BDN Options History — September 2013

In September 2013, BDN traded between $12.46 and $13.70. ATM implied volatility averaged 24.7%, placing in the 28.0% IV rank vs the trailing year. The 30-day expected move averaged 7.4%. IV traded below realized volatility by 0.9% (HV 20d: 25.6%). 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 6 of 20 days. Put/call ratio averaged 0.25.

Notable Days

2013-09-18: Highest Volume — 20 contracts
2013-09-19: Largest IV spike — 31.1% change
2013-09-03: Highest IV Rank — 36.4%
2013-09-09: Largest Expected Move — 8.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.17	$12.46	$13.70	$12.60	$13.18
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	24.7%	19.7%	28.5%	28.5%	24.7%
Expected Move	7.4%	5.7%	8.6%	8.2%	7.1%
HV 20d	25.6%	23.0%	28.4%	25.0%	24.7%
HV 60d	25.4%	23.3%	27.9%	27.8%	23.6%
IV Rank	28.0%	17.2%	36.4%	36.4%	28.0%
IV Percentile	75.0%	54.4%	89.7%	89.7%	75.0%
Term Structure	-3.3%	-14.2%	6.6%	-1.2%	-7.8%
VWIV	21.6%	21.6%	21.6%	21.6%	21.6%
Skew 25d	2.6%	-10.2%	42.5%	4.1%	-10.1%
Skew 10d	19.1%	-6.6%	101.4%	7.1%	6.9%
Call IV 25d	24.9%	20.5%	32.7%	27.1%	28.8%
Put IV 25d	27.5%	14.7%	66.4%	31.2%	18.7%
Bid-Ask Spread %	18.55	9.13	106.35	12.14	10.34
Gamma HHI	0.71	0.52	0.93	0.56	0.78
Net GEX	3.0K	519	6.6K	1.0K	2.8K
Net DEX	-1.2K	-61.8K	36.6K	31.5K	-1.5K
Net VEX	-301	-467	-202	-243	-262
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	2.1	0	20	0	2
Total OI	334	319	349	319	349

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
2013-09-03	$12.60	$0.00	28.5%	8.2%	25.0%	36.4%	0.0%	4.1%	-1.2%	1.0K	31.5K	-243	0.00	12.14	0	0	248	71
2013-09-04	$12.69	$0.00	28.0%	8.0%	25.3%	35.2%	0.0%	-4.7%	-0.5%	996	31.3K	-250	0.00	13.31	0	0	248	71
2013-09-05	$12.46	$0.00	25.1%	7.2%	25.8%	28.9%	0.0%	3.7%	2.0%	519	36.6K	-221	0.00	12.73	0	0	248	71
2013-09-06	$12.77	$12.50	25.2%	7.9%	27.8%	29.2%	0.0%	4.6%	-1.6%	1.5K	22.5K	-267	0.00	15.04	0	0	248	71
2013-09-09	$13.12	$12.50	21.6%	8.6%	28.4%	21.3%	0.0%	42.5%	-4.0%	2.6K	11.1K	-305	0.00	17.01	10	0	248	71
2013-09-10	$13.13	$12.50	20.7%	7.4%	27.8%	19.2%	0.0%	34.4%	1.1%	1.7K	14.4K	-276	0.00	16.41	0	0	258	71
2013-09-11	$13.20	$12.50	20.2%	7.5%	26.7%	18.1%	0.0%	22.5%	-0.5%	2.4K	9.0K	-294	0.00	13.07	0	0	258	71
2013-09-12	$12.96	$12.50	25.1%	7.2%	27.5%	28.8%	0.0%	4.0%	2.3%	1.7K	14.7K	-268	0.00	13.83	0	0	258	71
2013-09-13	$13.02	$12.50	27.8%	8.0%	26.7%	34.8%	0.0%	4.8%	-1.8%	2.0K	14.7K	-278	0.00	9.19	0	0	258	71
2013-09-16	$13.16	$12.50	24.0%	6.9%	23.3%	26.6%	0.0%	2.7%	2.0%	1.4K	14.5K	-242	0.00	17.49	0	0	258	71
2013-09-17	$13.13	$12.50	26.5%	7.6%	23.0%	31.9%	0.0%	5.2%	-0.1%	2.4K	7.5K	-266	0.00	10.95	0	0	258	71
2013-09-18	$13.65	$12.50	21.6%	6.2%	25.4%	21.4%	21.6%	-6.1%	6.6%	5.8K	-28.6K	-389	1.00	27.03	10	10	258	71
2013-09-19	$13.70	$12.50	28.4%	8.1%	25.1%	36.1%	0.0%	-5.8%	-13.9%	6.6K	-61.8K	-467	0.00	9.49	10	0	268	71
2013-09-20	$13.49	$12.50	26.5%	7.6%	25.8%	32.0%	0.0%	-10.2%	-12.0%	6.0K	-40.6K	-418	0.00	26.91	0	0	278	71
2013-09-23	$13.39	$12.50	28.5%	8.2%	24.9%	36.4%	0.0%	-8.3%	-14.2%	5.4K	-32.9K	-409	0.00	106.35	0	0	278	71
2013-09-24	$13.43	$12.50	23.9%	6.8%	24.9%	26.2%	0.0%	-9.2%	-7.1%	4.7K	-20.3K	-334	0.00	10.48	0	0	278	71
2013-09-25	$13.40	$12.50	24.7%	7.1%	24.6%	28.0%	0.0%	-8.1%	-10.2%	4.7K	-20.6K	-334	0.00	9.69	0	0	278	71
2013-09-26	$13.41	$12.50	19.7%	5.7%	24.6%	17.2%	0.0%	-4.2%	1.4%	1.3K	-10.1K	-202	0.00	10.34	0	0	278	71
2013-09-27	$13.41	$12.50	22.9%	6.6%	24.6%	24.0%	0.0%	-9.7%	-7.2%	4.2K	-15.3K	-303	0.00	9.13	0	0	278	71
2013-09-30	$13.18	$12.50	24.7%	7.1%	24.7%	28.0%	0.0%	-10.1%	-7.8%	2.8K	-1.5K	-262	0.00	10.34	2	0	278	71