BDN Options History — January 2009

In January 2009, BDN traded between $5.51 and $7.36. ATM implied volatility averaged 111.0%, placing in the 58.4% IV rank vs the trailing year. The 30-day expected move averaged 32.4%. IV traded below realized volatility by 27.1% (HV 20d: 138.1%). Max pain ranged from $5.00 to $7.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 1.98.

Notable Days

2009-01-23: Highest Volume — 1,015 contracts
2009-01-14: Largest IV spike — 40.5% change
2009-01-14: Highest IV Rank — 85.5%
2009-01-21: Largest Expected Move — 39.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.58	$5.51	$7.36	$7.17	$5.97
Max Pain	$6.63	$5.00	$7.50	$5.00	$5.00
ATM IV	111.0%	87.4%	155.8%	110.1%	115.4%
Expected Move	32.4%	28.4%	39.1%	31.6%	33.1%
HV 20d	138.1%	112.9%	172.1%	172.1%	137.3%
HV 60d	167.1%	162.8%	172.2%	172.1%	169.3%
IV Rank	58.4%	44.1%	85.5%	57.8%	61.1%
IV Percentile	81.1%	73.0%	96.4%	81.7%	83.7%
Term Structure	-11.3%	-30.4%	10.5%	6.0%	-8.1%
VWIV	110.7%	98.9%	123.8%	115.3%	100.2%
Skew 25d	13.8%	-17.5%	42.3%	11.3%	13.0%
Skew 10d	26.9%	-41.6%	59.0%	19.1%	22.1%
Call IV 25d	90.2%	63.4%	131.7%	94.0%	85.4%
Put IV 25d	104.0%	85.5%	123.0%	105.4%	98.4%
Bid-Ask Spread %	61.30	39.61	96.44	96.44	64.02
Gamma HHI	0.65	0.28	0.97	0.33	0.57
Net GEX	4.2K	251	9.5K	3.9K	5.1K
Net DEX	-132.6K	-364.9K	-17.5K	-101.1K	-74.8K
Net VEX	-744	-1.7K	-267	-562	-1.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.98	0.00	30.61	0.07	0.00
Total Volume	156.35	0	1,015	32	30
Total OI	1,778.45	884	2,322	2,002	2,176

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
2009-01-02	$7.17	$5.00	110.1%	31.6%	172.1%	57.8%	115.3%	11.3%	6.0%	3.9K	-101.1K	-562	0.07	96.44	30	2	1,571	431
2009-01-05	$6.92	$7.50	87.4%	32.4%	171.9%	44.1%	0.0%	-10.0%	-24.5%	3.2K	-86.2K	-478	0.10	46.60	402	42	1,572	429
2009-01-06	$7.36	$7.50	111.1%	30.8%	164.4%	58.5%	104.5%	-13.1%	-11.5%	3.2K	-57.7K	-482	0.10	48.15	21	2	1,503	429
2009-01-07	$6.98	$7.50	107.4%	32.9%	157.8%	56.2%	114.2%	-17.5%	-20.4%	3.0K	-45.1K	-450	0.00	44.71	9	0	1,520	420
2009-01-08	$7.06	$7.50	104.9%	32.1%	157.5%	54.7%	0.0%	-5.0%	-21.6%	2.0K	-70.9K	-396	0.00	52.14	1	0	1,527	390
2009-01-09	$6.97	$7.50	98.1%	31.4%	153.7%	50.6%	0.0%	16.0%	-23.1%	2.4K	-62.1K	-395	0.00	51.00	0	0	1,528	390
2009-01-12	$6.32	$7.50	108.4%	35.3%	138.6%	56.8%	123.8%	14.2%	-30.4%	251	-17.5K	-267	0.00	56.25	100	0	1,528	390
2009-01-13	$6.79	$7.50	110.9%	33.3%	130.6%	58.3%	116.0%	16.4%	-21.0%	2.6K	-149.8K	-433	0.00	41.89	18	0	1,628	290
2009-01-14	$6.21	$7.50	155.8%	36.1%	129.4%	85.5%	123.8%	21.4%	-19.4%	978	-105.4K	-341	0.03	56.55	399	13	1,635	290
2009-01-15	$6.29	$7.50	114.3%	32.8%	113.9%	60.4%	114.5%	26.3%	-22.4%	3.6K	-205.3K	-656	0.00	65.11	5	0	2,032	290
2009-01-16	$6.74	$7.50	103.0%	29.5%	112.9%	53.5%	103.4%	34.2%	-16.6%	4.3K	-253.9K	-691	0.06	56.41	166	10	2,036	260
2009-01-20	$5.51	$7.50	127.0%	36.4%	128.8%	68.0%	0.0%	15.0%	-19.7%	3.0K	-44.3K	-463	0.00	50.81	0	10	764	120
2009-01-21	$6.24	$7.50	136.4%	39.1%	126.6%	73.8%	98.9%	18.5%	-21.7%	4.3K	-73.3K	-589	0.00	39.61	14	0	764	129
2009-01-22	$6.27	$7.50	114.1%	32.7%	125.3%	60.3%	113.7%	14.2%	-9.6%	4.6K	-97.2K	-639	0.25	72.27	40	10	778	129
2009-01-23	$6.39	$5.00	101.9%	29.2%	125.1%	52.9%	100.9%	11.7%	5.8%	4.7K	-97.9K	-641	0.00	74.88	1,015	0	783	139
2009-01-26	$6.32	$5.00	107.2%	30.7%	124.1%	56.1%	110.1%	10.3%	7.3%	9.5K	-307.1K	-1.3K	4.50	80.90	20	90	1,558	139
2009-01-27	$6.41	$5.00	107.2%	30.7%	124.0%	56.1%	111.2%	38.9%	10.5%	9.1K	-307.9K	-1.4K	30.61	76.43	18	551	1,562	229
2009-01-28	$7.36	$5.00	100.2%	28.7%	129.3%	51.9%	100.2%	42.3%	7.5%	8.4K	-364.9K	-1.7K	0.00	63.38	57	0	1,322	764
2009-01-29	$6.26	$5.00	99.1%	28.4%	138.4%	51.2%	0.0%	17.4%	6.3%	5.9K	-128.6K	-1.5K	0.00	88.47	52	0	1,360	764
2009-01-30	$5.97	$5.00	115.4%	33.1%	137.3%	61.1%	0.0%	13.0%	-8.1%	5.1K	-74.8K	-1.4K	0.00	64.02	30	0	1,412	764