BDN Options History — March 2008

In March 2008, BDN traded between $15.94 and $17.65. ATM implied volatility averaged 32.0%, placing in the 30.1% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded below realized volatility by 6.6% (HV 20d: 38.6%). Max pain ranged from $17.50 to $22.50. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 7.85.

Notable Days

2008-03-05: Highest Volume — 395 contracts
2008-03-10: Largest IV spike — 69.8% change
2008-03-17: Highest IV Rank — 37.9%
2008-03-10: Largest Expected Move — 12.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.91	$15.94	$17.65	$16.95	$16.96
Max Pain	$21.50	$17.50	$22.50	$17.50	$22.50
ATM IV	32.0%	21.2%	37.5%	34.5%	24.2%
Expected Move	9.6%	6.5%	12.3%	9.9%	6.9%
HV 20d	38.6%	27.6%	44.1%	27.6%	44.1%
HV 60d	40.5%	37.1%	41.9%	37.9%	41.1%
IV Rank	30.1%	14.7%	37.9%	33.6%	19.0%
IV Percentile	70.5%	36.9%	86.5%	80.2%	43.7%
Term Structure	2.6%	-4.0%	13.2%	-1.3%	12.2%
VWIV	38.7%	25.5%	70.5%	27.5%	25.5%
Skew 25d	8.4%	0.8%	13.0%	12.6%	0.8%
Skew 10d	11.6%	-3.5%	20.2%	18.4%	-3.5%
Call IV 25d	31.3%	22.5%	38.6%	28.8%	28.9%
Put IV 25d	39.6%	26.5%	43.2%	41.4%	29.6%
Bid-Ask Spread %	43.01	23.04	85.14	41.74	58.98
Gamma HHI	0.43	0.38	0.51	0.39	0.46
Net GEX	-18.3K	-33.7K	-9.1K	-19.7K	-12.2K
Net DEX	854.5K	670.7K	1.2M	846.7K	779.6K
Net VEX	-3.1K	-3.4K	-2.6K	-2.6K	-3.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	7.85	0.00	78.00	78.00	0.18
Total Volume	49.2	0	395	15	67
Total OI	1,707.8	1,614	1,823	1,614	1,752

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
2008-03-03	$16.95	$17.50	34.5%	9.9%	27.6%	33.6%	0.0%	12.6%	-1.3%	-19.7K	846.7K	-2.6K	0.00	41.74	0	15	632	982
2008-03-04	$16.97	$17.50	28.5%	8.2%	27.6%	25.1%	0.0%	12.2%	6.1%	-20.9K	852.6K	-2.6K	0.00	41.55	0	0	632	997
2008-03-05	$17.15	$17.50	32.1%	9.2%	28.0%	30.2%	27.5%	13.0%	1.1%	-21.4K	807.1K	-2.6K	78.00	31.98	5	390	632	997
2008-03-06	$16.08	$17.50	28.9%	8.3%	34.5%	25.7%	0.0%	5.1%	8.2%	-23.4K	1.2M	-3.2K	0.00	62.84	0	163	631	1,192
2008-03-07	$16.26	$22.50	21.2%	10.5%	32.3%	14.7%	32.2%	8.0%	-0.5%	-16.9K	1.0M	-3.1K	2.50	26.63	2	5	631	1,061
2008-03-10	$15.94	$22.50	36.0%	12.3%	31.9%	35.7%	40.7%	5.4%	-4.0%	-17.3K	1.0M	-3.0K	0.57	85.14	30	17	631	1,066
2008-03-11	$17.14	$22.50	30.3%	9.8%	41.4%	27.7%	34.2%	8.6%	3.5%	-18.8K	849.6K	-3.4K	0.00	23.04	10	0	651	1,075
2008-03-12	$16.79	$22.50	28.3%	10.0%	41.9%	24.8%	0.0%	11.3%	2.1%	-19.3K	804.3K	-3.3K	0.00	23.69	0	0	661	1,075
2008-03-13	$17.13	$22.50	36.3%	10.4%	42.4%	36.2%	0.0%	11.9%	1.6%	-20.0K	856.8K	-3.4K	0.00	83.13	0	3	661	1,075
2008-03-14	$16.85	$22.50	34.9%	10.0%	40.7%	34.2%	0.0%	8.2%	3.6%	-19.9K	864.8K	-3.3K	0.00	26.89	0	0	661	1,078
2008-03-17	$16.79	$22.50	37.5%	10.7%	40.7%	37.9%	0.0%	3.9%	0.1%	-20.1K	930.3K	-3.1K	2.00	31.21	10	20	661	1,078
2008-03-18	$17.13	$22.50	36.5%	10.5%	41.0%	36.5%	34.8%	12.2%	1.6%	-25.4K	891.9K	-3.2K	0.00	34.46	13	0	664	1,078
2008-03-19	$16.84	$22.50	37.2%	10.7%	41.3%	37.4%	35.3%	3.4%	0.3%	-19.6K	908.9K	-3.2K	1.25	43.09	12	15	677	1,078
2008-03-20	$17.32	$22.50	36.0%	10.3%	42.3%	35.8%	0.0%	9.4%	-0.2%	-33.7K	841.4K	-3.2K	0.50	31.36	20	10	689	1,076
2008-03-24	$17.55	$22.50	36.3%	10.4%	42.5%	36.1%	47.4%	10.6%	-0.7%	-10.0K	683.3K	-3.1K	0.87	38.09	23	20	665	973
2008-03-25	$17.65	$22.50	35.5%	10.2%	42.2%	35.0%	0.0%	12.8%	-1.0%	-9.1K	670.7K	-3.2K	0.00	34.72	0	0	688	983
2008-03-26	$17.29	$22.50	34.3%	9.8%	43.0%	33.4%	0.0%	7.7%	0.7%	-11.2K	718.1K	-3.1K	0.00	32.75	0	30	688	983
2008-03-27	$16.83	$22.50	29.3%	8.4%	44.0%	26.2%	70.5%	6.8%	4.7%	-13.2K	751.5K	-3.1K	0.50	49.93	20	10	688	1,006
2008-03-28	$16.63	$22.50	22.7%	6.5%	43.6%	16.8%	0.0%	4.0%	13.2%	-13.5K	828.0K	-3.1K	0.00	59.01	0	74	697	1,011
2008-03-31	$16.96	$22.50	24.2%	6.9%	44.1%	19.0%	25.5%	0.8%	12.2%	-12.2K	779.6K	-3.3K	0.18	58.98	57	10	697	1,055