8%	16.8%	7.0%	16.8%	0.0%	4.1%	197	56.1K	-638	5.00	113.50	2	10	135	100
2007-07-27	$24.97	$30.00	20.1%	5.8%	18.2%	10.8%	0.0%	-3.3%	0.5%	392	87.6K	-617	1.43	103.07	7	10	135	100
2007-07-30	$24.94	$30.00	21.4%	6.1%	18.2%	12.2%	0.0%	-3.2%	-0.5%	-566	102.8K	-660	0.00	33.74	0	20	137	110
2007-07-31	$24.12	$30.00	17.3%	5.0%	20.4%	7.5%	0.0%	2.4%	3.8%	-331	145.5K	-581	0.00	110.15	0	1	137	110