BDN Options History — May 2013

In May 2013, BDN traded between $14.16 and $15.94. ATM implied volatility averaged 20.1%, placing in the 11.1% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 0.7% (HV 20d: 19.4%). Max pain ranged from $12.50 to $15.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.25.

Notable Days

2013-05-29: Highest Volume — 15 contracts
2013-05-16: Largest IV drop — 70.1% change
2013-05-15: Highest IV Rank — 45.4%
2013-05-30: Largest Expected Move — 6.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.29	$14.16	$15.94	$14.77	$14.16
Max Pain	$14.77	$12.50	$15.00	$15.00	$15.00
ATM IV	20.1%	13.3%	45.5%	17.5%	18.2%
Expected Move	4.5%	3.3%	6.1%	5.0%	5.2%
HV 20d	19.4%	14.7%	25.6%	18.3%	23.9%
HV 60d	17.7%	16.4%	19.4%	17.0%	19.2%
IV Rank	11.1%	1.9%	45.4%	7.7%	8.6%
IV Percentile	41.2%	4.8%	97.2%	27.4%	34.9%
Term Structure	1.1%	-4.3%	5.5%	-1.5%	-4.3%
VWIV	25.4%	17.5%	33.2%	33.2%	17.5%
Skew 25d	-1.2%	-39.2%	28.4%	-4.4%	9.4%
Skew 10d	17.1%	-55.1%	107.0%	-12.0%	9.3%
Call IV 25d	20.8%	14.7%	56.5%	21.9%	17.2%
Put IV 25d	19.6%	12.5%	46.6%	17.5%	26.7%
Bid-Ask Spread %	72.11	24.86	108.71	37.75	31.37
Gamma HHI	0.89	0.53	1.00	0.90	0.54
Net GEX	13.0K	1.6K	34.5K	26.5K	1.7K
Net DEX	-229.5K	-411.8K	30.3K	-131.3K	30.3K
Net VEX	-784	-1.1K	-621	-1.1K	-621
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.25	0.00	1.00	0.00	0.00
Total Volume	2.318	0	15	0	0
Total OI	415.591	317	480	480	335

Daily Data (22 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
2013-05-01	$14.77	$15.00	17.5%	5.0%	18.3%	7.7%	0.0%	-4.4%	-1.5%	26.5K	-131.3K	-1.1K	0.00	37.75	0	0	332	148
2013-05-02	$15.09	$15.00	18.9%	5.4%	18.9%	9.6%	0.0%	-10.9%	-2.2%	34.5K	-204.1K	-986	0.00	105.12	0	0	332	148
2013-05-03	$15.32	$15.00	13.3%	3.8%	19.3%	1.9%	0.0%	-39.2%	2.8%	31.3K	-303.7K	-946	0.00	35.48	0	0	332	148
2013-05-06	$15.50	$15.00	19.4%	4.5%	19.4%	10.2%	0.0%	28.4%	4.2%	22.9K	-331.8K	-892	0.00	106.48	0	0	332	148
2013-05-07	$15.60	$15.00	19.1%	4.2%	19.5%	9.9%	0.0%	0.2%	3.4%	19.3K	-361.8K	-855	0.00	102.94	0	0	332	148
2013-05-08	$15.75	$15.00	20.7%	4.4%	19.2%	12.0%	0.0%	0.6%	3.0%	15.1K	-385.2K	-798	0.00	50.01	0	0	332	148
2013-05-09	$15.57	$15.00	23.1%	4.5%	19.9%	15.2%	0.0%	1.0%	1.9%	20.6K	-359.1K	-834	0.00	61.70	0	0	332	148
2013-05-10	$15.69	$15.00	24.3%	4.1%	19.8%	16.9%	0.0%	0.3%	3.6%	17.4K	-374.7K	-800	0.00	49.86	0	0	332	148
2013-05-13	$15.58	$15.00	26.7%	4.6%	16.6%	20.1%	0.0%	2.5%	2.4%	19.3K	-370.7K	-788	0.00	24.86	0	0	332	148
2013-05-14	$15.73	$15.00	33.4%	3.3%	16.6%	29.1%	0.0%	-2.1%	5.5%	14.4K	-393.8K	-742	0.00	56.46	0	0	332	148
2013-05-15	$15.88	$15.00	45.5%	3.7%	16.2%	45.4%	0.0%	-0.3%	5.4%	11.1K	-405.9K	-715	0.00	56.76	0	0	332	148
2013-05-16	$15.69	$15.00	13.6%	3.9%	16.8%	2.3%	0.0%	-5.4%	-1.8%	15.2K	-395.2K	-724	0.00	68.33	0	0	332	148
2013-05-17	$15.80	$15.00	13.8%	3.9%	15.3%	2.6%	0.0%	-3.4%	-1.1%	7.4K	-411.8K	-707	0.00	65.92	8	0	332	148
2013-05-20	$15.87	$15.00	14.6%	4.2%	14.8%	3.8%	0.0%	-2.0%	4.5%	4.7K	-161.5K	-677	0.00	108.71	0	0	170	147
2013-05-21	$15.94	$15.00	15.1%	4.3%	14.7%	4.4%	0.0%	-1.8%	5.5%	4.9K	-166.2K	-673	1.00	108.70	2	2	170	147
2013-05-22	$15.39	$15.00	14.2%	4.1%	20.1%	3.2%	0.0%	-6.9%	-0.5%	4.9K	-124.3K	-719	0.00	107.53	10	0	172	149
2013-05-23	$15.04	$15.00	17.4%	5.0%	21.9%	7.5%	0.0%	4.6%	0.3%	4.5K	-84.0K	-725	0.00	51.09	0	0	172	149
2013-05-24	$14.92	$15.00	16.6%	4.8%	21.9%	6.4%	0.0%	-4.9%	2.6%	4.1K	-67.3K	-719	0.00	107.58	0	0	172	149
2013-05-28	$14.70	$15.00	18.4%	5.3%	22.4%	8.9%	33.2%	0.9%	-2.4%	3.3K	-48.8K	-765	0.00	105.23	0	4	172	149
2013-05-29	$14.18	$12.50	16.5%	4.7%	25.6%	6.3%	0.0%	5.9%	-3.7%	1.8K	-4.8K	-775	0.00	106.89	15	0	172	153
2013-05-30	$14.19	$12.50	21.2%	6.1%	25.4%	12.7%	17.5%	1.2%	-4.0%	1.6K	5.8K	-717	0.00	37.55	0	10	172	153
2013-05-31	$14.16	$15.00	18.2%	5.2%	23.9%	8.6%	0.0%	9.4%	-4.3%	1.7K	30.3K	-621	0.00	31.37	0	0	172	163