BDN Options History — May 2011

In May 2011, BDN traded between $11.95 and $12.76. ATM implied volatility averaged 27.2%, placing in the 9.0% IV rank vs the trailing year. The 30-day expected move averaged 7.8%. IV traded above realized volatility by 7.7% (HV 20d: 19.5%). 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 11 of 21 days. Put/call ratio averaged 0.20.

Notable Days

2011-05-31: Highest Volume — 476 contracts
2011-05-23: Largest IV drop — 46.4% change
2011-05-05: Highest IV Rank — 12.9%
2011-05-05: Largest Expected Move — 9.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.26	$11.95	$12.76	$12.67	$12.76
Max Pain	$12.02	$10.00	$12.50	$10.00	$12.50
ATM IV	27.2%	16.9%	31.6%	26.4%	24.6%
Expected Move	7.8%	4.9%	9.1%	7.6%	7.1%
HV 20d	19.5%	17.7%	21.7%	17.7%	21.7%
HV 60d	19.9%	18.4%	20.6%	19.8%	18.8%
IV Rank	9.0%	0.0%	12.9%	8.0%	7.2%
IV Percentile	20.0%	0.0%	37.7%	13.9%	9.1%
Term Structure	3.3%	-2.7%	14.9%	4.7%	9.5%
VWIV	21.4%	11.4%	28.8%	26.4%	28.8%
Skew 25d	9.4%	-10.1%	87.0%	-10.1%	-4.3%
Skew 10d	10.1%	-14.6%	122.9%	-14.6%	-9.6%
Call IV 25d	30.4%	14.1%	38.9%	36.5%	33.1%
Put IV 25d	39.8%	26.5%	118.5%	26.5%	28.8%
Bid-Ask Spread %	105.01	98.90	110.04	110.04	106.02
Gamma HHI	0.97	0.96	1.00	0.97	0.98
Net GEX	58.1K	49.1K	66.7K	59.9K	59.9K
Net DEX	-724.1K	-983.7K	-434.4K	-983.7K	-965.8K
Net VEX	-3.2K	-3.7K	-2.6K	-3.7K	-3.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.20	0.00	1.00	0.00	0.01
Total Volume	32.381	0	476	27	476
Total OI	1,725.143	1,604	1,768	1,756	1,652

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
2011-05-02	$12.67	$10.00	26.4%	7.6%	17.7%	8.0%	26.4%	-10.1%	4.7%	59.9K	-983.7K	-3.7K	0.00	110.04	27	0	1,559	197
2011-05-03	$12.45	$10.00	28.1%	8.1%	19.1%	9.6%	0.0%	4.6%	2.2%	58.0K	-861.8K	-3.7K	0.00	109.22	0	0	1,559	197
2011-05-04	$12.23	$10.00	27.6%	7.9%	20.3%	9.1%	0.0%	2.7%	-0.5%	54.9K	-810.9K	-3.6K	0.00	105.67	0	2	1,559	197
2011-05-05	$12.32	$10.00	31.6%	9.1%	20.1%	12.9%	0.0%	5.7%	-1.0%	54.8K	-777.1K	-3.6K	0.00	104.06	0	10	1,559	199
2011-05-06	$12.25	$12.50	29.1%	8.7%	19.0%	10.6%	0.0%	-3.1%	-0.8%	55.9K	-811.7K	-3.6K	0.00	98.90	0	0	1,559	209
2011-05-09	$12.19	$12.50	29.9%	8.8%	18.0%	11.3%	0.0%	87.0%	-1.0%	56.5K	-715.5K	-3.5K	1.00	100.59	10	10	1,559	209
2011-05-10	$12.49	$12.50	27.6%	8.3%	19.7%	9.1%	0.0%	77.9%	1.7%	62.6K	-881.7K	-3.5K	0.00	99.39	0	0	1,559	199
2011-05-11	$12.31	$12.50	31.4%	8.7%	20.1%	12.7%	0.0%	-2.4%	-1.8%	62.5K	-827.2K	-3.4K	0.00	100.09	0	0	1,559	199
2011-05-12	$12.22	$12.50	30.7%	8.8%	20.4%	12.0%	0.0%	-3.9%	-0.1%	57.7K	-758.5K	-3.4K	0.00	99.55	0	0	1,559	199
2011-05-13	$12.07	$12.50	28.8%	8.3%	20.0%	10.3%	0.0%	-4.1%	2.0%	55.2K	-661.7K	-3.2K	0.00	102.74	13	0	1,559	199
2011-05-16	$12.09	$12.50	30.7%	8.8%	18.8%	12.0%	0.0%	-4.5%	-0.3%	56.8K	-646.9K	-3.1K	0.00	100.80	0	0	1,559	199
2011-05-17	$12.03	$12.50	24.4%	7.0%	18.1%	6.1%	0.0%	6.3%	5.9%	57.9K	-606.6K	-3.0K	0.00	109.25	0	0	1,559	199
2011-05-18	$12.21	$12.50	27.4%	7.8%	18.7%	8.9%	0.0%	-3.7%	1.9%	66.7K	-667.1K	-3.1K	0.00	107.87	3	0	1,559	199
2011-05-19	$12.28	$12.50	30.7%	8.8%	18.5%	12.0%	0.0%	-2.4%	-0.5%	66.4K	-719.9K	-3.1K	0.00	106.04	0	0	1,561	199
2011-05-20	$12.06	$12.50	31.6%	9.1%	19.6%	12.9%	0.0%	-0.3%	-2.7%	59.2K	-604.7K	-2.9K	0.00	106.47	0	0	1,561	199
2011-05-23	$11.95	$12.50	16.9%	4.9%	19.3%	0.0%	11.4%	17.8%	14.5%	49.2K	-434.4K	-2.6K	0.18	104.78	11	2	1,405	199
2011-05-24	$12.01	$12.50	18.9%	5.4%	19.4%	1.8%	13.3%	19.0%	14.9%	49.1K	-498.1K	-2.7K	0.07	105.82	42	3	1,416	199
2011-05-25	$12.07	$12.50	23.6%	6.8%	19.5%	6.3%	0.0%	10.0%	8.2%	53.4K	-523.1K	-2.7K	0.00	109.00	0	20	1,448	202
2011-05-26	$12.35	$12.50	24.3%	7.0%	20.4%	6.9%	0.0%	11.6%	13.2%	58.1K	-669.0K	-3.0K	0.00	110.01	23	0	1,448	222
2011-05-27	$12.54	$12.50	27.3%	7.8%	20.7%	9.7%	27.2%	-6.4%	-1.3%	65.6K	-781.0K	-3.0K	0.56	108.84	18	10	1,427	222
2011-05-31	$12.76	$12.50	24.6%	7.1%	21.7%	7.2%	28.8%	-4.3%	9.5%	59.9K	-965.8K	-3.0K	0.01	106.02	471	5	1,437	215