BDN Options History — January 2008

In January 2008, BDN traded between $15.70 and $18.82. ATM implied volatility averaged 38.4%, placing in the 31.3% IV rank vs the trailing year. The 30-day expected move averaged 11.1%. IV traded below realized volatility by 0.5% (HV 20d: 38.8%). Max pain ranged from $17.50 to $22.50. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 1.39.

Notable Days

2008-01-17: Highest Volume — 441 contracts
2008-01-08: Largest IV drop — 36.0% change
2008-01-07: Highest IV Rank — 42.0%
2008-01-07: Largest Expected Move — 13.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.03	$15.70	$18.82	$17.38	$18.82
Max Pain	$18.10	$17.50	$22.50	$22.50	$17.50
ATM IV	38.4%	30.1%	47.7%	35.5%	30.4%
Expected Move	11.1%	8.6%	13.7%	10.2%	8.7%
HV 20d	38.8%	31.5%	49.7%	33.6%	47.8%
HV 60d	34.9%	31.1%	40.3%	31.1%	38.8%
IV Rank	31.3%	21.9%	42.0%	28.3%	22.2%
IV Percentile	89.6%	73.8%	97.6%	86.9%	74.2%
Term Structure	-0.4%	-13.0%	4.0%	2.9%	-2.3%
VWIV	37.5%	35.6%	39.6%	35.6%	38.3%
Skew 25d	2.5%	-8.7%	13.8%	2.7%	4.8%
Skew 10d	7.7%	-12.4%	20.3%	4.2%	6.0%
Call IV 25d	36.4%	27.1%	47.6%	32.9%	33.7%
Put IV 25d	38.9%	28.1%	44.6%	35.5%	38.4%
Bid-Ask Spread %	87.13	55.21	200.00	92.17	70.34
Gamma HHI	0.39	0.33	0.63	0.52	0.35
Net GEX	-991	-5.6K	3.3K	2.8K	-870
Net DEX	578.0K	320.8K	901.5K	733.7K	320.8K
Net VEX	-1.8K	-2.7K	-315	-1.4K	-2.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.39	0.00	8.00	4.29	2.00
Total Volume	38.429	0	441	37	15
Total OI	1,279.952	909	1,612	1,288	1,249

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
2008-01-02	$17.38	$22.50	35.5%	10.2%	33.6%	28.3%	35.6%	2.7%	2.9%	2.8K	733.7K	-1.4K	4.29	92.17	7	30	734	554
2008-01-03	$16.82	$22.50	37.2%	10.7%	33.9%	30.1%	36.8%	-1.9%	-0.9%	2.6K	622.1K	-1.2K	1.75	96.57	20	35	741	481
2008-01-04	$16.39	$17.50	43.3%	11.2%	33.2%	37.1%	0.0%	-8.7%	-2.0%	2.6K	631.2K	-1.1K	0.00	75.81	0	71	761	487
2008-01-07	$16.73	$20.00	47.7%	13.7%	31.5%	42.0%	0.0%	0.0%	-13.0%	3.3K	389.8K	-315	0.00	200.00	0	1	654	255
2008-01-08	$16.09	$17.50	30.5%	11.5%	33.1%	22.5%	0.0%	-8.6%	3.2%	840	676.3K	-1.4K	8.00	70.71	3	24	771	571
2008-01-09	$16.30	$17.50	38.7%	10.8%	33.3%	31.8%	0.0%	-8.0%	1.3%	-95	686.9K	-1.5K	0.00	74.45	20	0	771	591
2008-01-10	$16.51	$17.50	39.1%	11.2%	33.9%	32.3%	0.0%	-7.7%	-0.4%	545	652.1K	-1.6K	0.00	78.14	0	0	791	591
2008-01-11	$16.49	$17.50	39.2%	11.2%	33.8%	32.4%	0.0%	4.6%	0.4%	-6	645.5K	-1.6K	0.00	79.48	0	12	791	591
2008-01-14	$16.73	$17.50	36.5%	10.5%	34.2%	29.2%	0.0%	4.2%	2.4%	-154	656.1K	-1.5K	0.00	78.85	0	4	791	579
2008-01-15	$16.46	$17.50	37.1%	10.6%	32.6%	29.8%	0.0%	2.8%	1.0%	299	662.9K	-1.5K	0.00	55.21	0	0	791	583
2008-01-16	$16.76	$17.50	36.2%	10.4%	33.6%	28.8%	37.1%	0.8%	1.1%	-254	658.2K	-1.5K	0.73	83.25	11	8	791	583
2008-01-17	$16.10	$17.50	40.1%	11.5%	35.5%	33.3%	39.6%	3.3%	-1.0%	1.0K	683.9K	-1.3K	0.00	85.47	0	441	801	591
2008-01-18	$15.70	$17.50	42.7%	12.2%	35.4%	36.2%	0.0%	2.0%	0.2%	-5.6K	901.5K	-2.0K	0.00	68.51	2	0	801	811
2008-01-22	$15.92	$17.50	42.8%	12.3%	36.1%	36.3%	0.0%	10.7%	-1.2%	-5.3K	650.6K	-2.1K	0.00	75.44	14	0	526	652
2008-01-23	$17.41	$17.50	44.0%	12.6%	49.6%	37.7%	0.0%	3.9%	-5.3%	-5.3K	528.3K	-2.5K	0.00	73.37	0	14	530	652
2008-01-24	$17.53	$17.50	37.7%	10.8%	47.8%	30.5%	0.0%	5.3%	0.3%	-4.8K	489.5K	-2.5K	0.00	71.65	22	0	530	647
2008-01-25	$17.74	$17.50	38.1%	10.9%	48.0%	31.0%	0.0%	4.4%	0.1%	-4.3K	470.0K	-2.6K	1.00	91.01	1	1	552	647
2008-01-28	$18.51	$17.50	39.8%	11.4%	49.7%	32.9%	0.0%	11.4%	0.4%	-3.4K	395.2K	-2.7K	0.10	93.72	10	1	553	648
2008-01-29	$18.64	$17.50	38.8%	11.1%	49.2%	31.7%	38.3%	13.8%	0.0%	-2.6K	353.5K	-2.7K	0.25	104.45	12	3	563	649
2008-01-30	$18.56	$17.50	30.1%	8.6%	49.2%	21.9%	0.0%	10.2%	4.0%	-2.1K	330.3K	-2.7K	0.00	111.16	25	0	575	649
2008-01-31	$18.82	$17.50	30.4%	8.7%	47.8%	22.2%	0.0%	4.8%	-2.3%	-870	320.8K	-2.6K	2.00	70.34	5	10	600	649