BDN Options History — December 2012

In December 2012, BDN traded between $11.77 and $12.19. ATM implied volatility averaged 16.1%, placing in the 4.5% IV rank vs the trailing year. The 30-day expected move averaged 4.7%. IV traded above realized volatility by 1.0% (HV 20d: 15.0%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 0.00.

Notable Days

2012-12-19: Highest Volume — 60 contracts
2012-12-12: Largest IV spike — 38.5% change
2012-12-17: Highest IV Rank — 11.2%
2012-12-17: Largest Expected Move — 6.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.99	$11.77	$12.19	$12.06	$12.19
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	16.1%	12.0%	22.1%	13.4%	14.4%
Expected Move	4.7%	3.8%	6.3%	3.8%	4.1%
HV 20d	15.0%	10.8%	18.4%	18.2%	13.6%
HV 60d	16.0%	15.7%	16.3%	16.3%	15.9%
IV Rank	4.5%	0.0%	11.2%	0.0%	3.0%
IV Percentile	7.6%	0.0%	31.3%	0.0%	4.4%
Term Structure	1.5%	-3.1%	9.0%	5.7%	-1.1%
VWIV	10.3%	10.3%	10.3%	10.3%	10.3%
Skew 25d	7.0%	-4.2%	79.1%	9.4%	5.7%
Skew 10d	5.4%	-6.9%	103.3%	-0.0%	1.0%
Call IV 25d	19.0%	11.5%	24.3%	15.4%	19.0%
Put IV 25d	26.1%	15.1%	100.3%	24.9%	24.7%
Bid-Ask Spread %	14.61	7.09	24.67	9.90	11.99
Gamma HHI	1.00	0.99	1.00	1.00	0.99
Net GEX	10.3K	7.4K	13.0K	9.8K	9.6K
Net DEX	-37.6K	-74.5K	-16.6K	-21.8K	-74.5K
Net VEX	-648	-756	-511	-511	-756
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	10.15	0	60	30	0
Total OI	349.8	282	384	282	376

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	Spread %	Call Vol	Put Vol	Call OI	Put OI
2012-12-03	$12.06	$12.50	13.4%	3.8%	18.2%	0.0%	0.0%	9.4%	5.7%	9.8K	-21.8K	-511	9.90	30	0	215	67
2012-12-04	$12.02	$12.50	13.3%	3.8%	18.2%	0.0%	0.0%	8.1%	6.6%	10.4K	-37.7K	-586	8.59	10	0	245	67
2012-12-05	$11.94	$12.50	15.5%	4.4%	18.4%	2.5%	0.0%	7.8%	3.4%	9.9K	-27.8K	-571	7.09	0	0	255	67
2012-12-06	$12.03	$12.50	14.2%	4.1%	18.1%	1.1%	0.0%	1.8%	5.6%	10.6K	-34.1K	-587	7.14	14	0	255	67
2012-12-07	$12.07	$12.50	12.0%	5.4%	17.0%	0.0%	0.0%	1.8%	2.1%	11.9K	-51.9K	-664	18.85	12	0	269	67
2012-12-10	$12.12	$12.50	14.4%	4.4%	16.9%	2.6%	0.0%	79.1%	2.1%	12.9K	-56.6K	-696	18.45	0	11	281	67
2012-12-11	$12.07	$12.50	14.2%	5.3%	16.9%	2.3%	0.0%	1.8%	1.4%	12.4K	-53.0K	-692	17.47	0	0	281	68
2012-12-12	$11.91	$12.50	19.6%	4.9%	17.9%	8.4%	0.0%	-2.0%	0.1%	10.4K	-34.2K	-614	8.15	0	15	281	68
2012-12-13	$11.77	$12.50	18.6%	5.3%	15.3%	7.3%	0.0%	0.2%	0.1%	9.6K	-18.6K	-650	12.80	0	0	281	83
2012-12-14	$11.79	$12.50	21.1%	6.1%	15.1%	10.1%	0.0%	-1.2%	-2.4%	9.5K	-23.0K	-647	24.67	0	0	281	83
2012-12-17	$11.80	$12.50	22.1%	6.3%	14.9%	11.2%	0.0%	-1.6%	-3.1%	9.3K	-22.1K	-652	23.51	0	0	281	83
2012-12-18	$11.93	$12.50	20.8%	6.0%	11.7%	11.1%	0.0%	-4.2%	-2.6%	10.1K	-24.5K	-660	22.91	0	0	281	83
2012-12-19	$11.90	$12.50	19.9%	5.7%	10.8%	10.0%	0.0%	-2.2%	-0.2%	10.4K	-26.3K	-640	15.91	60	0	281	83
2012-12-20	$12.12	$12.50	16.9%	4.8%	12.4%	6.1%	10.3%	11.0%	9.0%	13.0K	-52.0K	-735	15.51	22	0	301	83
2012-12-21	$12.00	$12.50	14.2%	4.1%	13.1%	2.7%	0.0%	3.8%	7.3%	10.6K	-16.6K	-633	16.97	0	0	285	83
2012-12-24	$11.98	$12.50	13.6%	3.9%	12.9%	1.9%	0.0%	2.5%	-2.2%	7.4K	-46.5K	-670	12.28	0	0	275	82
2012-12-26	$11.98	$12.50	14.1%	4.1%	12.8%	2.7%	0.0%	5.4%	-0.8%	7.8K	-49.7K	-677	11.47	0	0	275	82
2012-12-27	$12.12	$12.50	15.9%	4.6%	13.4%	4.9%	0.0%	8.0%	-0.6%	12.3K	-18.8K	-615	15.72	0	0	275	82
2012-12-28	$12.07	$12.50	13.3%	3.8%	13.2%	1.6%	0.0%	5.0%	-0.9%	7.9K	-61.9K	-703	12.78	29	0	275	82
2012-12-31	$12.19	$12.50	14.4%	4.1%	13.6%	3.0%	0.0%	5.7%	-1.1%	9.6K	-74.5K	-756	11.99	0	0	294	82