BDN Options History — April 2012

In April 2012, BDN traded between $10.66 and $11.86. ATM implied volatility averaged 29.7%, placing in the 15.1% IV rank vs the trailing year. The 30-day expected move averaged 7.9%. IV traded above realized volatility by 8.9% (HV 20d: 20.8%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.01.

Notable Days

2012-04-24: Highest Volume — 48 contracts
2012-04-12: Largest IV drop — 40.9% change
2012-04-09: Highest IV Rank — 29.1%
2012-04-05: Largest Expected Move — 11.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.37	$10.66	$11.86	$11.57	$11.86
Max Pain	$10.50	$10.00	$12.50	$10.00	$10.00
ATM IV	29.7%	22.9%	41.6%	32.0%	24.4%
Expected Move	7.9%	6.6%	11.3%	9.2%	7.0%
HV 20d	20.8%	14.5%	23.8%	16.5%	23.7%
HV 60d	21.4%	20.3%	22.0%	20.3%	21.7%
IV Rank	15.1%	7.1%	29.1%	17.7%	8.8%
IV Percentile	31.3%	6.7%	65.1%	49.6%	11.1%
Term Structure	-4.4%	-14.2%	9.4%	-10.2%	-2.1%
VWIV	22.5%	20.0%	25.0%	20.0%	25.0%
Skew 25d	4.5%	-6.1%	14.5%	2.0%	14.5%
Skew 10d	4.0%	-1.1%	9.3%	0.3%	6.3%
Call IV 25d	28.4%	22.8%	39.8%	34.9%	24.4%
Put IV 25d	32.9%	21.8%	38.9%	37.0%	38.9%
Bid-Ask Spread %	110.97	104.18	119.58	111.57	110.85
Gamma HHI	0.75	0.55	0.92	0.56	0.91
Net GEX	5.8K	1.9K	9.9K	9.2K	9.7K
Net DEX	-110.3K	-498.2K	-42.0K	-498.2K	-143.4K
Net VEX	-553	-806	-381	-381	-663
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.01	0.00	0.05	0.00	0.00
Total Volume	4.45	0	48	0	0
Total OI	815.35	749	1,146	1,146	820

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
2012-04-02	$11.57	$10.00	32.0%	9.2%	16.5%	17.7%	0.0%	2.0%	-10.2%	9.2K	-498.2K	-381	0.00	111.57	0	0	631	515
2012-04-03	$11.38	$10.00	33.8%	9.7%	14.5%	19.9%	0.0%	2.5%	-11.1%	3.9K	-89.0K	-806	0.00	111.80	11	0	275	515
2012-04-04	$11.30	$10.00	35.3%	10.1%	14.8%	21.6%	0.0%	0.8%	-14.2%	5.3K	-86.6K	-607	0.00	111.87	4	0	286	515
2012-04-05	$11.19	$10.00	39.3%	11.3%	15.4%	26.3%	0.0%	-1.5%	-13.6%	3.9K	-78.5K	-694	0.00	111.88	0	0	286	515
2012-04-09	$11.08	$12.50	41.6%	7.5%	15.8%	29.1%	0.0%	3.1%	3.1%	4.1K	-68.5K	-532	0.00	110.34	0	0	286	515
2012-04-10	$10.66	$12.50	37.5%	6.6%	21.0%	24.2%	0.0%	-6.1%	4.1%	1.9K	-42.0K	-543	0.00	110.87	1	0	286	515
2012-04-11	$10.80	$12.50	40.9%	7.2%	20.1%	28.2%	0.0%	-3.4%	4.7%	2.4K	-48.4K	-564	0.00	110.94	0	0	286	515
2012-04-12	$11.03	$12.50	24.2%	6.9%	21.7%	8.5%	20.0%	3.7%	9.4%	4.4K	-65.2K	-468	0.00	109.95	1	0	286	515
2012-04-13	$10.94	$10.00	26.8%	7.7%	21.3%	11.6%	0.0%	2.4%	2.0%	3.5K	-60.5K	-502	0.00	110.12	0	0	287	515
2012-04-16	$11.09	$10.00	27.4%	7.9%	21.3%	12.3%	0.0%	5.7%	3.5%	3.9K	-68.3K	-548	0.00	104.18	1	0	287	515
2012-04-17	$11.35	$10.00	26.2%	7.5%	23.0%	10.9%	0.0%	3.9%	-7.6%	5.4K	-87.9K	-584	0.00	110.34	0	0	287	515
2012-04-18	$11.34	$10.00	26.5%	7.6%	22.8%	11.3%	0.0%	3.6%	-9.2%	4.9K	-83.1K	-532	0.00	110.06	0	0	287	515
2012-04-19	$11.46	$10.00	26.9%	7.7%	23.1%	11.7%	0.0%	4.4%	-9.8%	5.8K	-86.3K	-429	0.00	110.08	0	0	287	515
2012-04-20	$11.61	$10.00	25.3%	7.2%	22.7%	9.8%	0.0%	6.3%	-9.3%	6.5K	-97.4K	-435	0.00	110.72	0	0	287	515
2012-04-23	$11.51	$10.00	28.1%	8.1%	23.0%	13.2%	0.0%	5.1%	-7.3%	6.0K	-87.0K	-410	0.00	110.74	0	0	246	503
2012-04-24	$11.70	$10.00	26.8%	7.7%	23.5%	11.6%	0.0%	8.8%	-9.9%	6.8K	-106.0K	-455	0.00	111.00	48	0	246	503
2012-04-25	$11.85	$10.00	25.0%	7.2%	23.8%	9.5%	25.0%	11.7%	-3.6%	8.8K	-133.0K	-628	0.05	111.13	20	1	294	503
2012-04-26	$11.81	$10.00	22.9%	6.6%	23.8%	7.1%	0.0%	9.9%	-3.3%	9.4K	-137.6K	-640	0.00	119.58	2	0	314	504
2012-04-27	$11.85	$10.00	23.8%	6.8%	23.8%	8.0%	0.0%	13.4%	-3.5%	9.9K	-138.9K	-638	0.00	111.34	0	0	316	504
2012-04-30	$11.86	$10.00	24.4%	7.0%	23.7%	8.8%	0.0%	14.5%	-2.1%	9.7K	-143.4K	-663	0.00	110.85	0	0	316	504