BDN Options History — April 2011

In April 2011, BDN traded between $11.74 and $12.70. ATM implied volatility averaged 30.0%, placing in the 11.4% IV rank vs the trailing year. The 30-day expected move averaged 7.4%. IV traded above realized volatility by 12.7% (HV 20d: 17.3%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 17 of 20 days. Put/call ratio averaged 0.70.

Notable Days

2011-04-14: Highest Volume — 49 contracts
2011-04-14: Largest IV drop — 43.1% change
2011-04-13: Highest IV Rank — 31.1%
2011-04-15: Largest Expected Move — 8.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.14	$11.74	$12.70	$12.08	$12.70
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	30.0%	21.9%	50.9%	22.3%	21.9%
Expected Move	7.4%	6.3%	8.5%	6.4%	6.3%
HV 20d	17.3%	15.4%	18.7%	17.6%	17.9%
HV 60d	20.5%	19.7%	21.4%	20.2%	19.8%
IV Rank	11.4%	3.7%	31.1%	4.1%	3.7%
IV Percentile	25.2%	2.0%	84.1%	2.0%	2.0%
Term Structure	6.8%	-1.3%	53.9%	8.5%	9.8%
VWIV	29.8%	25.7%	39.2%	39.2%	29.2%
Skew 25d	13.2%	-7.4%	86.6%	2.3%	-6.8%
Skew 10d	17.2%	-12.0%	117.7%	2.4%	-12.0%
Call IV 25d	30.4%	25.1%	33.9%	28.8%	31.0%
Put IV 25d	43.6%	24.2%	111.7%	31.2%	24.2%
Bid-Ask Spread %	104.36	100.31	109.27	105.14	109.27
Gamma HHI	0.95	0.93	0.97	0.95	0.97
Net GEX	45.9K	37.8K	62.1K	41.7K	62.1K
Net DEX	-750.3K	-998.8K	-595.2K	-790.2K	-998.8K
Net VEX	-3.6K	-3.9K	-3.4K	-3.9K	-3.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.70	0.00	6.50	1.25	0.00
Total Volume	14.25	0	49	9	6
Total OI	1,708.15	1,630	1,762	1,712	1,750

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
2011-04-01	$12.08	$10.00	22.3%	6.4%	17.6%	4.1%	39.2%	2.3%	8.5%	41.7K	-790.2K	-3.9K	1.25	105.14	4	5	1,549	163
2011-04-04	$12.11	$10.00	22.1%	6.4%	17.6%	3.9%	0.0%	82.3%	6.8%	43.8K	-796.9K	-3.8K	0.00	104.04	16	0	1,549	168
2011-04-05	$12.11	$10.00	24.7%	6.9%	15.4%	6.3%	0.0%	84.9%	7.1%	44.0K	-801.4K	-3.8K	0.00	103.87	3	0	1,555	168
2011-04-06	$12.24	$10.00	29.8%	6.3%	15.9%	11.1%	0.0%	86.6%	9.4%	45.4K	-828.4K	-3.9K	0.00	101.83	0	0	1,545	168
2011-04-07	$12.02	$10.00	31.0%	7.7%	16.5%	12.3%	0.0%	2.0%	2.9%	44.4K	-738.2K	-3.7K	0.00	104.21	4	0	1,545	168
2011-04-08	$11.82	$10.00	37.0%	7.4%	17.4%	18.0%	0.0%	-1.9%	-1.3%	40.5K	-673.9K	-3.5K	0.00	102.94	0	0	1,541	168
2011-04-11	$11.87	$10.00	42.7%	7.5%	17.3%	23.4%	0.0%	-0.9%	0.4%	40.9K	-680.0K	-3.4K	0.00	103.92	0	3	1,541	168
2011-04-12	$11.74	$10.00	47.5%	7.1%	16.6%	27.9%	27.5%	2.9%	3.4%	38.5K	-605.3K	-3.4K	2.00	100.31	10	20	1,541	171
2011-04-13	$11.74	$10.00	50.9%	8.0%	15.5%	31.1%	0.0%	-1.8%	-0.6%	37.8K	-595.2K	-3.4K	0.00	102.44	0	0	1,547	191
2011-04-14	$11.96	$10.00	28.9%	8.3%	16.4%	10.4%	29.2%	2.1%	1.8%	41.6K	-642.4K	-3.5K	0.00	100.48	49	0	1,547	191
2011-04-15	$12.19	$10.00	29.5%	8.5%	17.6%	10.9%	29.5%	2.4%	-1.0%	50.7K	-745.4K	-3.6K	0.07	105.27	30	2	1,571	191
2011-04-18	$12.01	$10.00	23.1%	6.6%	18.4%	4.9%	0.0%	2.5%	53.9%	43.1K	-611.4K	-3.5K	0.00	101.14	10	0	1,451	179
2011-04-19	$12.09	$10.00	25.1%	7.2%	18.5%	6.8%	25.7%	-4.1%	14.4%	45.0K	-625.6K	-3.5K	0.00	100.54	38	0	1,457	179
2011-04-20	$12.20	$10.00	28.3%	8.1%	18.7%	9.8%	28.5%	2.7%	2.1%	49.3K	-684.0K	-3.6K	0.00	105.38	1	0	1,495	179
2011-04-21	$12.20	$10.00	27.4%	7.8%	17.8%	8.9%	0.0%	3.1%	1.5%	45.1K	-744.9K	-3.6K	0.03	105.97	33	1	1,496	179
2011-04-25	$12.34	$10.00	27.9%	8.0%	18.1%	9.3%	0.0%	4.3%	3.3%	47.9K	-819.8K	-3.7K	0.00	107.10	0	0	1,529	179
2011-04-26	$12.39	$10.00	26.6%	7.6%	18.1%	8.2%	0.0%	4.1%	6.9%	50.0K	-862.9K	-3.7K	0.00	109.22	0	0	1,529	179
2011-04-27	$12.35	$10.00	29.1%	8.3%	17.2%	10.5%	29.2%	3.8%	2.0%	50.5K	-833.0K	-3.7K	0.00	108.11	20	0	1,529	179
2011-04-28	$12.55	$10.00	24.9%	7.2%	17.5%	6.6%	0.0%	-7.4%	5.5%	56.2K	-928.7K	-3.7K	6.50	106.00	4	26	1,549	179
2011-04-29	$12.70	$10.00	21.9%	6.3%	17.9%	3.7%	0.0%	-6.8%	9.8%	62.1K	-998.8K	-3.8K	0.00	109.27	6	0	1,553	197