BDN Options History — February 2008

In February 2008, BDN traded between $16.53 and $19.39. ATM implied volatility averaged 31.3%, placing in the 28.3% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded below realized volatility by 10.4% (HV 20d: 41.7%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 20 of 20 days. Put/call ratio averaged 5.96.

Notable Days

2008-02-15: Highest Volume — 179 contracts
2008-02-06: Largest IV spike — 38.4% change
2008-02-19: Highest IV Rank — 38.6%
2008-02-11: Largest Expected Move — 11.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.59	$16.53	$19.39	$19.39	$16.74
Max Pain	$17.75	$17.50	$20.00	$17.50	$17.50
ATM IV	31.3%	23.8%	38.0%	25.8%	29.8%
Expected Move	9.6%	7.4%	11.3%	7.4%	8.6%
HV 20d	41.7%	29.8%	50.1%	46.5%	29.8%
HV 60d	39.0%	37.9%	39.8%	39.1%	38.1%
IV Rank	28.3%	14.7%	38.6%	17.0%	27.0%
IV Percentile	73.9%	52.8%	88.5%	66.7%	69.0%
Term Structure	3.5%	0.4%	10.3%	5.9%	2.6%
VWIV	31.1%	23.2%	39.4%	34.2%	31.4%
Skew 25d	7.9%	2.0%	14.1%	7.6%	11.5%
Skew 10d	10.5%	0.6%	20.1%	6.7%	17.8%
Call IV 25d	33.1%	26.0%	41.9%	32.6%	28.5%
Put IV 25d	40.9%	37.0%	48.7%	40.2%	40.0%
Bid-Ask Spread %	62.40	22.91	102.46	102.46	38.25
Gamma HHI	0.37	0.34	0.42	0.35	0.39
Net GEX	-10.0K	-20.6K	-551	-763	-19.5K
Net DEX	603.8K	260.9K	884.1K	260.9K	884.1K
Net VEX	-2.6K	-2.9K	-2.2K	-2.7K	-2.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	5.96	0.00	34.00	2.00	0.00
Total Volume	30.65	0	179	15	0
Total OI	1,425.35	1,264	1,615	1,264	1,614

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
2008-02-01	$19.39	$17.50	25.8%	7.4%	46.5%	17.0%	0.0%	7.6%	5.9%	-763	260.9K	-2.7K	2.00	102.46	5	10	605	659
2008-02-04	$19.15	$17.50	33.0%	9.8%	45.5%	25.2%	34.2%	7.4%	4.8%	-551	276.8K	-2.7K	0.00	66.09	3	0	606	669
2008-02-05	$18.84	$17.50	23.8%	9.9%	46.0%	14.7%	0.0%	5.9%	3.3%	-1.2K	283.9K	-2.8K	0.00	65.21	0	0	608	669
2008-02-06	$18.37	$17.50	32.9%	10.4%	44.5%	31.3%	35.7%	10.0%	3.3%	-1.5K	346.7K	-2.7K	15.00	68.63	2	30	608	669
2008-02-07	$18.94	$17.50	27.5%	9.6%	45.2%	23.7%	0.0%	14.1%	4.1%	-3.2K	296.6K	-2.9K	0.00	67.11	0	0	608	699
2008-02-08	$18.45	$17.50	28.6%	10.5%	46.7%	25.2%	34.1%	10.1%	2.9%	-3.6K	347.8K	-2.8K	5.00	46.69	1	5	608	699
2008-02-11	$17.87	$17.50	33.0%	11.3%	48.5%	31.5%	39.4%	6.4%	2.2%	-3.6K	452.8K	-2.6K	2.54	66.74	13	33	607	704
2008-02-12	$17.90	$17.50	33.7%	11.2%	48.4%	32.4%	23.7%	7.1%	3.5%	-4.6K	459.2K	-2.7K	2.00	86.75	5	10	617	727
2008-02-13	$17.65	$17.50	33.2%	11.1%	48.3%	31.8%	0.0%	2.7%	2.5%	-4.9K	523.4K	-2.6K	0.00	59.68	2	0	617	733
2008-02-14	$17.00	$17.50	37.4%	10.7%	50.1%	37.7%	30.2%	2.0%	3.6%	-6.3K	641.1K	-2.3K	0.00	88.61	0	14	619	733
2008-02-15	$16.96	$20.00	33.5%	9.6%	47.7%	32.2%	0.0%	4.9%	6.6%	-7.1K	678.4K	-2.2K	4.11	92.63	35	144	619	736
2008-02-19	$16.73	$20.00	38.0%	10.9%	47.0%	38.6%	37.9%	6.8%	3.4%	-11.2K	717.1K	-2.5K	8.43	48.99	7	59	599	841
2008-02-20	$16.53	$17.50	27.1%	7.8%	47.1%	23.2%	23.2%	6.4%	10.3%	-13.5K	819.0K	-2.5K	0.00	75.84	0	78	606	891
2008-02-21	$16.66	$17.50	32.2%	9.2%	34.1%	30.3%	30.9%	10.2%	1.7%	-19.9K	872.6K	-2.5K	3.40	73.15	20	68	606	954
2008-02-22	$16.71	$17.50	29.4%	8.4%	34.0%	26.3%	29.3%	5.1%	3.5%	-19.3K	877.1K	-2.5K	34.00	49.82	1	34	616	962
2008-02-25	$16.98	$17.50	33.0%	9.5%	34.2%	31.5%	0.0%	12.4%	0.4%	-19.1K	844.8K	-2.7K	0.00	67.29	0	1	617	972
2008-02-26	$17.00	$17.50	32.8%	9.4%	30.0%	31.2%	23.6%	9.8%	0.8%	-19.6K	820.9K	-2.7K	1.00	30.69	10	10	617	973
2008-02-27	$17.10	$17.50	30.6%	8.8%	29.9%	28.1%	30.8%	6.4%	2.3%	-20.6K	827.0K	-2.7K	0.00	30.45	10	0	622	983
2008-02-28	$16.73	$17.50	30.0%	8.6%	30.5%	27.2%	31.4%	10.6%	3.1%	-19.3K	845.8K	-2.6K	0.00	22.91	0	3	632	983
2008-02-29	$16.74	$17.50	29.8%	8.6%	29.8%	27.0%	0.0%	11.5%	2.6%	-19.5K	884.1K	-2.6K	0.00	38.25	0	0	632	982