BDN Options History — February 2010

In February 2010, BDN traded between $10.29 and $11.49. ATM implied volatility averaged 44.8%, placing in the 8.1% IV rank vs the trailing year. The 30-day expected move averaged 13.0%. IV traded above realized volatility by 11.8% (HV 20d: 33.0%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.62.

Notable Days

2010-02-05: Highest Volume — 161 contracts
2010-02-04: Largest IV spike — 49.7% change
2010-02-24: Highest IV Rank — 13.6%
2010-02-24: Largest Expected Move — 15.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.93	$10.29	$11.49	$11.49	$11.21
Max Pain	$11.58	$10.00	$12.50	$12.50	$12.50
ATM IV	44.8%	33.3%	53.8%	38.7%	37.6%
Expected Move	13.0%	9.6%	15.4%	11.1%	10.8%
HV 20d	33.0%	26.0%	36.7%	26.5%	31.8%
HV 60d	33.7%	31.9%	35.0%	33.7%	31.9%
IV Rank	8.1%	1.1%	13.6%	4.4%	3.7%
IV Percentile	15.0%	0.8%	36.1%	3.6%	4.0%
Term Structure	4.6%	-2.8%	17.4%	-1.0%	17.4%
VWIV	44.8%	33.1%	52.1%	48.2%	52.1%
Skew 25d	9.5%	1.9%	28.7%	11.7%	2.0%
Skew 10d	11.9%	3.2%	34.4%	15.6%	7.1%
Call IV 25d	38.0%	26.7%	44.7%	36.3%	39.1%
Put IV 25d	47.5%	41.1%	55.4%	47.9%	41.1%
Bid-Ask Spread %	48.16	17.30	81.57	44.15	41.44
Gamma HHI	0.47	0.43	0.53	0.53	0.47
Net GEX	10.5K	8.5K	11.8K	10.3K	11.8K
Net DEX	-460.6K	-534.0K	-370.8K	-499.6K	-524.5K
Net VEX	-2.0K	-2.1K	-1.8K	-2.0K	-1.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.62	0.00	4.43	0.00	0.00
Total Volume	17.526	0	161	8	7
Total OI	1,159.789	1,022	1,235	1,027	1,213

Daily Data (19 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
2010-02-01	$11.49	$12.50	38.7%	11.1%	26.5%	4.4%	0.0%	11.7%	-1.0%	10.3K	-499.6K	-2.0K	0.00	44.15	8	0	864	163
2010-02-02	$11.46	$12.50	36.3%	10.4%	26.0%	2.9%	0.0%	11.7%	-0.1%	10.5K	-491.0K	-2.0K	0.00	36.84	0	0	864	163
2010-02-03	$11.24	$12.50	33.3%	9.6%	26.7%	1.1%	0.0%	9.2%	15.8%	9.4K	-455.5K	-2.0K	0.00	17.30	11	0	864	163
2010-02-04	$10.66	$12.50	49.9%	14.3%	32.1%	11.2%	0.0%	2.3%	-1.5%	8.5K	-378.1K	-1.8K	4.43	35.64	7	31	859	163
2010-02-05	$10.88	$12.50	44.8%	14.3%	32.9%	8.1%	0.0%	6.5%	1.8%	8.7K	-375.4K	-1.9K	0.00	49.15	161	0	859	185
2010-02-08	$10.52	$12.50	49.1%	13.8%	34.6%	10.7%	48.2%	1.9%	5.9%	10.3K	-441.1K	-2.1K	1.00	39.20	3	3	1,020	185
2010-02-09	$10.29	$10.00	46.3%	13.8%	35.1%	9.0%	0.0%	2.2%	1.9%	10.0K	-404.4K	-2.0K	0.00	61.67	0	0	1,023	188
2010-02-10	$10.29	$10.00	49.5%	14.6%	35.1%	11.0%	0.0%	8.9%	-1.8%	9.8K	-377.6K	-2.0K	0.00	59.73	0	0	1,023	188
2010-02-11	$10.38	$10.00	47.0%	13.5%	34.1%	9.4%	0.0%	24.1%	-1.4%	10.2K	-370.8K	-2.0K	0.00	18.69	0	0	1,023	188
2010-02-12	$10.67	$10.00	45.1%	12.9%	35.8%	8.3%	45.7%	28.7%	6.2%	10.6K	-426.4K	-2.1K	0.38	35.43	8	3	1,023	188
2010-02-16	$10.87	$10.00	48.9%	14.0%	36.7%	10.6%	0.0%	16.3%	0.3%	11.0K	-474.9K	-2.1K	0.00	70.87	0	10	1,017	191
2010-02-17	$10.83	$10.00	46.2%	13.2%	35.2%	8.9%	0.0%	6.1%	4.0%	10.9K	-469.4K	-2.0K	0.00	51.13	14	0	1,017	201
2010-02-18	$11.04	$10.00	51.5%	14.8%	35.7%	12.2%	33.1%	4.7%	-2.8%	11.3K	-491.9K	-2.0K	0.00	51.45	0	25	1,009	201
2010-02-19	$11.10	$12.50	52.4%	15.0%	34.6%	12.7%	52.1%	8.8%	-1.6%	11.3K	-488.6K	-2.1K	0.00	58.72	3	0	1,009	226
2010-02-22	$11.16	$12.50	39.8%	11.4%	34.5%	5.1%	0.0%	19.5%	17.3%	11.4K	-513.0K	-2.0K	0.00	81.57	2	0	973	208
2010-02-23	$11.09	$12.50	39.5%	11.3%	33.3%	4.9%	0.0%	3.5%	14.9%	11.5K	-512.0K	-2.0K	0.00	64.77	5	0	973	208
2010-02-24	$11.21	$12.50	53.8%	15.4%	33.4%	13.6%	0.0%	7.7%	-2.2%	11.5K	-534.0K	-2.0K	1.67	42.25	12	20	973	208
2010-02-25	$11.23	$12.50	41.6%	11.9%	32.4%	6.1%	0.0%	4.5%	15.0%	11.4K	-523.6K	-2.1K	0.00	55.13	0	0	985	228
2010-02-26	$11.21	$12.50	37.6%	10.8%	31.8%	3.7%	0.0%	2.0%	17.4%	11.8K	-524.5K	-1.9K	0.00	41.44	7	0	985	228