BDN Options History — May 2009

In May 2009, BDN traded between $5.60 and $7.45. ATM implied volatility averaged 93.7%, placing in the 43.2% IV rank vs the trailing year. The 30-day expected move averaged 27.3%. IV traded below realized volatility by 27.4% (HV 20d: 121.1%). Max pain ranged from $5.00 to $10.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 0.72.

Notable Days

2009-05-11: Highest Volume — 1,363 contracts
2009-05-12: Largest IV drop — 30.1% change
2009-05-04: Highest IV Rank — 63.0%
2009-05-07: Largest Expected Move — 35.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.46	$5.60	$7.45	$5.64	$7.45
Max Pain	$5.38	$5.00	$10.00	$5.00	$7.50
ATM IV	93.7%	74.0%	128.9%	106.3%	74.0%
Expected Move	27.3%	21.2%	35.8%	30.5%	21.2%
HV 20d	121.1%	106.8%	141.6%	141.6%	106.8%
HV 60d	138.3%	136.2%	140.4%	140.1%	137.0%
IV Rank	43.2%	31.5%	63.0%	50.5%	31.5%
IV Percentile	47.7%	35.7%	79.4%	54.8%	35.7%
Term Structure	-4.6%	-24.3%	10.8%	7.8%	10.8%
VWIV	92.1%	74.0%	125.3%	125.3%	74.0%
Skew 25d	19.0%	16.3%	23.3%	17.5%	19.0%
Skew 10d	28.1%	1.5%	37.5%	1.5%	37.3%
Call IV 25d	70.5%	60.7%	75.3%	74.8%	75.3%
Put IV 25d	89.6%	84.0%	94.3%	92.3%	94.3%
Bid-Ask Spread %	49.95	18.87	78.24	60.22	19.64
Gamma HHI	0.55	0.38	0.78	0.48	0.53
Net GEX	6.0K	2.0K	14.5K	7.3K	10.0K
Net DEX	-616.3K	-958.1K	-423.4K	-475.9K	-788.3K
Net VEX	-2.0K	-2.6K	-1.6K	-2.0K	-2.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.72	0.00	6.13	0.74	0.07
Total Volume	219.5	0	1,363	0	120
Total OI	3,018.2	2,348	3,757	3,027	3,597

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
2009-05-01	$5.64	$5.00	106.3%	30.5%	141.6%	50.5%	0.0%	0.0%	7.8%	7.3K	-475.9K	-2.0K	0.00	60.22	0	0	2,139	888
2009-05-04	$5.83	$5.00	128.9%	35.5%	141.4%	63.0%	0.0%	0.0%	-20.4%	2.3K	-499.9K	-1.6K	0.74	54.34	43	32	2,139	888
2009-05-05	$5.60	$5.00	108.8%	32.3%	139.4%	51.9%	0.0%	0.0%	-6.6%	6.4K	-445.9K	-1.9K	0.00	62.78	0	20	2,172	900
2009-05-06	$5.85	$5.00	116.1%	35.6%	135.8%	56.0%	125.3%	0.0%	-21.9%	2.2K	-518.4K	-1.7K	0.00	54.07	12	0	2,172	890
2009-05-07	$5.61	$5.00	91.0%	35.8%	137.7%	42.1%	124.9%	0.0%	-24.3%	6.1K	-439.6K	-1.8K	1.00	28.81	20	20	2,173	890
2009-05-08	$6.59	$5.00	102.3%	27.6%	129.2%	48.3%	96.7%	0.0%	0.4%	2.0K	-667.6K	-1.6K	0.00	54.52	357	0	2,183	900
2009-05-11	$6.79	$5.00	119.7%	28.3%	127.5%	57.9%	98.8%	0.0%	-13.4%	14.5K	-929.4K	-2.0K	0.05	50.18	1,294	69	2,380	900
2009-05-12	$7.00	$5.00	83.7%	28.1%	112.0%	38.1%	97.9%	0.0%	-11.2%	13.5K	-958.1K	-2.0K	0.07	20.95	72	5	2,249	962
2009-05-13	$6.38	$5.00	94.0%	27.5%	118.2%	43.8%	0.0%	0.0%	-11.0%	4.1K	-685.7K	-1.9K	0.88	21.24	40	35	2,263	962
2009-05-14	$6.59	$5.00	97.6%	28.0%	116.4%	45.8%	97.5%	0.0%	-12.4%	4.2K	-739.2K	-1.9K	0.00	49.17	35	0	2,263	988
2009-05-15	$6.06	$5.00	108.4%	31.1%	120.7%	51.7%	90.0%	17.5%	-16.3%	4.0K	-589.6K	-1.9K	0.13	53.43	62	8	2,259	988
2009-05-18	$6.71	$5.00	89.1%	25.6%	115.7%	41.1%	96.7%	16.3%	-5.4%	4.6K	-564.8K	-1.8K	1.75	58.62	40	70	1,482	866
2009-05-19	$6.46	$5.00	78.8%	22.6%	115.8%	34.7%	78.2%	0.0%	4.2%	4.5K	-493.5K	-1.9K	0.73	58.82	30	22	1,516	931
2009-05-20	$6.70	$5.00	81.7%	23.4%	115.2%	36.3%	84.5%	23.3%	0.3%	4.7K	-557.9K	-2.0K	0.21	61.96	47	10	1,534	953
2009-05-21	$6.85	$5.00	80.1%	23.0%	115.2%	35.4%	80.2%	0.0%	6.1%	4.9K	-590.3K	-2.0K	0.06	64.10	315	20	1,571	963
2009-05-22	$6.50	$5.00	76.9%	22.0%	111.9%	33.6%	0.0%	0.0%	3.5%	6.1K	-630.0K	-2.5K	0.00	78.24	0	26	1,884	974
2009-05-26	$6.91	$5.00	86.1%	24.7%	107.1%	38.2%	84.5%	0.0%	-1.1%	6.5K	-729.8K	-2.4K	0.00	77.70	410	0	1,884	990
2009-05-27	$6.65	$5.00	75.0%	21.5%	108.6%	32.0%	76.9%	0.0%	10.8%	6.8K	-598.7K	-2.4K	6.13	51.34	121	742	1,924	990
2009-05-28	$7.10	$10.00	76.0%	21.8%	106.8%	32.6%	75.0%	19.0%	9.2%	4.9K	-423.4K	-2.6K	0.46	18.87	201	92	2,045	1,712
2009-05-29	$7.45	$7.50	74.0%	21.2%	106.8%	31.5%	74.0%	0.0%	10.8%	10.0K	-788.3K	-2.6K	0.07	19.64	112	8	2,192	1,405