BDN Options History — July 2012

In July 2012, BDN traded between $11.28 and $12.21. ATM implied volatility averaged 22.8%, placing in the 5.2% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded below realized volatility by 6.3% (HV 20d: 29.1%). Max pain ranged from $12.50 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 0.16.

Notable Days

2012-07-23: Highest Volume — 47 contracts
2012-07-12: Largest IV drop — 44.4% change
2012-07-11: Highest IV Rank — 16.8%
2012-07-25: Largest Expected Move — 8.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.87	$11.28	$12.21	$12.13	$11.88
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	22.8%	18.2%	32.8%	20.1%	22.6%
Expected Move	6.1%	5.0%	8.1%	5.8%	6.5%
HV 20d	29.1%	24.3%	32.6%	32.6%	24.3%
HV 60d	25.4%	24.6%	26.5%	26.2%	26.4%
IV Rank	5.2%	0.0%	16.8%	1.4%	5.3%
IV Percentile	11.4%	0.0%	48.0%	2.4%	11.1%
Term Structure	2.8%	-7.2%	13.5%	-0.0%	-3.8%
VWIV	28.0%	28.0%	28.0%	28.0%	28.0%
Skew 25d	18.2%	2.5%	92.3%	85.2%	16.7%
Skew 10d	17.1%	3.3%	121.1%	114.2%	11.7%
Call IV 25d	23.0%	16.5%	29.9%	23.8%	24.8%
Put IV 25d	41.2%	28.5%	117.5%	109.0%	41.5%
Bid-Ask Spread %	109.83	104.72	112.04	111.09	109.20
Gamma HHI	0.99	0.97	1.00	1.00	0.98
Net GEX	14.8K	6.3K	23.1K	20.2K	9.5K
Net DEX	-126.9K	-186.7K	-81.9K	-180.5K	-102.5K
Net VEX	-791	-963	-634	-959	-784
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.16	0.00	1.25	0.00	0.00
Total Volume	5.19	0	47	10	1
Total OI	710.048	316	887	884	374

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
2012-07-02	$12.13	$12.50	20.1%	5.8%	32.6%	1.4%	0.0%	85.2%	-0.0%	20.2K	-180.5K	-959	0.00	111.09	10	0	431	453
2012-07-03	$12.16	$12.50	21.9%	6.3%	31.5%	3.6%	0.0%	13.2%	4.7%	19.0K	-186.7K	-963	0.00	110.93	0	0	431	453
2012-07-05	$12.01	$12.50	21.1%	6.0%	30.1%	2.6%	0.0%	10.0%	-7.2%	18.5K	-151.4K	-894	0.00	112.04	0	0	431	453
2012-07-06	$12.09	$12.50	22.4%	6.3%	29.2%	4.2%	0.0%	92.3%	0.6%	20.2K	-155.0K	-878	0.00	104.72	0	0	431	453
2012-07-09	$11.99	$12.50	25.7%	5.0%	29.4%	8.2%	0.0%	12.7%	10.4%	18.2K	-144.3K	-856	0.00	109.77	2	0	431	453
2012-07-10	$11.77	$12.50	25.5%	5.5%	28.6%	7.9%	0.0%	9.2%	10.6%	13.6K	-114.7K	-777	0.00	110.17	0	0	431	453
2012-07-11	$11.67	$12.50	32.8%	5.6%	28.8%	16.8%	0.0%	7.0%	6.5%	12.9K	-102.2K	-746	0.00	110.25	0	0	431	453
2012-07-12	$12.02	$12.50	18.2%	5.2%	30.4%	0.0%	0.0%	13.0%	8.9%	19.2K	-141.3K	-826	0.00	110.56	0	0	431	453
2012-07-13	$12.14	$12.50	20.6%	5.9%	29.4%	2.8%	0.0%	11.7%	9.6%	21.9K	-159.8K	-830	0.00	110.72	0	0	431	453
2012-07-16	$12.11	$12.50	19.8%	5.7%	29.4%	1.8%	0.0%	11.9%	11.9%	21.4K	-154.6K	-795	0.00	110.08	0	0	431	453
2012-07-17	$12.21	$12.50	22.3%	6.4%	28.9%	4.8%	0.0%	13.0%	13.5%	23.1K	-179.2K	-818	0.00	110.25	2	0	431	453
2012-07-18	$12.10	$12.50	18.5%	5.3%	29.0%	0.3%	0.0%	12.8%	8.8%	21.7K	-137.0K	-761	0.00	109.74	0	0	431	453
2012-07-19	$11.89	$12.50	19.6%	5.6%	29.7%	1.6%	0.0%	12.0%	4.9%	16.7K	-117.2K	-709	0.00	110.22	3	0	431	453
2012-07-20	$11.62	$12.50	19.9%	5.7%	28.7%	2.0%	0.0%	7.7%	4.8%	7.9K	-81.9K	-644	0.00	109.58	0	0	434	453
2012-07-23	$11.44	$12.50	23.9%	6.8%	29.2%	6.7%	0.0%	6.0%	-4.3%	6.3K	-85.5K	-634	0.07	109.22	44	3	286	30
2012-07-24	$11.28	$12.50	27.6%	7.9%	29.4%	11.2%	0.0%	2.5%	-6.8%	7.2K	-85.6K	-677	0.00	108.81	0	0	324	33
2012-07-25	$11.29	$12.50	28.3%	8.1%	29.3%	12.0%	28.0%	4.3%	-7.1%	6.6K	-88.2K	-701	0.00	109.80	0	16	324	33
2012-07-26	$11.68	$12.50	21.7%	6.2%	29.4%	4.2%	0.0%	9.8%	-2.8%	8.3K	-90.6K	-752	1.25	109.61	8	10	324	49
2012-07-27	$11.85	$12.50	22.6%	6.5%	28.1%	5.2%	0.0%	15.3%	-2.4%	9.8K	-98.6K	-809	0.00	109.54	10	0	332	49
2012-07-30	$11.85	$12.50	23.0%	6.6%	24.9%	5.7%	0.0%	15.8%	-2.1%	9.0K	-109.0K	-796	0.00	110.09	0	0	325	49
2012-07-31	$11.88	$12.50	22.6%	6.5%	24.3%	5.3%	0.0%	16.7%	-3.8%	9.5K	-102.5K	-784	0.00	109.20	1	0	325	49