BDN Options History — November 2012

In November 2012, BDN traded between $11.07 and $11.93. ATM implied volatility averaged 25.3%, placing in the 11.7% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded above realized volatility by 7.6% (HV 20d: 17.7%). 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 13 of 21 days. Put/call ratio averaged 25.00.

Notable Days

2012-11-14: Highest Volume — 101 contracts
2012-11-12: Largest IV spike — 78.9% change
2012-11-14: Highest IV Rank — 48.7%
2012-11-02: Largest Expected Move — 7.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.59	$11.07	$11.93	$11.62	$11.93
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	25.3%	13.8%	57.7%	21.9%	14.8%
Expected Move	5.0%	3.9%	7.6%	6.3%	4.2%
HV 20d	17.7%	15.4%	20.9%	15.4%	18.3%
HV 60d	15.6%	14.7%	16.6%	14.8%	16.1%
IV Rank	11.7%	0.0%	48.7%	7.1%	1.1%
IV Percentile	31.1%	0.0%	94.4%	21.4%	0.8%
Term Structure	2.0%	-11.1%	12.8%	-4.9%	5.9%
VWIV	18.5%	18.5%	18.5%	18.5%	18.5%
Skew 25d	3.5%	-6.5%	16.4%	6.3%	7.4%
Skew 10d	3.5%	-5.4%	13.7%	11.6%	3.8%
Call IV 25d	18.1%	14.2%	26.5%	24.1%	15.8%
Put IV 25d	21.6%	17.2%	42.9%	30.3%	23.2%
Bid-Ask Spread %	30.59	6.45	108.00	17.41	8.97
Gamma HHI	0.98	0.96	0.99	0.98	0.99
Net GEX	6.0K	3.3K	9.0K	6.3K	8.4K
Net DEX	-23.5K	-62.2K	11.9K	-43.7K	-16.7K
Net VEX	-390	-499	-232	-400	-499
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	25.00	0.00	100.00	0.00	0.00
Total Volume	8.857	0	101	19	0
Total OI	269.619	237	286	258	282

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
2012-11-01	$11.62	$12.50	21.9%	6.3%	15.4%	7.1%	0.0%	6.3%	-4.9%	6.3K	-43.7K	-400	0.00	17.41	19	0	224	34
2012-11-02	$11.76	$12.50	26.4%	7.6%	16.1%	12.3%	0.0%	16.4%	-11.1%	8.0K	-60.8K	-483	0.00	108.00	0	0	243	34
2012-11-05	$11.73	$12.50	25.6%	4.9%	16.1%	11.4%	0.0%	2.6%	-2.2%	7.1K	-62.2K	-465	0.00	33.26	0	0	243	34
2012-11-06	$11.75	$12.50	28.9%	4.3%	15.7%	15.2%	0.0%	3.4%	6.7%	9.0K	-39.8K	-405	0.00	101.93	0	0	243	34
2012-11-07	$11.63	$12.50	25.9%	5.1%	15.9%	11.6%	0.0%	-1.4%	-4.4%	6.0K	-58.9K	-453	0.00	46.12	0	0	243	34
2012-11-08	$11.46	$12.50	31.5%	5.2%	16.3%	18.2%	0.0%	-6.5%	-2.5%	5.5K	-52.3K	-444	0.00	102.43	0	0	243	34
2012-11-09	$11.42	$12.50	29.6%	4.7%	16.2%	16.1%	0.0%	2.2%	-4.3%	5.2K	-46.6K	-416	0.00	16.05	0	0	243	34
2012-11-12	$11.39	$12.50	53.0%	5.1%	15.5%	43.2%	0.0%	-1.9%	-9.3%	5.8K	-33.4K	-362	0.00	100.55	0	0	243	34
2012-11-13	$11.42	$12.50	50.0%	5.2%	15.7%	39.8%	0.0%	-0.5%	-9.3%	5.4K	-38.4K	-376	0.00	24.04	0	0	243	34
2012-11-14	$11.12	$12.50	57.7%	5.4%	17.4%	48.7%	18.5%	-1.0%	11.5%	3.7K	-16.3K	-298	100.00	6.51	1	100	243	34
2012-11-15	$11.07	$12.50	18.8%	5.4%	17.3%	3.4%	0.0%	-1.0%	4.1%	3.3K	6.4K	-232	0.00	7.03	0	0	242	44
2012-11-16	$11.17	$12.50	18.7%	5.4%	17.8%	3.3%	0.0%	0.7%	12.8%	3.6K	-2.5K	-272	0.00	7.53	0	0	242	44
2012-11-19	$11.50	$12.50	21.7%	6.2%	20.1%	6.9%	0.0%	7.9%	6.6%	4.7K	-5.9K	-292	0.00	9.08	0	1	193	44
2012-11-20	$11.67	$12.50	14.9%	4.3%	20.9%	0.0%	0.0%	6.1%	7.8%	5.8K	-13.0K	-330	0.00	6.94	0	0	193	45
2012-11-21	$11.67	$12.50	17.3%	5.0%	20.7%	2.8%	0.0%	4.5%	6.2%	5.7K	-10.7K	-324	0.00	7.59	0	20	193	45
2012-11-23	$11.72	$12.50	15.1%	4.3%	20.7%	0.2%	0.0%	7.6%	7.8%	5.3K	-5.3K	-422	0.00	8.47	0	0	193	65
2012-11-26	$11.81	$12.50	15.8%	4.5%	20.2%	1.0%	0.0%	3.2%	5.8%	6.3K	-5.5K	-410	0.00	7.79	0	12	193	65
2012-11-27	$11.78	$12.50	14.5%	4.2%	19.2%	0.0%	0.0%	4.2%	5.2%	5.7K	11.9K	-413	0.00	7.79	25	0	193	77
2012-11-28	$11.80	$12.50	13.8%	3.9%	18.0%	0.0%	0.0%	4.3%	4.5%	6.5K	6.8K	-450	0.00	8.36	0	0	207	77
2012-11-29	$11.91	$12.50	16.1%	4.6%	18.3%	2.7%	0.0%	9.1%	5.1%	7.7K	-6.0K	-445	0.00	6.45	8	0	207	67
2012-11-30	$11.93	$12.50	14.8%	4.2%	18.3%	1.1%	0.0%	7.4%	5.9%	8.4K	-16.7K	-499	0.00	8.97	0	0	215	67