BDN Options History — May 2008

In May 2008, BDN traded between $18.16 and $19.24. ATM implied volatility averaged 24.8%, placing in the 18.1% IV rank vs the trailing year. The 30-day expected move averaged 6.7%. IV traded below realized volatility by 3.5% (HV 20d: 28.3%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 1.33.

Notable Days

2008-05-06: Highest Volume — 117 contracts
2008-05-16: Largest IV drop — 45.5% change
2008-05-13: Highest IV Rank — 34.7%
2008-05-01: Largest Expected Move — 9.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.75	$18.16	$19.24	$18.16	$18.77
Max Pain	$18.21	$17.50	$20.00	$17.50	$20.00
ATM IV	24.8%	14.4%	35.3%	33.3%	18.1%
Expected Move	6.7%	4.1%	9.5%	9.5%	5.2%
HV 20d	28.3%	25.8%	30.0%	28.1%	25.8%
HV 60d	35.0%	34.5%	36.0%	35.9%	35.1%
IV Rank	18.1%	2.2%	34.7%	31.9%	5.4%
IV Percentile	35.3%	0.4%	71.8%	65.5%	9.5%
Term Structure	5.5%	-3.5%	17.3%	-2.2%	9.6%
VWIV	24.4%	16.8%	33.2%	33.2%	17.0%
Skew 25d	3.9%	-4.5%	8.5%	3.4%	6.1%
Skew 10d	4.5%	-1.1%	20.9%	9.5%	3.8%
Call IV 25d	25.0%	21.3%	28.5%	28.4%	25.3%
Put IV 25d	29.0%	24.0%	34.4%	31.8%	31.4%
Bid-Ask Spread %	71.61	19.52	95.63	89.55	95.63
Gamma HHI	0.36	0.32	0.42	0.42	0.33
Net GEX	-7.5K	-19.8K	-3	-19.8K	-4.8K
Net DEX	-4.4K	-105.9K	203.6K	203.6K	34.9K
Net VEX	-3.1K	-3.5K	-2.7K	-3.1K	-3.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.33	0.00	11.50	0.38	11.50
Total Volume	26.333	0	117	11	25
Total OI	1,230.81	1,103	1,363	1,103	1,252

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
2008-05-01	$18.16	$17.50	33.3%	9.5%	28.1%	31.9%	33.2%	3.4%	-2.2%	-19.8K	203.6K	-3.1K	0.38	89.55	8	3	274	829
2008-05-02	$18.66	$17.50	23.9%	6.9%	29.6%	18.6%	0.0%	1.0%	7.0%	-14.4K	33.6K	-2.8K	2.13	63.42	8	17	274	832
2008-05-05	$18.86	$17.50	25.6%	8.2%	29.7%	21.0%	28.6%	4.2%	-2.0%	-13.5K	26.4K	-2.9K	0.00	19.52	29	0	282	827
2008-05-06	$19.08	$17.50	22.7%	7.5%	28.7%	16.9%	26.3%	6.6%	0.6%	-7.4K	-73.4K	-2.8K	0.43	33.28	82	35	310	827
2008-05-07	$18.54	$17.50	28.2%	9.0%	27.6%	24.7%	0.0%	2.3%	0.4%	-12.1K	-8.2K	-3.1K	1.13	71.21	15	17	368	856
2008-05-08	$18.45	$17.50	24.2%	7.6%	27.8%	19.0%	0.0%	0.8%	6.4%	-12.1K	2.7K	-3.2K	0.00	77.28	10	0	383	873
2008-05-09	$18.20	$17.50	24.8%	8.5%	28.2%	19.8%	0.0%	-2.0%	3.1%	-17.8K	65.0K	-3.2K	0.00	72.81	4	0	389	873
2008-05-12	$18.80	$17.50	30.5%	4.6%	29.9%	28.0%	0.0%	4.8%	10.7%	-6.7K	-52.2K	-3.0K	0.00	85.71	5	0	393	873
2008-05-13	$18.76	$17.50	35.3%	4.6%	30.0%	34.7%	0.0%	4.0%	10.1%	-5.0K	-78.6K	-2.9K	0.00	92.07	0	0	389	873
2008-05-14	$18.90	$17.50	34.8%	7.2%	27.3%	32.1%	0.0%	5.1%	-2.1%	-2.7K	-102.0K	-2.9K	0.00	50.51	0	80	389	873
2008-05-15	$19.00	$17.50	26.5%	7.6%	27.3%	19.8%	16.8%	5.9%	-3.5%	-5.3K	-50.3K	-3.2K	0.33	68.45	30	10	389	953
2008-05-16	$18.82	$17.50	14.4%	4.1%	27.3%	2.2%	0.0%	4.3%	8.0%	-6.9K	-37.0K	-3.2K	0.00	90.96	0	0	400	963
2008-05-19	$19.24	$17.50	20.6%	5.9%	26.4%	11.1%	0.0%	8.5%	1.9%	-1.1K	-87.6K	-2.8K	0.03	82.52	74	2	363	792
2008-05-20	$19.11	$17.50	25.6%	7.4%	26.8%	18.6%	0.0%	5.1%	1.1%	-3	-105.9K	-3.1K	0.00	44.39	15	0	428	793
2008-05-21	$18.59	$17.50	24.3%	7.0%	29.1%	16.7%	17.0%	-4.5%	16.5%	-4.3K	18.8K	-3.5K	0.00	58.68	0	30	443	793
2008-05-22	$18.61	$20.00	16.4%	4.7%	29.0%	5.1%	0.0%	3.1%	17.3%	-5.5K	47.2K	-3.5K	0.00	90.71	0	33	443	813
2008-05-23	$18.69	$20.00	23.3%	6.7%	28.6%	15.1%	0.0%	3.8%	14.5%	-6.0K	81.0K	-3.5K	0.00	79.56	0	0	443	818
2008-05-27	$18.96	$20.00	21.2%	6.1%	28.9%	12.1%	0.0%	7.0%	3.0%	-2.5K	18.6K	-3.2K	0.00	62.63	0	0	443	818
2008-05-28	$18.72	$20.00	25.0%	7.2%	29.0%	15.8%	0.0%	4.7%	3.3%	-4.5K	14.3K	-3.4K	0.00	82.35	0	21	443	818
2008-05-29	$18.90	$20.00	22.1%	6.3%	28.9%	11.4%	0.0%	8.1%	11.5%	-4.9K	-43.6K	-2.7K	0.00	92.59	0	0	443	809
2008-05-30	$18.77	$20.00	18.1%	5.2%	25.8%	5.4%	0.0%	6.1%	9.6%	-4.8K	34.9K	-3.3K	11.50	95.63	2	23	443	809