BDN Options History — July 2011

In July 2011, BDN traded between $11.61 and $12.34. ATM implied volatility averaged 29.4%, placing in the 11.7% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded above realized volatility by 7.9% (HV 20d: 21.5%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 17 of 20 days. Put/call ratio averaged 0.27.

Notable Days

2011-07-01: Highest Volume — 114 contracts
2011-07-14: Largest IV drop — 52.3% change
2011-07-13: Highest IV Rank — 38.5%
2011-07-11: Largest Expected Move — 9.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.93	$11.61	$12.34	$11.70	$11.99
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	29.4%	19.3%	58.0%	31.0%	26.8%
Expected Move	7.2%	5.5%	9.3%	8.9%	7.7%
HV 20d	21.5%	18.4%	24.3%	24.3%	23.4%
HV 60d	23.4%	22.7%	24.6%	23.3%	24.3%
IV Rank	11.7%	2.2%	38.5%	13.2%	9.3%
IV Percentile	30.9%	1.2%	91.7%	42.9%	24.2%
Term Structure	3.2%	-20.4%	11.6%	-20.4%	1.8%
VWIV	25.5%	19.2%	34.4%	34.4%	23.1%
Skew 25d	7.9%	-5.5%	91.4%	5.9%	12.1%
Skew 10d	4.0%	-14.7%	118.4%	-0.2%	5.3%
Call IV 25d	27.1%	19.9%	35.8%	35.8%	27.9%
Put IV 25d	34.9%	19.8%	117.5%	41.6%	40.0%
Bid-Ask Spread %	101.70	96.59	108.37	101.20	104.25
Gamma HHI	0.96	0.94	0.99	0.96	0.96
Net GEX	43.4K	15.0K	89.1K	50.1K	26.4K
Net DEX	-328.6K	-521.8K	-118.1K	-273.4K	-341.8K
Net VEX	-2.5K	-2.9K	-2.0K	-2.5K	-2.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.27	0.00	2.00	0.00	0.00
Total Volume	25.95	0	114	114	0
Total OI	1,614.05	884	2,221	2,044	1,148

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
2011-07-01	$11.70	$12.50	31.0%	8.9%	24.3%	13.2%	34.4%	5.9%	-20.4%	50.1K	-273.4K	-2.5K	0.00	101.20	114	0	1,690	354
2011-07-05	$11.75	$0.00	30.7%	7.9%	22.7%	12.9%	22.4%	4.1%	3.5%	56.5K	-265.2K	-2.6K	0.00	108.37	11	0	1,799	354
2011-07-06	$11.86	$12.50	30.1%	7.3%	22.8%	12.3%	0.0%	5.2%	10.7%	66.0K	-331.7K	-2.7K	1.25	103.74	8	10	1,810	354
2011-07-07	$11.97	$12.50	29.4%	6.4%	22.7%	11.7%	25.1%	91.4%	4.3%	78.0K	-412.5K	-2.8K	0.00	97.04	4	0	1,818	349
2011-07-08	$12.08	$12.50	32.4%	8.1%	22.2%	14.5%	28.3%	-1.3%	0.3%	89.1K	-521.8K	-2.9K	0.00	98.84	30	0	1,822	349
2011-07-11	$11.82	$12.50	44.3%	9.3%	22.2%	25.6%	0.0%	-3.2%	-3.4%	64.7K	-357.0K	-2.6K	0.00	99.59	15	0	1,852	349
2011-07-12	$11.96	$12.50	43.9%	7.3%	22.2%	25.3%	25.9%	0.3%	2.8%	79.5K	-423.9K	-2.6K	2.00	100.29	5	10	1,867	349
2011-07-13	$11.86	$12.50	58.0%	6.7%	21.7%	38.5%	0.0%	1.2%	5.3%	69.0K	-403.7K	-2.5K	0.00	104.86	0	20	1,872	339
2011-07-14	$11.78	$12.50	27.7%	7.9%	18.7%	10.1%	0.0%	-5.1%	-2.4%	61.4K	-318.5K	-2.4K	0.00	101.04	0	0	1,872	349
2011-07-15	$11.80	$12.50	25.1%	7.2%	18.4%	7.7%	0.0%	3.3%	5.5%	15.7K	-118.1K	-2.1K	0.00	103.73	0	5	1,872	349
2011-07-18	$11.61	$12.50	21.6%	6.2%	19.6%	4.4%	0.0%	7.8%	11.6%	15.0K	-184.7K	-2.0K	0.00	103.28	13	0	728	156
2011-07-19	$11.91	$12.50	25.5%	7.3%	20.8%	8.0%	19.2%	13.4%	10.8%	16.9K	-222.4K	-2.1K	0.56	103.38	32	18	741	156
2011-07-20	$12.10	$12.50	21.3%	6.1%	21.4%	4.1%	0.0%	-3.9%	6.8%	21.0K	-267.1K	-2.2K	0.00	99.43	69	0	773	164
2011-07-21	$12.17	$12.50	22.6%	6.5%	21.0%	5.3%	23.1%	-4.6%	6.2%	23.9K	-324.1K	-2.5K	0.00	97.03	87	0	842	164
2011-07-22	$12.34	$12.50	23.0%	6.6%	19.4%	5.7%	0.0%	-5.5%	4.6%	28.2K	-420.1K	-2.8K	0.00	96.59	43	0	929	164
2011-07-25	$12.13	$12.50	19.3%	5.5%	20.4%	2.2%	0.0%	4.6%	2.8%	29.1K	-384.4K	-2.8K	0.00	99.95	5	0	959	164
2011-07-26	$12.13	$12.50	27.5%	7.9%	20.4%	9.9%	0.0%	8.1%	2.7%	27.5K	-369.8K	-2.7K	0.00	104.35	20	0	964	164
2011-07-27	$11.74	$12.50	21.9%	6.3%	23.0%	4.6%	0.0%	11.7%	6.1%	24.6K	-295.1K	-2.6K	0.00	103.10	0	0	984	164
2011-07-28	$11.95	$12.50	26.6%	7.6%	23.4%	9.0%	0.0%	11.7%	3.4%	25.4K	-335.9K	-2.7K	0.00	103.88	0	0	984	164
2011-07-29	$11.99	$12.50	26.8%	7.7%	23.4%	9.3%	0.0%	12.1%	1.8%	26.4K	-341.8K	-2.6K	0.00	104.25	0	0	984	164