BDN Options History — October 2011

In October 2011, BDN traded between $7.09 and $9.31. ATM implied volatility averaged 49.6%, placing in the 30.6% IV rank vs the trailing year. The 30-day expected move averaged 14.4%. IV traded below realized volatility by 11.1% (HV 20d: 60.7%). Max pain ranged from $7.50 to $12.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2011-10-19: Highest Volume — 170 contracts
2011-10-27: Largest IV drop — 24.6% change
2011-10-20: Highest IV Rank — 44.6%
2011-10-20: Largest Expected Move — 18.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$7.96	$7.09	$9.31	$7.19	$9.11
Max Pain	$8.95	$7.50	$12.50	$12.50	$10.00
ATM IV	49.6%	36.2%	64.5%	53.5%	37.8%
Expected Move	14.4%	10.4%	18.5%	15.3%	10.8%
HV 20d	60.7%	46.8%	66.2%	60.6%	46.8%
HV 60d	62.0%	59.6%	65.2%	59.8%	63.0%
IV Rank	30.6%	18.1%	44.6%	34.3%	19.5%
IV Percentile	79.7%	57.5%	92.1%	86.5%	59.9%
Term Structure	2.2%	-8.0%	14.1%	-1.9%	8.7%
VWIV	74.3%	43.0%	124.7%	124.7%	43.0%
Skew 25d	15.8%	-15.8%	55.9%	8.5%	9.1%
Skew 10d	24.3%	-29.4%	89.7%	13.7%	5.8%
Call IV 25d	49.3%	36.1%	64.5%	64.5%	42.7%
Put IV 25d	65.0%	41.2%	101.6%	72.9%	51.7%
Bid-Ask Spread %	106.57	96.95	111.70	109.92	111.01
Gamma HHI	0.35	0.34	0.43	0.35	0.42
Net GEX	1.0K	184	4.1K	213	4.1K
Net DEX	67.9K	-52.6K	136.6K	136.6K	-52.3K
Net VEX	-537	-839	-404	-461	-787
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.02	0.00	0.00
Total Volume	19.238	0	170	0	5
Total OI	1,128.857	625	1,347	1,347	790

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
2011-10-03	$7.19	$12.50	53.5%	15.3%	60.6%	34.3%	0.0%	8.5%	-1.9%	213	136.6K	-461	0.00	109.92	0	0	1,054	293
2011-10-04	$7.24	$12.50	48.4%	13.9%	60.9%	29.4%	124.7%	27.6%	10.0%	216	120.9K	-470	0.00	111.70	0	10	1,054	267
2011-10-05	$7.21	$12.50	53.1%	15.2%	58.5%	33.9%	0.0%	22.0%	7.2%	186	113.2K	-448	0.00	111.09	0	0	1,054	257
2011-10-06	$7.38	$12.50	42.7%	12.2%	59.8%	24.2%	0.0%	-15.8%	7.4%	337	110.3K	-497	0.00	108.58	0	10	1,054	257
2011-10-07	$7.09	$0.00	44.5%	15.6%	60.5%	25.8%	0.0%	5.2%	-1.1%	184	108.6K	-437	0.00	104.81	0	0	1,054	247
2011-10-10	$7.39	$0.00	48.0%	15.8%	63.2%	29.1%	55.3%	55.9%	-0.3%	347	104.8K	-463	0.00	96.95	16	0	1,054	247
2011-10-11	$7.44	$7.50	57.5%	15.1%	63.5%	38.0%	0.0%	8.9%	1.9%	528	100.1K	-479	0.00	104.19	0	0	1,058	247
2011-10-12	$7.55	$7.50	53.9%	15.2%	63.9%	34.7%	0.0%	12.9%	0.8%	571	98.4K	-485	0.00	105.44	0	0	1,058	247
2011-10-13	$7.47	$7.50	52.6%	15.1%	60.3%	33.4%	0.0%	7.3%	0.6%	451	103.3K	-452	0.00	105.02	0	0	1,058	247
2011-10-14	$7.57	$7.50	54.3%	15.6%	60.8%	35.0%	0.0%	46.8%	-1.9%	464	103.1K	-454	0.00	103.85	0	0	1,058	247
2011-10-17	$7.40	$7.50	57.3%	16.4%	59.8%	37.8%	0.0%	10.8%	-7.5%	290	104.2K	-404	0.00	103.89	0	0	1,058	247
2011-10-18	$7.94	$7.50	58.2%	16.7%	66.2%	38.6%	0.0%	24.1%	6.5%	911	87.2K	-539	0.00	100.77	0	20	1,058	247
2011-10-19	$8.01	$7.50	58.4%	16.7%	61.5%	38.8%	0.0%	33.9%	-2.3%	981	101.6K	-555	0.00	99.42	170	0	1,058	267
2011-10-20	$8.09	$7.50	64.5%	18.5%	58.6%	44.6%	0.0%	35.7%	-7.9%	1.0K	82.9K	-553	0.00	102.15	2	0	1,044	247
2011-10-21	$8.46	$7.50	50.6%	14.5%	60.6%	31.5%	0.0%	8.1%	11.3%	1.1K	75.4K	-564	0.00	104.70	0	1	1,044	247
2011-10-24	$8.76	$7.50	41.8%	12.0%	61.6%	23.3%	0.0%	0.7%	-6.3%	1.5K	-4.8K	-596	0.00	110.76	2	0	458	167
2011-10-25	$8.57	$7.50	41.7%	11.9%	62.1%	23.2%	0.0%	3.4%	8.4%	1.3K	5.8K	-554	0.00	110.63	0	0	460	167
2011-10-26	$8.67	$7.50	48.0%	13.8%	60.0%	29.1%	43.0%	2.2%	-8.0%	1.4K	1.8K	-561	0.00	111.55	0	20	460	167
2011-10-27	$9.31	$10.00	36.2%	10.4%	63.5%	18.1%	0.0%	13.9%	14.1%	1.8K	-22.7K	-689	0.02	110.44	117	2	460	187
2011-10-28	$9.25	$10.00	38.7%	11.1%	62.8%	20.4%	0.0%	10.1%	5.9%	4.0K	-52.6K	-839	0.00	111.07	29	0	572	189
2011-10-31	$9.11	$10.00	37.8%	10.8%	46.8%	19.5%	0.0%	9.1%	8.7%	4.1K	-52.3K	-787	0.00	111.01	5	0	601	189