BDN Options History — January 2013

In January 2013, BDN traded between $12.18 and $13.23. ATM implied volatility averaged 15.7%, placing in the 4.6% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 2.6% (HV 20d: 13.0%). 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 15 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2013-01-09: Highest Volume — 45 contracts
2013-01-03: Largest IV spike — 44.6% change
2013-01-30: Highest IV Rank — 9.2%
2013-01-07: Largest Expected Move — 5.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.71	$12.18	$13.23	$12.18	$12.73
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	15.7%	12.1%	19.3%	12.7%	18.2%
Expected Move	4.6%	3.5%	5.7%	3.6%	5.2%
HV 20d	13.0%	11.0%	15.3%	13.1%	15.3%
HV 60d	15.8%	14.9%	16.6%	15.8%	15.4%
IV Rank	4.6%	0.0%	9.2%	0.8%	7.8%
IV Percentile	8.7%	0.4%	24.2%	0.4%	17.5%
Term Structure	0.9%	-9.0%	8.5%	2.2%	-4.2%
VWIV	16.3%	13.4%	19.2%	19.2%	13.4%
Skew 25d	11.0%	-16.7%	71.4%	4.3%	-16.7%
Skew 10d	22.4%	-27.3%	107.1%	-27.3%	-19.9%
Call IV 25d	20.5%	10.6%	31.0%	10.6%	31.0%
Put IV 25d	31.5%	14.3%	92.7%	14.8%	14.3%
Bid-Ask Spread %	20.47	8.50	34.71	16.98	32.78
Gamma HHI	1.00	1.00	1.00	1.00	1.00
Net GEX	19.0K	7.3K	49.5K	19.3K	7.5K
Net DEX	-167.3K	-303.3K	-54.0K	-54.0K	-124.6K
Net VEX	-832	-910	-733	-736	-857
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	7.381	0	45	0	10
Total OI	371.619	307	445	376	327

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	Spread %	Call Vol	Put Vol	Call OI	Put OI
2013-01-02	$12.18	$12.50	12.7%	3.6%	13.1%	0.8%	0.0%	4.3%	2.2%	19.3K	-54.0K	-736	16.98	0	0	294	82
2013-01-03	$12.21	$12.50	18.3%	5.3%	13.0%	8.0%	0.0%	-2.8%	-9.0%	17.6K	-77.7K	-764	25.10	0	0	294	82
2013-01-04	$12.29	$0.00	15.9%	4.3%	12.8%	5.0%	0.0%	6.5%	8.5%	19.2K	-85.2K	-775	32.75	0	0	294	82
2013-01-07	$12.31	$0.00	16.5%	5.7%	12.6%	5.7%	0.0%	71.4%	-1.2%	20.9K	-87.7K	-759	18.94	0	0	294	82
2013-01-08	$12.27	$0.00	13.5%	4.4%	12.7%	1.8%	0.0%	6.4%	7.9%	24.8K	-69.6K	-733	29.73	0	0	294	82
2013-01-09	$12.53	$0.00	15.5%	5.5%	14.6%	4.4%	19.2%	55.8%	0.7%	24.5K	-145.4K	-783	16.63	45	0	294	82
2013-01-10	$12.55	$12.50	17.8%	5.1%	14.4%	7.4%	0.0%	56.1%	1.1%	33.8K	-181.1K	-897	18.59	0	0	339	82
2013-01-11	$12.47	$12.50	17.5%	5.0%	13.6%	6.9%	0.0%	2.1%	1.0%	44.9K	-155.6K	-878	20.45	40	0	339	82
2013-01-14	$12.58	$12.50	19.0%	5.4%	12.7%	8.8%	0.0%	60.4%	0.4%	49.5K	-212.4K	-910	18.63	0	5	359	82
2013-01-15	$12.76	$12.50	19.0%	5.4%	13.3%	8.8%	0.0%	43.3%	0.9%	26.7K	-255.2K	-892	19.24	8	0	359	82
2013-01-16	$12.82	$12.50	14.2%	4.1%	13.2%	2.7%	0.0%	-5.7%	2.3%	21.6K	-286.4K	-872	34.71	22	0	363	82
2013-01-17	$12.86	$12.50	15.6%	4.5%	13.0%	4.5%	0.0%	-4.3%	0.1%	19.3K	-279.4K	-906	34.41	0	0	355	82
2013-01-18	$12.93	$12.50	15.0%	4.3%	12.8%	3.7%	0.0%	-2.0%	5.9%	12.6K	-303.3K	-875	22.00	2	0	355	82
2013-01-22	$13.10	$12.50	12.9%	3.7%	12.1%	1.1%	0.0%	-4.9%	3.2%	8.0K	-173.8K	-853	13.11	0	0	243	67
2013-01-23	$13.09	$12.50	12.1%	3.5%	11.1%	0.0%	0.0%	-5.0%	5.7%	8.1K	-178.6K	-840	9.09	0	0	243	67
2013-01-24	$13.09	$12.50	12.3%	3.5%	11.0%	0.4%	0.0%	-2.8%	5.1%	7.9K	-181.0K	-831	8.50	3	0	243	67
2013-01-25	$13.23	$12.50	14.4%	4.1%	11.1%	3.1%	0.0%	-6.2%	-3.4%	8.0K	-189.6K	-815	14.19	0	0	240	67
2013-01-28	$13.00	$12.50	14.7%	4.2%	13.4%	3.4%	0.0%	-9.7%	2.5%	8.6K	-163.4K	-824	12.54	0	0	240	67
2013-01-29	$13.07	$12.50	14.2%	4.1%	13.1%	2.8%	13.4%	-6.7%	-1.9%	8.3K	-165.0K	-829	14.76	0	20	240	67
2013-01-30	$12.89	$12.50	19.3%	5.5%	14.3%	9.2%	0.0%	-8.6%	-8.7%	7.3K	-145.5K	-847	16.76	0	0	240	87
2013-01-31	$12.73	$12.50	18.2%	5.2%	15.3%	7.8%	0.0%	-16.7%	-4.2%	7.5K	-124.6K	-857	32.78	0	10	240	87