BDN Options History — November 2010

In November 2010, BDN traded between $10.82 and $12.20. ATM implied volatility averaged 47.5%, placing in the 35.4% IV rank vs the trailing year. The 30-day expected move averaged 13.1%. IV traded above realized volatility by 19.7% (HV 20d: 27.8%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.48.

Notable Days

2010-11-10: Highest Volume — 40 contracts
2010-11-09: Largest IV spike — 266.1% change
2010-11-01: Highest IV Rank — 100.0%
2010-11-18: Largest Expected Move — 29.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.44	$10.82	$12.20	$12.04	$11.06
Max Pain	$12.38	$10.00	$12.50	$12.50	$10.00
ATM IV	47.5%	21.4%	101.7%	88.3%	64.3%
Expected Move	13.1%	7.8%	29.1%	25.3%	18.4%
HV 20d	27.8%	24.6%	31.3%	24.6%	27.0%
HV 60d	27.4%	25.6%	28.9%	28.9%	27.0%
IV Rank	35.4%	0.0%	100.0%	100.0%	53.5%
IV Percentile	46.3%	0.0%	100.0%	100.0%	98.0%
Term Structure	0.7%	-51.9%	91.1%	-12.6%	42.6%
VWIV	30.2%	25.3%	35.7%	33.2%	35.7%
Skew 25d	5.8%	-17.4%	59.7%	12.3%	-17.4%
Skew 10d	11.8%	-2.6%	33.5%	25.7%	8.2%
Call IV 25d	37.1%	23.2%	68.4%	37.7%	48.3%
Put IV 25d	42.8%	29.3%	128.1%	50.0%	30.9%
Bid-Ask Spread %	154.62	102.50	174.23	159.67	165.05
Gamma HHI	0.68	0.55	0.86	0.74	0.61
Net GEX	4.7K	1.8K	11.0K	6.3K	2.1K
Net DEX	-30.5K	-152.1K	29.4K	-73.2K	5.7K
Net VEX	-587	-873	-339	-760	-339
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.48	0.00	3.00	0.00	0.00
Total Volume	5.238	0	40	5	6
Total OI	471.524	354	526	514	368

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
2010-11-01	$12.04	$12.50	88.3%	25.3%	24.6%	100.0%	0.0%	12.3%	-12.6%	6.3K	-73.2K	-760	0.00	159.67	5	0	351	163
2010-11-02	$12.02	$12.50	29.4%	8.4%	24.6%	9.9%	0.0%	2.2%	-7.2%	8.9K	-95.3K	-803	0.00	151.10	3	0	356	163
2010-11-03	$11.96	$12.50	31.6%	9.1%	24.6%	13.2%	0.0%	17.4%	-5.5%	6.8K	-93.2K	-873	0.00	162.45	4	0	359	163
2010-11-04	$12.03	$12.50	33.1%	9.5%	24.7%	15.6%	33.2%	8.7%	-9.0%	9.8K	-100.5K	-787	1.00	143.27	4	4	363	163
2010-11-05	$12.20	$12.50	39.6%	11.6%	25.2%	25.4%	0.0%	-0.4%	-2.5%	8.4K	-152.1K	-841	0.00	174.23	8	0	363	159
2010-11-08	$12.05	$12.50	21.4%	9.7%	25.6%	0.0%	0.0%	0.2%	-0.1%	11.0K	-69.4K	-717	0.00	102.50	0	0	359	159
2010-11-09	$11.56	$12.50	78.2%	10.2%	29.1%	84.9%	25.3%	-7.2%	6.8%	4.9K	-69.7K	-749	1.25	167.56	4	5	359	159
2010-11-10	$11.80	$12.50	54.5%	12.6%	30.3%	49.4%	0.0%	59.7%	8.2%	6.4K	-48.0K	-676	3.00	166.37	10	30	359	164
2010-11-11	$11.64	$12.50	29.8%	8.5%	30.4%	12.6%	0.0%	-1.3%	0.6%	7.0K	-27.5K	-621	0.00	143.28	0	0	359	154
2010-11-12	$11.42	$12.50	28.2%	8.1%	31.0%	10.3%	0.0%	2.7%	3.5%	5.7K	-18.5K	-594	0.00	149.88	0	0	359	154
2010-11-15	$11.22	$12.50	95.8%	27.5%	30.1%	100.0%	0.0%	-3.2%	-49.9%	2.2K	-3.1K	-580	0.00	171.04	0	0	359	154
2010-11-16	$10.89	$12.50	68.6%	19.7%	31.3%	63.4%	0.0%	1.2%	-22.2%	1.8K	9.8K	-552	0.00	165.28	0	0	359	154
2010-11-17	$11.06	$12.50	40.3%	11.6%	29.3%	25.5%	0.0%	8.1%	-5.7%	2.3K	29.4K	-465	0.00	142.91	0	0	359	154
2010-11-18	$10.99	$12.50	101.7%	29.1%	28.3%	100.0%	0.0%	6.1%	-51.9%	1.9K	871	-574	0.00	171.61	0	0	359	154
2010-11-19	$11.05	$12.50	27.2%	7.8%	28.6%	7.2%	0.0%	2.8%	11.3%	2.2K	23.6K	-452	0.00	145.28	2	0	359	145
2010-11-22	$10.96	$12.50	31.9%	9.1%	28.2%	13.1%	0.0%	16.4%	4.6%	2.1K	8.5K	-386	0.00	139.90	8	0	237	125
2010-11-23	$10.82	$12.50	27.5%	7.9%	28.2%	7.6%	26.7%	5.2%	12.9%	1.8K	13.1K	-390	0.00	140.02	0	7	229	125
2010-11-24	$11.09	$12.50	35.6%	10.2%	29.5%	17.7%	0.0%	-2.5%	91.1%	2.1K	8.4K	-403	0.00	172.95	0	0	229	129
2010-11-26	$11.07	$12.50	33.2%	9.5%	26.3%	14.7%	0.0%	7.1%	5.2%	1.9K	10.2K	-381	0.00	149.83	0	0	229	129
2010-11-29	$11.22	$12.50	36.4%	10.4%	26.9%	18.7%	35.7%	2.8%	-5.5%	2.2K	128	-393	0.00	162.84	10	0	229	129
2010-11-30	$11.06	$10.00	64.3%	18.4%	27.0%	53.5%	0.0%	-17.4%	42.6%	2.1K	5.7K	-339	0.00	165.05	6	0	239	129