BDN Options History — May 2012

In May 2012, BDN traded between $11.09 and $12.13. ATM implied volatility averaged 27.8%, placing in the 12.1% IV rank vs the trailing year. The 30-day expected move averaged 7.6%. IV traded above realized volatility by 9.2% (HV 20d: 18.6%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 0.03.

Notable Days

2012-05-04: Highest Volume — 150 contracts
2012-05-17: Largest IV spike — 29.4% change
2012-05-31: Highest IV Rank — 25.4%
2012-05-31: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.63	$11.09	$12.13	$12.07	$11.23
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	27.8%	21.0%	40.3%	21.5%	40.3%
Expected Move	7.6%	5.8%	11.5%	6.2%	11.5%
HV 20d	18.6%	14.7%	24.3%	24.3%	19.2%
HV 60d	19.7%	18.9%	20.3%	19.8%	19.6%
IV Rank	12.1%	4.8%	25.4%	5.4%	25.4%
IV Percentile	27.3%	2.4%	63.5%	3.6%	63.5%
Term Structure	-2.9%	-10.7%	11.0%	6.5%	-7.3%
Skew 25d	4.4%	-4.0%	20.2%	20.2%	-0.2%
Skew 10d	1.4%	-3.2%	7.9%	7.9%	2.7%
Call IV 25d	28.2%	20.0%	39.1%	20.0%	37.0%
Put IV 25d	32.6%	27.8%	42.2%	40.2%	36.8%
Bid-Ask Spread %	110.41	108.43	118.23	112.09	108.67
Gamma HHI	0.84	0.69	0.95	0.93	0.85
Net GEX	9.2K	5.8K	13.5K	11.4K	7.0K
Net DEX	-150.6K	-212.1K	-103.4K	-160.7K	-114.4K
Net VEX	-829	-1.0K	-628	-628	-707
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.03	0.00	0.20	0.00	0.00
Total Volume	15.864	0	150	30	0
Total OI	821.5	778	912	820	798

Daily Data (22 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
2012-05-01	$12.07	$10.00	21.5%	6.2%	24.3%	5.4%	0.0%	20.2%	6.5%	11.4K	-160.7K	-628	0.00	112.09	30	0	316	504
2012-05-02	$12.04	$10.00	24.5%	7.0%	23.3%	8.9%	0.0%	17.8%	-2.9%	12.2K	-171.3K	-717	0.00	111.09	52	0	346	504
2012-05-03	$12.13	$10.00	25.7%	7.4%	23.1%	10.4%	0.0%	10.6%	-2.7%	13.5K	-212.1K	-899	0.00	111.07	10	0	398	504
2012-05-04	$12.01	$0.00	27.2%	6.3%	23.1%	12.1%	0.0%	5.3%	-0.8%	13.4K	-207.8K	-944	0.00	109.91	0	150	408	504
2012-05-07	$12.03	$0.00	27.6%	6.0%	22.6%	12.5%	0.0%	4.8%	-1.6%	13.4K	-205.1K	-923	0.00	111.19	0	0	408	417
2012-05-08	$11.93	$0.00	26.2%	6.0%	16.8%	10.9%	0.0%	8.0%	-0.6%	12.4K	-195.1K	-907	0.00	111.05	10	0	408	417
2012-05-09	$11.90	$0.00	28.8%	5.8%	16.8%	14.0%	0.0%	8.6%	0.5%	12.9K	-189.6K	-864	0.00	110.72	0	10	408	417
2012-05-10	$11.91	$0.00	21.2%	6.1%	15.7%	5.1%	0.0%	5.0%	-1.6%	12.1K	-183.6K	-918	0.00	111.21	0	0	408	427
2012-05-11	$11.97	$0.00	22.8%	6.5%	15.0%	6.9%	0.0%	6.7%	0.8%	12.6K	-186.5K	-899	0.00	110.19	0	0	408	427
2012-05-14	$11.80	$0.00	21.0%	6.0%	16.0%	4.8%	0.0%	4.2%	-7.3%	9.2K	-175.7K	-1.0K	0.00	109.89	1	0	408	427
2012-05-15	$11.69	$0.00	22.6%	6.5%	14.7%	6.7%	0.0%	4.7%	-6.1%	8.8K	-159.9K	-988	0.00	110.34	0	0	407	427
2012-05-16	$11.58	$0.00	22.0%	6.3%	15.2%	6.0%	0.0%	1.5%	-6.9%	8.2K	-148.6K	-958	0.00	109.70	0	0	407	427
2012-05-17	$11.27	$0.00	28.5%	8.2%	17.7%	13.7%	0.0%	-0.1%	-7.3%	6.8K	-126.4K	-895	0.00	109.29	0	0	407	427
2012-05-18	$11.09	$0.00	29.2%	8.4%	17.7%	14.5%	0.0%	-3.1%	11.0%	5.9K	-105.7K	-848	0.00	108.43	0	6	407	427
2012-05-21	$11.29	$0.00	28.4%	8.1%	18.9%	13.5%	0.0%	0.3%	-7.4%	6.4K	-117.2K	-831	0.20	108.79	50	10	376	431
2012-05-22	$11.22	$0.00	32.4%	9.3%	17.9%	18.2%	0.0%	-0.6%	7.9%	5.8K	-103.4K	-731	0.00	110.30	0	0	337	441
2012-05-23	$11.32	$0.00	28.6%	8.2%	17.5%	11.7%	0.0%	-0.1%	-8.3%	5.9K	-105.4K	-734	0.00	108.67	0	0	337	441
2012-05-24	$11.36	$0.00	29.7%	8.5%	17.6%	12.6%	0.0%	1.5%	-8.4%	6.0K	-109.0K	-740	0.00	110.62	0	0	337	441
2012-05-25	$11.29	$0.00	30.9%	8.9%	17.5%	14.0%	0.0%	-0.2%	-10.0%	6.3K	-108.3K	-710	0.00	118.23	0	0	337	441
2012-05-29	$11.48	$0.00	32.1%	9.2%	18.8%	15.5%	0.0%	5.4%	-10.7%	7.0K	-120.7K	-693	0.00	108.90	0	0	337	441
2012-05-30	$11.20	$0.00	39.6%	11.4%	19.1%	24.6%	0.0%	-4.0%	-0.5%	6.1K	-107.4K	-697	0.00	108.67	20	0	337	441
2012-05-31	$11.23	$0.00	40.3%	11.5%	19.2%	25.4%	0.0%	-0.2%	-7.3%	7.0K	-114.4K	-707	0.00	108.67	0	0	357	441