BDN Options History — November 2013

In November 2013, BDN traded between $13.27 and $14.31. ATM implied volatility averaged 29.8%, placing in the 41.6% IV rank vs the trailing year. The 30-day expected move averaged 6.5%. IV traded above realized volatility by 9.5% (HV 20d: 20.3%). 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 15 of 20 days. Put/call ratio averaged 0.18.

Notable Days

2013-11-12: Highest Volume — 20 contracts
2013-11-29: Largest IV spike — 148.4% change
2013-11-29: Highest IV Rank — 98.4%
2013-11-29: Largest Expected Move — 14.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.59	$13.27	$14.31	$14.26	$13.28
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	29.8%	18.9%	50.5%	28.2%	49.9%
Expected Move	6.5%	5.0%	14.3%	8.1%	14.3%
HV 20d	20.3%	16.6%	24.5%	23.7%	16.6%
HV 60d	23.4%	22.3%	25.1%	25.1%	22.3%
IV Rank	41.6%	18.4%	98.4%	35.6%	98.4%
IV Percentile	77.8%	46.8%	99.6%	88.1%	99.6%
Term Structure	4.5%	-18.3%	10.9%	-6.4%	-18.3%
Skew 25d	0.0%	-6.5%	17.1%	17.1%	-6.5%
Skew 10d	1.9%	-7.1%	6.9%	3.6%	6.5%
Call IV 25d	23.7%	18.5%	42.0%	22.9%	42.0%
Put IV 25d	23.8%	17.1%	40.0%	40.0%	35.5%
Bid-Ask Spread %	109.63	106.85	142.77	107.36	142.77
Gamma HHI	0.91	0.72	0.97	0.86	0.93
Net GEX	1.7K	1.2K	2.2K	2.1K	1.4K
Net DEX	3.6K	-26.7K	24.0K	-24.7K	11.2K
Net VEX	-309	-414	-212	-414	-270
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.18	0.00	0.71	0.71	0.00
Total Volume	2.6	0	20	0	0
Total OI	140.95	129	148	147	129

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
2013-11-01	$14.26	$12.50	28.2%	8.1%	23.7%	35.6%	0.0%	17.1%	-6.4%	2.1K	-24.7K	-414	0.00	107.36	0	0	110	37
2013-11-04	$14.31	$0.00	26.3%	5.7%	23.7%	31.6%	0.0%	5.8%	5.7%	2.1K	-26.7K	-411	0.00	107.88	0	0	110	37
2013-11-05	$14.11	$0.00	28.0%	5.0%	22.8%	35.2%	0.0%	2.6%	-0.8%	2.2K	-22.5K	-396	0.00	108.50	0	0	110	37
2013-11-06	$13.82	$0.00	32.9%	5.2%	24.5%	45.9%	0.0%	0.1%	-2.2%	2.2K	-16.6K	-378	0.00	107.51	0	0	110	37
2013-11-07	$13.59	$0.00	38.4%	6.9%	22.4%	58.0%	0.0%	-2.0%	4.5%	2.1K	-6.9K	-341	0.00	107.47	0	0	110	37
2013-11-08	$13.40	$0.00	34.8%	5.0%	22.1%	50.0%	0.0%	-3.1%	7.4%	2.0K	1.1K	-298	0.71	107.56	7	5	110	37
2013-11-11	$13.38	$0.00	44.6%	6.2%	22.1%	71.4%	0.0%	-0.9%	7.0%	1.6K	11.7K	-317	0.00	109.27	0	0	103	42
2013-11-12	$13.30	$0.00	46.4%	5.8%	21.9%	75.3%	0.0%	-1.3%	7.2%	1.5K	18.0K	-277	0.00	108.51	20	0	103	42
2013-11-13	$13.51	$0.00	50.5%	5.6%	21.1%	84.2%	0.0%	0.8%	9.2%	1.5K	16.2K	-277	0.00	107.34	8	0	98	42
2013-11-14	$13.62	$0.00	22.4%	6.4%	19.4%	23.1%	0.0%	0.5%	10.5%	1.8K	-5.2K	-332	0.00	106.88	0	0	106	42
2013-11-15	$13.82	$0.00	21.0%	6.0%	20.0%	23.8%	0.0%	3.0%	-2.9%	1.7K	-5.0K	-330	0.00	107.88	0	0	106	42
2013-11-18	$13.73	$0.00	23.6%	6.8%	20.0%	30.6%	0.0%	-0.1%	10.9%	1.7K	838	-333	0.00	107.56	0	0	98	41
2013-11-19	$13.61	$0.00	21.2%	6.1%	19.8%	24.3%	0.0%	0.4%	8.8%	1.6K	10.5K	-305	0.00	107.02	0	0	98	41
2013-11-20	$13.38	$0.00	20.9%	6.0%	20.7%	23.5%	0.0%	-3.3%	10.3%	1.5K	13.3K	-292	0.00	108.23	0	0	98	41
2013-11-21	$13.38	$0.00	22.2%	6.4%	18.0%	26.9%	0.0%	-2.0%	10.2%	1.5K	13.7K	-288	0.00	107.81	0	0	98	41
2013-11-22	$13.38	$0.00	21.6%	6.2%	16.9%	25.2%	0.0%	0.4%	7.6%	1.5K	18.4K	-250	0.00	108.68	12	0	98	41
2013-11-25	$13.32	$0.00	23.4%	6.7%	16.8%	29.9%	0.0%	-3.1%	8.1%	1.3K	18.7K	-239	0.00	108.85	0	0	88	41
2013-11-26	$13.27	$0.00	18.9%	5.4%	16.7%	18.4%	0.0%	-4.5%	6.8%	1.2K	24.0K	-212	0.00	108.69	0	0	88	41
2013-11-27	$13.40	$0.00	20.1%	5.8%	17.3%	21.3%	0.0%	-3.2%	6.3%	1.3K	22.5K	-214	0.00	106.85	0	0	88	41
2013-11-29	$13.28	$0.00	49.9%	14.3%	16.6%	98.4%	0.0%	-6.5%	-18.3%	1.4K	11.2K	-270	0.00	142.77	0	0	88	41