BDN Options History — August 2008

In August 2008, BDN traded between $16.10 and $17.78. ATM implied volatility averaged 34.8%, placing in the 41.8% IV rank vs the trailing year. The 30-day expected move averaged 10.2%. IV traded below realized volatility by 13.4% (HV 20d: 48.2%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 16.42.

Notable Days

2008-08-13: Highest Volume — 201 contracts
2008-08-04: Largest IV spike — 50.6% change
2008-08-18: Highest IV Rank — 59.6%
2008-08-04: Largest Expected Move — 12.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.16	$16.10	$17.78	$16.34	$17.40
Max Pain	$17.38	$15.00	$17.50	$15.00	$17.50
ATM IV	34.8%	25.8%	40.0%	25.8%	35.0%
Expected Move	10.2%	7.4%	12.6%	7.4%	10.0%
HV 20d	48.2%	32.8%	68.7%	68.7%	33.5%
HV 60d	47.8%	46.4%	48.6%	46.4%	48.0%
IV Rank	41.8%	17.0%	59.6%	17.0%	54.5%
IV Percentile	62.5%	32.1%	87.7%	32.1%	60.7%
Term Structure	-0.1%	-2.3%	12.0%	12.0%	-1.8%
VWIV	37.4%	33.7%	48.2%	48.2%	33.7%
Skew 25d	5.7%	-3.3%	15.5%	7.5%	3.3%
Skew 10d	13.6%	-1.4%	29.8%	23.7%	5.2%
Call IV 25d	29.6%	23.6%	36.1%	36.1%	27.8%
Put IV 25d	35.3%	27.4%	44.5%	43.6%	31.1%
Bid-Ask Spread %	63.37	20.14	102.99	70.75	27.10
Gamma HHI	0.34	0.31	0.36	0.35	0.33
Net GEX	-14.4K	-19.1K	-7.1K	-16.4K	-13.0K
Net DEX	222.2K	-27.9K	445.4K	387.9K	152.3K
Net VEX	-4.6K	-5.1K	-4.0K	-4.1K	-4.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	16.42	0.00	200.00	10.00	0.00
Total Volume	35.857	0	201	33	0
Total OI	1,759.095	1,495	1,933	1,495	1,933

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
2008-08-01	$16.34	$15.00	25.8%	7.4%	68.7%	17.0%	48.2%	7.5%	12.0%	-16.4K	387.9K	-4.1K	10.00	70.75	3	30	519	976
2008-08-04	$16.10	$17.50	38.9%	12.6%	67.6%	36.6%	0.0%	6.0%	1.2%	-16.8K	445.4K	-4.0K	0.02	50.21	104	2	519	998
2008-08-05	$16.82	$17.50	33.8%	10.7%	66.8%	29.0%	0.0%	12.0%	-1.1%	-14.1K	264.2K	-4.3K	5.50	79.95	10	55	605	999
2008-08-06	$17.27	$17.50	32.9%	10.5%	57.4%	27.6%	0.0%	9.4%	-1.5%	-13.3K	137.9K	-4.5K	2.93	82.09	14	41	605	1,029
2008-08-07	$16.88	$17.50	33.2%	10.3%	57.7%	28.1%	0.0%	7.4%	-0.7%	-13.7K	213.3K	-4.2K	10.50	31.77	2	21	601	980
2008-08-08	$17.21	$17.50	40.0%	10.4%	57.6%	38.3%	36.0%	8.0%	0.3%	-12.6K	139.1K	-4.3K	0.33	38.80	45	15	603	1,001
2008-08-11	$17.67	$17.50	38.5%	10.6%	52.0%	36.0%	0.0%	11.4%	-1.2%	-11.5K	134	-4.2K	0.00	45.47	35	0	614	1,015
2008-08-12	$17.36	$17.50	29.1%	10.2%	52.3%	22.0%	0.0%	3.0%	-0.8%	-9.8K	55.1K	-4.3K	0.67	66.59	30	20	649	1,015
2008-08-13	$17.50	$17.50	33.5%	10.0%	50.1%	28.6%	34.9%	15.5%	1.7%	-7.1K	-27.9K	-4.4K	200.00	58.69	1	200	679	1,035
2008-08-14	$17.76	$17.50	36.6%	10.5%	50.1%	33.2%	0.0%	8.2%	-0.2%	-8.9K	-25.1K	-4.8K	0.00	95.12	10	0	680	1,117
2008-08-15	$17.78	$17.50	37.6%	10.8%	48.7%	34.7%	0.0%	7.7%	-1.8%	-12.7K	73.2K	-5.1K	0.00	69.02	0	9	670	1,217
2008-08-18	$17.40	$17.50	37.0%	10.6%	50.0%	59.6%	0.0%	3.5%	-1.6%	-16.9K	231.1K	-5.1K	0.00	76.91	0	4	635	1,200
2008-08-19	$17.17	$17.50	36.4%	10.4%	46.3%	58.3%	0.0%	0.9%	-0.0%	-18.2K	347.5K	-5.0K	0.00	57.94	10	0	635	1,200
2008-08-20	$16.99	$17.50	36.8%	10.6%	42.6%	59.3%	0.0%	-0.9%	-1.5%	-18.2K	348.7K	-4.9K	0.00	98.96	0	0	641	1,200
2008-08-21	$16.86	$17.50	34.0%	9.8%	36.7%	51.9%	34.1%	-1.1%	-0.9%	-19.1K	403.2K	-4.8K	0.00	102.99	55	0	641	1,200
2008-08-22	$17.46	$17.50	34.3%	9.8%	37.6%	52.5%	0.0%	1.2%	-0.8%	-15.1K	208.1K	-4.9K	0.00	98.47	0	0	696	1,200
2008-08-25	$16.97	$17.50	32.9%	9.4%	37.1%	48.8%	0.0%	7.8%	-0.9%	-17.0K	355.8K	-4.8K	0.00	56.11	0	0	696	1,200
2008-08-26	$17.03	$17.50	33.5%	9.6%	33.0%	50.4%	33.7%	-3.3%	-1.2%	-17.5K	379.4K	-4.8K	0.00	51.32	25	0	696	1,200
2008-08-27	$16.98	$17.50	34.9%	10.0%	32.8%	54.3%	0.0%	8.1%	-2.3%	-16.0K	357.9K	-4.8K	0.00	52.37	0	0	721	1,200
2008-08-28	$17.45	$17.50	35.7%	10.2%	33.8%	56.2%	0.0%	3.6%	0.5%	-14.1K	218.0K	-4.8K	0.00	20.14	12	0	721	1,200
2008-08-29	$17.40	$17.50	35.0%	10.0%	33.5%	54.5%	0.0%	3.3%	-1.8%	-13.0K	152.3K	-4.8K	0.00	27.10	0	0	733	1,200