BDN Options History — July 2010

In July 2010, BDN traded between $10.00 and $11.36. ATM implied volatility averaged 47.7%, placing in the 47.1% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded above realized volatility by 8.9% (HV 20d: 38.8%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.97.

Notable Days

2010-07-21: Highest Volume — 62 contracts
2010-07-29: Largest IV drop — 42.7% change
2010-07-07: Highest IV Rank — 74.7%
2010-07-02: Largest Expected Move — 15.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.63	$10.00	$11.36	$10.69	$11.36
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	47.7%	24.9%	60.1%	51.4%	24.9%
Expected Move	13.7%	7.1%	15.5%	14.7%	7.1%
HV 20d	38.8%	35.3%	42.9%	40.6%	39.5%
HV 60d	45.7%	44.8%	47.0%	45.7%	45.2%
IV Rank	47.1%	0.0%	74.7%	55.0%	0.0%
IV Percentile	54.8%	0.0%	92.1%	62.3%	0.0%
Term Structure	-0.2%	-6.3%	11.8%	3.3%	11.8%
VWIV	50.1%	47.9%	54.4%	47.9%	48.9%
Skew 25d	9.5%	-13.1%	18.3%	-7.2%	3.1%
Skew 10d	10.2%	-17.8%	19.1%	1.3%	5.5%
Call IV 25d	37.5%	27.0%	67.4%	59.3%	27.0%
Put IV 25d	47.0%	30.1%	54.4%	52.1%	30.1%
Bid-Ask Spread %	53.86	27.37	68.19	28.95	67.69
Gamma HHI	0.50	0.38	0.81	0.45	0.56
Net GEX	7.8K	948	24.4K	12.1K	6.2K
Net DEX	-108.3K	-258.2K	30.4K	-228.1K	-105.9K
Net VEX	-1.1K	-1.4K	-781	-1.4K	-1.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.97	0.00	9.00	0.07	1.60
Total Volume	22.714	0	62	16	0
Total OI	1,038.095	554	1,392	1,358	752

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
2010-07-01	$10.69	$10.00	51.4%	14.7%	40.6%	55.0%	47.9%	-7.2%	3.3%	12.1K	-228.1K	-1.4K	0.07	28.95	15	1	1,055	303
2010-07-02	$10.50	$10.00	54.0%	15.5%	36.1%	61.0%	54.4%	-13.1%	-0.5%	11.3K	-156.7K	-1.3K	0.00	27.37	0	21	1,042	304
2010-07-06	$10.00	$10.00	56.0%	15.0%	39.1%	65.3%	0.0%	7.4%	-0.2%	9.5K	-50.1K	-1.1K	1.57	62.63	7	11	1,042	305
2010-07-07	$10.26	$10.00	60.1%	15.0%	39.8%	74.7%	52.4%	13.6%	-2.3%	10.4K	-94.2K	-1.1K	0.50	63.60	40	20	1,035	314
2010-07-08	$10.14	$10.00	54.7%	14.9%	39.9%	62.4%	0.0%	10.2%	-1.3%	11.1K	-60.1K	-1.1K	0.00	64.50	6	0	1,048	334
2010-07-09	$10.53	$10.00	34.9%	14.4%	37.1%	18.1%	0.0%	18.1%	-0.5%	10.6K	-212.3K	-1.0K	0.20	64.87	5	1	1,042	334
2010-07-12	$10.51	$10.00	47.5%	14.5%	36.6%	46.3%	0.0%	2.0%	-1.2%	11.1K	-206.0K	-1.0K	0.00	55.00	15	0	1,047	334
2010-07-13	$10.68	$10.00	51.4%	14.1%	37.1%	55.2%	49.4%	16.9%	1.1%	8.1K	-258.2K	-956	1.67	49.31	6	10	1,035	334
2010-07-14	$10.58	$10.00	47.0%	14.0%	35.3%	45.2%	0.0%	13.8%	-0.4%	8.5K	-256.6K	-926	0.00	46.15	0	0	1,041	334
2010-07-15	$10.44	$10.00	49.6%	14.2%	35.4%	51.0%	49.6%	12.3%	-0.2%	11.9K	-219.4K	-878	0.71	46.26	14	10	1,041	334
2010-07-16	$10.18	$10.00	49.0%	14.1%	35.9%	49.8%	49.0%	10.3%	-0.1%	24.4K	-143.7K	-846	0.00	66.19	0	4	1,048	344
2010-07-19	$10.35	$10.00	49.0%	14.0%	37.0%	49.7%	49.0%	10.3%	-1.5%	948	30.4K	-781	9.00	49.79	2	18	356	198
2010-07-20	$10.63	$10.00	49.3%	14.1%	38.8%	50.3%	0.0%	14.8%	-2.1%	1.1K	22.0K	-845	0.00	50.77	42	0	356	211
2010-07-21	$10.28	$10.00	49.8%	14.3%	38.5%	51.5%	0.0%	10.0%	-2.9%	1.1K	28.3K	-877	0.00	48.24	62	0	387	211
2010-07-22	$10.78	$10.00	47.8%	13.7%	42.7%	46.9%	0.0%	15.2%	-0.7%	2.8K	-23.3K	-1.1K	0.12	52.58	50	6	445	211
2010-07-23	$10.82	$10.00	52.5%	15.1%	42.5%	57.7%	0.0%	18.3%	-6.3%	3.5K	-41.3K	-1.2K	0.00	45.48	2	0	492	211
2010-07-26	$11.07	$10.00	51.6%	14.8%	42.9%	55.6%	0.0%	18.1%	-3.6%	4.1K	-67.1K	-1.2K	0.13	54.29	48	6	494	211
2010-07-27	$11.12	$10.00	49.0%	14.0%	42.7%	49.7%	48.9%	14.1%	-3.8%	4.8K	-77.4K	-1.3K	0.00	59.56	29	0	516	211
2010-07-28	$10.99	$10.00	45.9%	13.1%	38.5%	42.7%	0.0%	5.4%	-1.6%	4.4K	-59.9K	-1.2K	0.00	59.58	0	0	533	211
2010-07-29	$11.30	$10.00	26.3%	7.5%	39.6%	0.0%	0.0%	5.0%	8.7%	5.8K	-94.3K	-1.3K	1.60	68.19	10	16	533	211
2010-07-30	$11.36	$10.00	24.9%	7.1%	39.5%	0.0%	0.0%	3.1%	11.8%	6.2K	-105.9K	-1.3K	0.00	67.69	0	0	541	211