BDN Options History — December 2007

In December 2007, BDN traded between $17.78 and $20.76. ATM implied volatility averaged 38.1%, placing in the 31.1% IV rank vs the trailing year. The 30-day expected move averaged 10.9%. IV traded above realized volatility by 4.6% (HV 20d: 33.4%). Max pain ranged from $20.00 to $22.50. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.71.

Notable Days

2007-12-31: Highest Volume — 135 contracts
2007-12-24: Largest IV drop — 19.9% change
2007-12-19: Highest IV Rank — 36.0%
2007-12-19: Largest Expected Move — 12.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.10	$17.78	$20.76	$20.29	$17.93
Max Pain	$22.00	$20.00	$22.50	$20.00	$22.50
ATM IV	38.1%	33.3%	42.4%	39.5%	36.6%
Expected Move	10.9%	9.6%	12.1%	11.3%	10.5%
HV 20d	33.4%	31.7%	35.6%	31.7%	32.4%
HV 60d	31.0%	29.8%	32.0%	29.8%	32.0%
IV Rank	31.1%	25.7%	36.0%	32.7%	29.4%
IV Percentile	92.9%	86.7%	97.5%	97.0%	88.8%
Term Structure	-0.2%	-6.3%	13.1%	0.7%	-0.0%
VWIV	38.1%	23.4%	48.1%	38.3%	47.3%
Skew 25d	4.3%	-6.1%	17.1%	3.2%	5.2%
Skew 10d	7.1%	-3.6%	16.6%	4.8%	7.9%
Call IV 25d	33.1%	23.9%	46.7%	30.4%	31.4%
Put IV 25d	37.4%	28.3%	42.4%	33.5%	36.6%
Bid-Ask Spread %	82.32	30.93	99.91	99.91	81.73
Gamma HHI	0.47	0.36	0.72	0.48	0.54
Net GEX	-3.0K	-13.4K	5.6K	-10.5K	3.4K
Net DEX	759.3K	636.7K	900.8K	706.6K	770.3K
Net VEX	-2.1K	-3.1K	-1.4K	-2.9K	-1.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.00	6.00	0.00	6.00
Total Volume	32.6	0	135	1	135
Total OI	1,240.1	1,166	1,317	1,171	1,302

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 Vol	Put Vol	Call OI	Put OI
2007-12-03	$20.29	$20.00	39.5%	11.3%	31.7%	32.7%	0.0%	3.2%	0.7%	-10.5K	706.6K	-2.9K	0.00	99.91	0	1	554	617
2007-12-04	$19.72	$20.00	40.1%	11.5%	32.0%	33.4%	0.0%	-0.1%	-2.2%	-10.1K	766.6K	-2.6K	0.00	94.32	0	15	554	617
2007-12-05	$20.06	$20.00	36.8%	10.6%	33.1%	29.7%	0.0%	3.5%	1.2%	-10.9K	759.8K	-2.6K	0.00	96.15	0	0	554	612
2007-12-06	$20.70	$20.00	38.1%	10.9%	33.6%	31.2%	38.3%	10.1%	1.4%	-13.4K	699.1K	-2.9K	0.00	30.93	24	0	554	612
2007-12-07	$20.54	$22.50	36.2%	10.9%	33.6%	29.0%	0.0%	0.2%	-6.3%	-10.3K	636.7K	-3.1K	0.00	74.55	4	0	578	612
2007-12-10	$20.76	$22.50	42.1%	11.1%	33.9%	35.7%	0.0%	7.2%	-3.5%	-11.5K	643.8K	-3.0K	0.00	76.58	0	0	574	612
2007-12-11	$20.21	$22.50	37.2%	11.2%	35.0%	30.1%	23.4%	1.5%	-3.8%	-11.8K	738.0K	-2.7K	0.00	89.34	8	0	574	612
2007-12-12	$19.77	$22.50	35.9%	10.7%	33.4%	28.7%	0.0%	11.6%	-2.5%	-11.4K	808.1K	-2.4K	0.00	83.33	0	15	581	612
2007-12-13	$19.28	$22.50	36.0%	10.3%	34.1%	28.8%	35.7%	8.2%	-1.3%	-8.7K	877.2K	-1.8K	0.73	82.76	30	22	581	596
2007-12-14	$18.59	$22.50	40.8%	11.7%	35.6%	34.2%	36.5%	4.3%	-5.5%	-3.0K	900.8K	-1.5K	0.30	82.18	100	30	598	596
2007-12-17	$18.37	$22.50	40.8%	11.7%	34.6%	34.2%	40.0%	4.6%	-2.7%	1.9K	856.4K	-1.7K	0.02	82.82	56	1	688	596
2007-12-18	$18.00	$22.50	37.0%	10.6%	33.1%	29.9%	28.0%	10.7%	12.1%	4.9K	810.0K	-1.6K	0.00	95.40	0	11	743	574
2007-12-19	$18.26	$22.50	42.4%	12.1%	33.9%	36.0%	42.4%	3.6%	-3.7%	4.2K	759.9K	-1.9K	0.77	79.55	13	10	743	563
2007-12-20	$18.07	$22.50	40.1%	11.5%	33.9%	33.4%	0.0%	3.4%	-0.6%	5.0K	741.2K	-1.7K	0.00	83.53	0	0	746	553
2007-12-21	$18.18	$22.50	41.6%	11.9%	33.1%	35.1%	48.1%	-4.5%	-2.0%	4.8K	748.8K	-1.7K	0.03	75.03	35	1	746	553
2007-12-24	$18.81	$22.50	33.3%	9.6%	34.0%	25.7%	40.9%	17.1%	13.1%	5.6K	677.9K	-2.0K	0.00	89.61	0	39	724	543
2007-12-26	$18.59	$22.50	35.9%	10.3%	33.7%	28.6%	0.0%	-5.0%	2.0%	4.0K	712.8K	-2.0K	0.00	81.13	1	0	724	582
2007-12-27	$18.12	$22.50	36.7%	10.5%	31.7%	29.5%	0.0%	6.6%	1.2%	3.9K	766.8K	-1.7K	0.00	88.61	10	0	724	582
2007-12-28	$17.78	$22.50	34.0%	9.8%	32.0%	26.5%	0.0%	-6.1%	-1.0%	3.7K	805.2K	-1.4K	6.00	78.91	13	78	734	582
2007-12-31	$17.93	$22.50	36.6%	10.5%	32.4%	29.4%	47.3%	5.2%	-0.0%	3.4K	770.3K	-1.5K	0.00	81.73	0	135	734	568