BDN Options History — April 2010

In April 2010, BDN traded between $12.14 and $13.36. ATM implied volatility averaged 34.7%, placing in the 6.5% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded below realized volatility by 1.1% (HV 20d: 35.8%). Max pain ranged from $7.50 to $12.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 1.19.

Notable Days

2010-04-01: Highest Volume — 73 contracts
2010-04-14: Largest IV spike — 14.5% change
2010-04-30: Highest IV Rank — 10.7%
2010-04-30: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.79	$12.14	$13.36	$12.31	$12.74
Max Pain	$12.26	$7.50	$12.50	$7.50	$12.50
ATM IV	34.7%	28.8%	38.5%	31.2%	38.5%
Expected Move	10.4%	8.9%	11.0%	8.9%	11.0%
HV 20d	35.8%	26.9%	41.9%	26.9%	41.9%
HV 60d	30.7%	27.7%	33.2%	27.7%	33.2%
IV Rank	6.5%	0.8%	10.7%	2.2%	10.7%
IV Percentile	9.9%	0.8%	21.0%	2.4%	21.0%
Term Structure	2.3%	-1.6%	4.5%	4.5%	-1.6%
VWIV	36.7%	34.0%	42.3%	42.3%	36.4%
Skew 25d	-0.2%	-14.8%	9.0%	-4.2%	-2.6%
Skew 10d	1.2%	-20.6%	21.5%	-8.8%	-3.1%
Call IV 25d	37.8%	35.0%	43.2%	35.2%	39.2%
Put IV 25d	37.6%	28.4%	45.9%	31.0%	36.6%
Bid-Ask Spread %	69.54	17.15	85.99	17.15	58.43
Gamma HHI	0.76	0.61	0.88	0.77	0.66
Net GEX	24.9K	14.5K	48.5K	28.1K	15.4K
Net DEX	-810.5K	-1.0M	-566.2K	-781.2K	-699.6K
Net VEX	-2.2K	-2.3K	-2.0K	-2.3K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.19	0.00	11.25	5.08	1.00
Total Volume	25.81	1	73	73	20
Total OI	1,270.19	1,004	1,460	1,389	1,169

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
2010-04-01	$12.31	$7.50	31.2%	8.9%	26.9%	2.2%	42.3%	-4.2%	4.5%	28.1K	-781.2K	-2.3K	5.08	17.15	12	61	1,146	243
2010-04-05	$12.58	$12.50	32.9%	9.7%	27.5%	3.2%	0.0%	-6.3%	4.4%	30.6K	-889.3K	-2.3K	0.00	81.04	0	3	1,158	274
2010-04-06	$12.95	$12.50	32.9%	11.0%	28.4%	3.3%	0.0%	-4.1%	1.1%	29.6K	-1.0M	-2.2K	0.00	71.87	16	0	1,158	277
2010-04-07	$12.58	$12.50	33.0%	10.6%	30.9%	3.5%	37.5%	-8.5%	2.1%	31.9K	-915.7K	-2.2K	0.00	75.90	0	7	1,157	277
2010-04-08	$12.48	$12.50	31.8%	10.8%	30.7%	2.8%	37.6%	8.2%	1.4%	33.0K	-875.4K	-2.2K	0.20	58.16	15	3	1,157	277
2010-04-09	$12.60	$12.50	28.8%	10.1%	30.4%	0.8%	0.0%	-14.8%	3.6%	36.3K	-949.3K	-2.2K	0.00	56.93	0	1	1,172	287
2010-04-12	$12.45	$12.50	29.7%	10.0%	30.7%	2.0%	34.9%	5.4%	4.2%	42.5K	-862.9K	-2.1K	0.00	85.99	3	0	1,172	288
2010-04-13	$13.07	$12.50	33.1%	10.6%	34.6%	5.4%	0.0%	7.6%	2.7%	25.7K	-1.0M	-2.0K	0.00	74.94	67	0	1,050	288
2010-04-14	$13.08	$12.50	37.9%	10.4%	34.0%	10.2%	0.0%	6.6%	2.6%	25.7K	-1.0M	-2.2K	0.00	76.75	2	0	1,089	288
2010-04-15	$12.51	$12.50	36.0%	10.3%	37.6%	8.3%	36.0%	8.7%	2.3%	48.5K	-779.0K	-2.2K	0.14	75.06	21	3	1,087	288
2010-04-16	$12.14	$12.50	36.3%	10.4%	38.6%	8.5%	36.1%	9.0%	2.6%	34.2K	-566.2K	-2.1K	0.73	75.50	22	16	1,092	291
2010-04-19	$12.42	$12.50	36.5%	10.5%	39.4%	8.7%	36.5%	-7.2%	1.8%	14.5K	-574.2K	-2.1K	0.79	69.72	34	27	846	158
2010-04-20	$12.70	$12.50	34.0%	9.8%	39.1%	6.3%	34.0%	-4.1%	3.1%	16.3K	-644.5K	-2.2K	0.00	75.26	21	0	880	185
2010-04-21	$13.03	$12.50	35.4%	10.1%	39.9%	7.6%	0.0%	0.3%	2.4%	16.7K	-739.3K	-2.2K	11.25	77.22	4	45	900	185
2010-04-22	$13.25	$12.50	36.4%	10.4%	39.6%	8.7%	0.0%	2.2%	2.2%	15.8K	-795.2K	-2.1K	0.00	69.18	3	0	904	222
2010-04-23	$13.36	$12.50	36.3%	10.4%	39.6%	8.6%	35.3%	1.1%	3.3%	15.5K	-830.3K	-2.1K	0.23	74.81	35	8	907	222
2010-04-26	$13.34	$12.50	37.5%	10.8%	39.4%	9.7%	37.3%	2.4%	2.1%	15.0K	-809.1K	-2.3K	0.00	60.32	8	0	912	230
2010-04-27	$12.84	$12.50	37.6%	10.8%	41.9%	9.8%	0.0%	-2.1%	-0.4%	15.6K	-735.8K	-2.2K	0.00	81.74	8	0	916	230
2010-04-28	$12.90	$12.50	36.5%	10.5%	41.7%	8.8%	36.4%	-2.3%	2.6%	15.9K	-720.5K	-2.3K	0.00	81.61	16	0	920	230
2010-04-29	$13.23	$12.50	35.7%	10.2%	39.2%	7.9%	0.0%	0.2%	1.8%	15.7K	-798.8K	-2.1K	2.05	62.72	20	41	912	230
2010-04-30	$12.74	$12.50	38.5%	11.0%	41.9%	10.7%	0.0%	-2.6%	-1.6%	15.4K	-699.6K	-2.3K	1.00	58.43	10	10	919	250