BDN Options History — May 2010

In May 2010, BDN traded between $10.86 and $13.21. ATM implied volatility averaged 42.2%, placing in the 21.6% IV rank vs the trailing year. The 30-day expected move averaged 12.3%. IV traded below realized volatility by 5.7% (HV 20d: 47.9%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 0.64.

Notable Days

2010-05-04: Highest Volume — 74 contracts
2010-05-13: Largest IV spike — 48.4% change
2010-05-25: Highest IV Rank — 50.4%
2010-05-25: Largest Expected Move — 16.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.08	$10.86	$13.21	$13.21	$11.59
Max Pain	$11.75	$10.00	$12.50	$12.50	$10.00
ATM IV	42.2%	27.8%	57.1%	38.5%	33.8%
Expected Move	12.3%	9.7%	16.4%	11.0%	9.7%
HV 20d	47.9%	41.8%	56.4%	43.1%	55.2%
HV 60d	36.5%	31.4%	42.6%	31.8%	42.6%
IV Rank	21.6%	0.2%	50.4%	10.7%	11.3%
IV Percentile	30.1%	0.4%	71.8%	21.0%	8.3%
Term Structure	-0.0%	-4.8%	3.7%	0.2%	2.4%
VWIV	41.6%	27.0%	57.3%	36.8%	57.3%
Skew 25d	1.2%	-19.6%	13.9%	4.3%	-7.2%
Skew 10d	4.4%	-7.4%	14.7%	4.5%	-6.4%
Call IV 25d	39.5%	26.1%	54.9%	34.4%	40.5%
Put IV 25d	40.7%	31.7%	59.2%	38.7%	33.4%
Bid-Ask Spread %	73.49	27.61	99.02	61.74	52.27
Gamma HHI	0.64	0.53	0.73	0.68	0.60
Net GEX	16.6K	11.3K	23.3K	15.6K	15.0K
Net DEX	-548.7K	-844.7K	-277.2K	-768.5K	-438.2K
Net VEX	-2.2K	-2.4K	-2.1K	-2.2K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.64	0.00	4.50	0.48	0.15
Total Volume	24.45	0	74	0	23
Total OI	1,273.35	1,169	1,369	1,169	1,339

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
2010-05-03	$13.21	$12.50	38.5%	11.0%	43.1%	10.7%	0.0%	4.3%	0.2%	15.6K	-768.5K	-2.2K	0.00	61.74	0	0	919	250
2010-05-04	$12.86	$12.50	36.9%	10.6%	43.1%	9.1%	36.8%	2.2%	3.3%	16.3K	-703.7K	-2.2K	0.48	60.39	50	24	919	250
2010-05-05	$12.80	$12.50	38.1%	10.9%	41.8%	11.4%	0.0%	1.6%	1.9%	16.4K	-705.6K	-2.3K	0.00	60.69	0	0	942	257
2010-05-06	$12.30	$12.50	42.8%	12.3%	44.1%	16.5%	42.8%	5.4%	-3.0%	15.4K	-577.9K	-2.3K	4.50	68.72	6	27	942	257
2010-05-07	$11.88	$12.50	41.2%	13.6%	45.5%	14.7%	0.0%	-5.8%	1.2%	13.3K	-501.2K	-2.4K	0.00	88.43	0	0	948	267
2010-05-10	$12.65	$12.50	39.2%	11.2%	51.0%	12.5%	39.0%	8.2%	0.8%	18.0K	-645.1K	-2.2K	0.21	85.69	48	10	948	267
2010-05-11	$12.87	$12.50	40.5%	12.0%	48.2%	14.0%	0.0%	13.9%	-0.0%	18.6K	-756.2K	-2.3K	0.50	82.71	20	10	996	277
2010-05-12	$13.07	$12.50	27.8%	10.7%	48.6%	0.2%	27.0%	8.4%	3.7%	21.6K	-844.7K	-2.2K	0.00	99.02	5	0	1,016	267
2010-05-13	$12.84	$12.50	41.3%	11.8%	46.2%	16.9%	0.0%	8.4%	-0.9%	21.5K	-785.6K	-2.2K	0.00	94.31	0	0	1,020	257
2010-05-14	$12.39	$12.50	39.1%	11.2%	46.7%	14.2%	0.0%	2.8%	1.8%	22.9K	-648.0K	-2.3K	0.00	95.91	10	0	1,020	257
2010-05-17	$12.22	$12.50	41.3%	11.8%	46.3%	16.9%	41.3%	0.5%	-0.9%	23.3K	-589.0K	-2.2K	0.44	95.73	27	12	1,030	257
2010-05-18	$11.95	$12.50	44.5%	12.8%	46.0%	27.4%	44.5%	-1.7%	-2.1%	20.9K	-525.3K	-2.2K	0.00	91.57	36	0	1,044	268
2010-05-19	$11.75	$12.50	43.6%	12.5%	45.0%	27.2%	43.5%	-5.0%	-2.8%	18.3K	-468.9K	-2.2K	0.00	98.80	8	0	1,060	268
2010-05-20	$11.05	$12.50	43.7%	12.5%	48.4%	27.5%	39.7%	-19.6%	-4.8%	12.9K	-319.3K	-2.1K	1.19	96.28	21	25	1,061	268
2010-05-21	$11.44	$10.00	44.0%	12.6%	50.5%	28.0%	44.4%	9.4%	-3.3%	12.7K	-362.9K	-2.1K	0.95	93.31	21	20	1,082	287
2010-05-24	$11.05	$10.00	53.4%	15.3%	51.3%	44.0%	0.0%	2.9%	0.9%	11.5K	-304.7K	-2.1K	0.97	35.90	31	30	970	285
2010-05-25	$11.10	$10.00	57.1%	16.4%	50.4%	50.4%	57.3%	4.3%	2.4%	11.8K	-317.7K	-2.2K	0.17	27.61	12	2	1,001	315
2010-05-26	$10.86	$10.00	52.9%	15.2%	50.4%	46.6%	0.0%	-2.1%	0.7%	11.3K	-277.2K	-2.2K	0.00	34.07	0	0	1,011	317
2010-05-27	$11.64	$10.00	45.1%	12.9%	56.4%	32.2%	0.0%	-7.0%	-1.4%	14.6K	-434.8K	-2.3K	0.00	46.58	11	0	1,011	317
2010-05-28	$11.59	$10.00	33.8%	9.7%	55.2%	11.3%	0.0%	-7.2%	2.4%	15.0K	-438.2K	-2.3K	0.15	52.27	20	3	1,022	317