BDN Options History — March 2013

In March 2013, BDN traded between $13.81 and $14.85. ATM implied volatility averaged 18.8%, placing in the 8.7% IV rank vs the trailing year. The 30-day expected move averaged 4.0%. IV traded above realized volatility by 1.1% (HV 20d: 17.8%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 16 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 0.81.

Notable Days

2013-03-05: Highest Volume — 172 contracts
2013-03-14: Largest IV drop — 58.1% change
2013-03-13: Highest IV Rank — 22.3%
2013-03-01: Largest Expected Move — 6.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.33	$13.81	$14.85	$13.81	$14.85
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	18.8%	11.8%	29.5%	21.9%	12.6%
Expected Move	4.0%	3.4%	6.3%	6.3%	3.6%
HV 20d	17.8%	11.8%	21.4%	21.4%	11.8%
HV 60d	16.6%	16.3%	17.0%	16.8%	16.4%
IV Rank	8.7%	0.0%	22.3%	12.5%	1.0%
IV Percentile	31.7%	0.0%	82.5%	47.2%	2.4%
Term Structure	0.5%	-6.8%	8.0%	-6.7%	8.0%
VWIV	28.3%	15.4%	39.7%	24.1%	15.4%
Skew 25d	2.4%	-1.9%	9.8%	3.3%	7.2%
Skew 10d	0.4%	-10.2%	4.6%	3.1%	0.1%
Call IV 25d	14.6%	10.2%	18.0%	18.0%	12.8%
Put IV 25d	17.0%	14.6%	21.3%	21.3%	20.0%
Bid-Ask Spread %	25.33	9.87	106.37	11.58	17.27
Gamma HHI	0.70	0.50	0.99	0.50	0.99
Net GEX	6.2K	-5.0K	13.6K	7.6K	-4.1K
Net DEX	-244.8K	-301.2K	-187.5K	-288.1K	-251.2K
Net VEX	-1.0K	-1.2K	-768	-768	-809
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.81	0.00	9.50	0.00	0.00
Total Volume	18.2	0	172	3	44
Total OI	587.2	517	659	568	549

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	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2013-03-01	$13.81	$12.50	21.9%	6.3%	21.4%	12.5%	0.0%	3.3%	-6.7%	7.6K	-288.1K	-768	0.00	11.58	3	0	445	123
2013-03-04	$14.04	$12.50	24.2%	4.1%	20.2%	15.5%	24.1%	2.2%	3.0%	11.7K	-301.2K	-875	0.00	9.87	21	0	448	123
2013-03-05	$14.21	$12.50	20.2%	3.4%	19.9%	10.4%	20.5%	2.2%	6.5%	13.0K	-274.8K	-901	0.21	13.47	142	30	427	123
2013-03-06	$14.20	$12.50	20.5%	3.6%	20.0%	10.8%	0.0%	3.0%	6.0%	12.2K	-254.6K	-1.0K	0.00	15.15	0	0	491	153
2013-03-07	$14.21	$12.50	24.2%	3.9%	19.9%	15.4%	0.0%	0.9%	1.3%	12.9K	-277.9K	-1.0K	0.00	32.21	0	0	491	153
2013-03-08	$14.21	$12.50	25.4%	4.2%	19.9%	17.1%	0.0%	6.0%	-3.5%	12.0K	-300.8K	-861	0.00	106.37	10	0	491	153
2013-03-11	$14.19	$12.50	29.4%	4.1%	19.8%	22.1%	0.0%	-1.9%	0.9%	13.6K	-250.1K	-1.2K	0.00	100.27	10	0	496	153
2013-03-12	$14.18	$12.50	29.3%	3.8%	18.3%	21.9%	0.0%	2.2%	3.0%	12.2K	-239.9K	-1.2K	0.00	10.65	1	0	506	153
2013-03-13	$14.24	$12.50	29.5%	3.5%	17.5%	22.3%	31.5%	4.9%	4.5%	11.8K	-244.7K	-1.2K	0.00	11.29	10	0	506	153
2013-03-14	$14.14	$12.50	12.4%	3.5%	17.9%	0.4%	0.0%	0.4%	1.4%	10.5K	-234.1K	-1.2K	0.00	11.15	0	0	496	153
2013-03-15	$14.31	$12.50	12.1%	3.5%	18.1%	0.0%	0.0%	-1.3%	7.5%	6.6K	-219.4K	-1.2K	0.00	12.68	0	35	496	153
2013-03-18	$14.28	$12.50	14.5%	4.2%	18.0%	3.2%	38.6%	0.1%	-2.1%	4.8K	-187.5K	-1.2K	0.00	11.54	5	0	345	183
2013-03-19	$14.21	$12.50	15.1%	4.3%	18.2%	4.1%	0.0%	-0.7%	-3.7%	3.2K	-206.6K	-1.1K	0.00	11.58	0	0	339	183
2013-03-20	$14.43	$12.50	14.2%	4.1%	18.4%	2.9%	39.7%	2.9%	-1.4%	3.7K	-222.1K	-1.0K	0.00	14.67	5	0	339	183
2013-03-21	$14.45	$12.50	16.1%	4.6%	16.9%	5.5%	15.4%	-1.1%	-6.8%	1.8K	-247.2K	-1.1K	9.50	15.76	4	38	334	183
2013-03-22	$14.55	$12.50	14.4%	4.1%	16.8%	3.2%	0.0%	2.8%	-5.0%	-2.6K	-217.8K	-961	0.00	31.42	0	0	334	221
2013-03-25	$14.54	$12.50	11.8%	3.4%	14.7%	0.0%	0.0%	0.7%	0.9%	1.3K	-211.1K	-1.1K	0.00	14.78	0	0	334	221
2013-03-26	$14.81	$12.50	14.6%	4.2%	15.0%	3.7%	0.0%	4.8%	-2.3%	-4.1K	-238.8K	-1.0K	0.00	36.11	0	0	334	221
2013-03-27	$14.76	$12.50	13.8%	4.0%	12.3%	2.7%	0.0%	9.8%	-2.0%	-5.0K	-228.2K	-989	0.00	18.81	6	0	334	221
2013-03-28	$14.85	$12.50	12.6%	3.6%	11.8%	1.0%	0.0%	7.2%	8.0%	-4.1K	-251.2K	-809	0.00	17.27	44	0	328	221