BDN Options History — February 2013

In February 2013, BDN traded between $12.96 and $13.75. ATM implied volatility averaged 18.3%, placing in the 8.0% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded below realized volatility by 0.7% (HV 20d: 19.0%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 0.20.

Notable Days

2013-02-06: Highest Volume — 180 contracts
2013-02-26: Largest IV drop — 38.3% change
2013-02-06: Highest IV Rank — 15.2%
2013-02-25: Largest Expected Move — 6.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.25	$12.96	$13.75	$13.08	$13.75
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	18.3%	13.9%	24.0%	18.5%	20.3%
Expected Move	5.1%	4.0%	6.5%	5.0%	5.8%
HV 20d	19.0%	16.8%	22.6%	17.6%	22.2%
HV 60d	15.7%	14.4%	16.9%	16.3%	16.9%
IV Rank	8.0%	2.3%	15.2%	8.2%	10.5%
IV Percentile	23.4%	4.4%	53.6%	18.7%	36.9%
Term Structure	1.9%	-6.0%	7.8%	7.8%	-2.6%
VWIV	21.7%	19.4%	25.9%	19.9%	25.9%
Skew 25d	-2.4%	-11.6%	3.7%	3.2%	-1.4%
Skew 10d	20.9%	-12.5%	94.9%	76.7%	-2.0%
Call IV 25d	20.7%	15.2%	30.9%	16.7%	21.0%
Put IV 25d	18.3%	13.5%	22.2%	19.9%	19.5%
Bid-Ask Spread %	48.94	10.92	107.57	23.52	11.18
Gamma HHI	0.82	0.51	1.00	1.00	0.51
Net GEX	8.4K	5.7K	10.8K	5.7K	8.1K
Net DEX	-210.1K	-277.0K	-155.3K	-163.2K	-277.0K
Net VEX	-776	-856	-637	-833	-836
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.20	0.00	1.52	0.00	1.52
Total Volume	20.053	0	180	10	0
Total OI	471.421	332	568	337	568

Daily Data (19 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
2013-02-01	$13.08	$12.50	18.5%	5.0%	17.6%	8.2%	19.9%	3.2%	7.8%	5.7K	-163.2K	-833	0.00	23.52	0	10	240	97
2013-02-04	$12.98	$12.50	17.3%	4.7%	18.0%	6.7%	19.4%	-2.3%	1.4%	6.7K	-155.3K	-825	0.00	27.84	21	0	240	92
2013-02-05	$12.99	$12.50	19.6%	4.7%	18.0%	9.6%	0.0%	-7.5%	1.4%	7.3K	-179.2K	-856	0.00	28.89	0	0	261	92
2013-02-06	$13.10	$12.50	24.0%	5.1%	18.0%	15.2%	25.9%	-2.3%	6.2%	7.4K	-184.6K	-851	0.06	90.13	170	10	261	92
2013-02-07	$13.10	$12.50	15.2%	4.3%	16.8%	4.0%	0.0%	0.3%	4.8%	7.8K	-196.9K	-836	0.00	29.26	0	0	411	102
2013-02-08	$13.25	$12.50	17.6%	5.0%	17.1%	7.0%	0.0%	3.7%	5.9%	9.7K	-214.4K	-832	0.00	19.57	0	0	411	102
2013-02-11	$13.02	$12.50	19.2%	5.5%	18.3%	9.1%	0.0%	-4.4%	2.3%	8.0K	-176.9K	-842	0.00	104.43	15	0	411	102
2013-02-12	$13.27	$12.50	19.6%	5.6%	19.1%	9.6%	0.0%	2.7%	5.2%	9.4K	-232.9K	-822	0.00	21.80	40	0	426	102
2013-02-13	$13.34	$12.50	16.3%	4.7%	18.7%	5.4%	0.0%	-1.2%	2.2%	8.8K	-245.4K	-732	0.00	14.59	10	0	426	102
2013-02-14	$13.34	$12.50	18.6%	5.3%	18.6%	8.4%	0.0%	-3.9%	-4.0%	9.1K	-238.1K	-725	0.00	107.49	10	0	416	102
2013-02-15	$13.48	$12.50	18.3%	5.3%	18.9%	8.0%	0.0%	-0.1%	1.7%	10.8K	-253.5K	-741	0.00	107.57	0	0	426	102
2013-02-19	$13.51	$12.50	13.9%	4.0%	18.8%	2.3%	0.0%	0.7%	5.5%	8.3K	-234.0K	-681	0.00	10.92	0	0	406	72
2013-02-20	$13.42	$12.50	16.9%	4.8%	18.6%	6.2%	0.0%	-10.5%	-6.0%	8.3K	-231.6K	-685	0.00	101.90	0	0	406	72
2013-02-21	$13.20	$12.50	15.8%	4.5%	19.7%	4.7%	0.0%	-2.4%	0.9%	9.1K	-200.8K	-724	0.20	13.57	5	1	406	72
2013-02-22	$13.19	$12.50	21.1%	6.0%	19.7%	11.5%	0.0%	-7.6%	6.2%	8.5K	-194.3K	-770	0.00	107.45	1	0	411	73
2013-02-25	$12.96	$12.50	22.7%	6.5%	20.3%	13.6%	0.0%	-11.6%	-3.0%	9.1K	-167.2K	-798	0.00	14.99	0	0	412	73
2013-02-26	$13.16	$12.50	14.0%	4.0%	20.1%	2.5%	0.0%	-5.0%	3.8%	9.8K	-197.9K	-720	0.00	83.39	0	5	412	73
2013-02-27	$13.56	$12.50	19.3%	5.5%	22.6%	9.3%	0.0%	3.6%	-3.4%	8.5K	-249.0K	-637	1.52	11.32	33	50	412	73
2013-02-28	$13.75	$12.50	20.3%	5.8%	22.2%	10.5%	0.0%	-1.4%	-2.6%	8.1K	-277.0K	-836	0.00	11.18	0	0	445	123