BDN Options History — March 2010

In March 2010, BDN traded between $11.11 and $12.90. ATM implied volatility averaged 34.5%, placing in the 3.8% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded above realized volatility by 13.3% (HV 20d: 21.2%). Max pain ranged from $7.50 to $12.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 0.11.

Notable Days

2010-03-22: Highest Volume — 120 contracts
2010-03-09: Largest IV spike — 35.1% change
2010-03-12: Highest IV Rank — 7.3%
2010-03-01: Largest Expected Move — 11.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.04	$11.11	$12.90	$11.11	$12.21
Max Pain	$8.37	$7.50	$12.50	$12.50	$7.50
ATM IV	34.5%	27.7%	40.7%	40.7%	33.2%
Expected Move	10.3%	8.6%	11.7%	11.7%	9.5%
HV 20d	21.2%	15.6%	31.8%	31.8%	26.8%
HV 60d	27.8%	26.4%	31.9%	31.9%	27.8%
IV Rank	3.8%	0.0%	7.3%	5.6%	3.5%
IV Percentile	4.4%	0.0%	9.9%	7.1%	4.0%
Term Structure	1.5%	-4.2%	11.8%	11.8%	2.6%
VWIV	35.8%	32.4%	40.0%	32.4%	33.1%
Skew 25d	3.7%	-3.4%	8.9%	3.1%	-2.9%
Skew 10d	10.1%	-6.2%	48.5%	7.2%	-6.2%
Call IV 25d	35.9%	31.8%	38.9%	38.5%	36.1%
Put IV 25d	39.7%	32.5%	45.2%	41.6%	33.2%
Bid-Ask Spread %	28.07	13.07	89.15	40.30	16.87
Gamma HHI	0.61	0.48	0.76	0.48	0.76
Net GEX	17.8K	11.8K	25.6K	11.8K	25.6K
Net DEX	-784.0K	-1.1M	-508.4K	-508.4K	-780.6K
Net VEX	-2.1K	-2.4K	-1.9K	-1.9K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.11	0.00	0.50	0.00	0.00
Total Volume	31.435	0	120	1	2
Total OI	1,341.087	1,219	1,446	1,220	1,387

Daily Data (23 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
2010-03-01	$11.11	$12.50	40.7%	11.7%	31.8%	5.6%	32.4%	3.1%	11.8%	11.8K	-508.4K	-1.9K	0.00	40.30	1	0	992	228
2010-03-02	$11.28	$12.50	30.9%	8.9%	31.1%	0.0%	0.0%	5.0%	8.1%	12.0K	-532.0K	-1.9K	0.00	89.15	9	0	991	228
2010-03-03	$11.29	$12.50	30.4%	8.7%	31.1%	0.0%	0.0%	2.8%	8.0%	12.6K	-546.3K	-1.9K	0.24	61.45	21	5	998	228
2010-03-04	$11.31	$12.50	29.9%	8.6%	30.3%	0.0%	0.0%	3.8%	9.5%	12.8K	-545.8K	-1.9K	0.00	13.28	0	0	1,009	227
2010-03-05	$11.43	$7.50	27.9%	11.0%	23.0%	0.0%	0.0%	6.0%	0.4%	13.3K	-571.0K	-1.9K	0.50	29.93	20	10	1,009	227
2010-03-08	$11.64	$7.50	27.7%	10.8%	22.8%	0.0%	0.0%	4.9%	-0.4%	14.3K	-621.2K	-1.9K	0.22	27.94	45	10	1,025	227
2010-03-09	$11.74	$7.50	37.4%	11.3%	18.2%	5.8%	39.3%	8.1%	-3.1%	15.7K	-689.4K	-2.0K	0.33	27.84	30	10	1,070	237
2010-03-10	$11.60	$7.50	29.5%	11.1%	16.4%	1.1%	0.0%	2.9%	-2.0%	15.4K	-647.5K	-2.1K	0.00	27.91	0	2	1,086	247
2010-03-11	$11.78	$7.50	37.3%	10.7%	16.6%	5.7%	0.0%	8.9%	-4.0%	16.2K	-675.0K	-2.1K	0.00	25.94	0	1	1,086	249
2010-03-12	$11.70	$7.50	40.0%	11.5%	17.3%	7.3%	40.0%	4.2%	-4.2%	15.8K	-665.9K	-2.0K	0.45	28.25	22	10	1,086	249
2010-03-15	$11.66	$7.50	38.0%	10.9%	15.6%	6.1%	0.0%	6.4%	-2.3%	16.3K	-664.2K	-2.0K	0.00	30.15	4	0	1,098	239
2010-03-16	$11.92	$7.50	36.4%	10.4%	16.0%	5.2%	0.0%	-3.4%	-2.3%	17.8K	-731.5K	-2.0K	0.00	33.87	0	0	1,102	239
2010-03-17	$12.17	$7.50	36.8%	10.6%	16.7%	5.4%	36.8%	-0.5%	-1.1%	18.9K	-792.6K	-2.0K	0.01	35.21	110	1	1,102	239
2010-03-18	$12.41	$7.50	37.2%	10.7%	16.7%	5.6%	0.0%	0.8%	-0.8%	21.9K	-928.3K	-2.3K	0.00	13.29	3	0	1,189	239
2010-03-19	$12.30	$7.50	37.5%	10.8%	17.5%	6.1%	37.5%	0.3%	-1.2%	21.6K	-907.3K	-2.3K	0.00	14.57	50	0	1,192	239
2010-03-22	$12.62	$7.50	37.4%	10.7%	19.0%	6.0%	37.4%	3.2%	0.3%	22.3K	-994.7K	-2.4K	0.03	13.07	116	4	1,220	226
2010-03-23	$12.51	$7.50	34.3%	9.8%	19.2%	4.1%	34.3%	7.3%	4.7%	19.5K	-941.8K	-2.2K	0.00	13.71	55	0	1,158	230
2010-03-24	$12.80	$7.50	34.2%	9.8%	20.1%	4.0%	34.0%	3.5%	3.4%	20.0K	-1.0M	-2.2K	0.00	37.37	19	0	1,169	230
2010-03-25	$12.90	$7.50	35.3%	10.1%	20.0%	4.8%	0.0%	6.0%	2.7%	20.2K	-1.1M	-2.2K	0.00	15.63	0	0	1,174	230
2010-03-26	$12.80	$7.50	35.1%	10.1%	20.4%	4.6%	0.0%	1.8%	1.5%	20.8K	-1.0M	-2.2K	0.00	15.31	4	0	1,174	228
2010-03-29	$12.88	$7.50	33.0%	9.4%	19.6%	3.3%	33.0%	4.7%	4.0%	21.8K	-1.1M	-2.1K	0.18	14.98	55	10	1,176	228
2010-03-30	$12.75	$7.50	33.1%	9.5%	20.3%	3.4%	33.1%	8.8%	-0.1%	23.6K	-1.1M	-2.1K	0.06	19.67	89	5	1,200	238
2010-03-31	$12.21	$7.50	33.2%	9.5%	26.8%	3.5%	0.0%	-2.9%	2.6%	25.6K	-780.6K	-2.3K	0.00	16.87	2	0	1,144	243