BDN Options History — February 2014

In February 2014, BDN traded between $13.91 and $14.65. ATM implied volatility averaged 24.1%, placing in the 14.7% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 5.5% (HV 20d: 18.6%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 0.33.

Notable Days

2014-02-03: Highest Volume — 19 contracts
2014-02-14: Largest IV spike — 184.2% change
2014-02-14: Highest IV Rank — 53.6%
2014-02-14: Largest Expected Move — 16.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.26	$13.91	$14.65	$14.01	$14.65
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	24.1%	15.4%	56.3%	23.8%	18.6%
Expected Move	6.2%	4.4%	16.1%	6.8%	5.3%
HV 20d	18.6%	13.6%	22.0%	21.7%	13.6%
HV 60d	19.3%	18.9%	20.2%	20.2%	19.0%
IV Rank	14.7%	4.4%	53.6%	14.5%	8.1%
IV Percentile	52.4%	11.9%	99.2%	61.1%	31.0%
Term Structure	-1.1%	-28.2%	7.9%	-6.6%	7.1%
VWIV	18.9%	18.9%	18.9%	18.9%	18.9%
Skew 25d	7.3%	3.2%	13.8%	3.3%	11.1%
Skew 10d	3.1%	-0.0%	12.3%	2.0%	4.2%
Call IV 25d	21.4%	14.5%	35.6%	26.4%	20.4%
Put IV 25d	28.7%	20.7%	49.3%	29.7%	31.5%
Bid-Ask Spread %	109.03	106.77	134.86	106.96	107.93
Gamma HHI	0.99	0.98	1.00	0.98	1.00
Net GEX	5.0K	2.9K	7.1K	2.9K	7.1K
Net DEX	-49.5K	-65.0K	-33.4K	-33.4K	-63.2K
Net VEX	-269	-341	-194	-194	-328
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.33	0.00	2.00	0.00	0.00
Total Volume	3.263	0	19	19	0
Total OI	119.474	85	145	85	145

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
2014-02-03	$14.01	$0.00	23.8%	6.8%	21.7%	14.5%	0.0%	3.3%	-6.6%	2.9K	-33.4K	-194	0.00	106.96	19	0	80	5
2014-02-04	$14.15	$0.00	22.4%	6.4%	22.0%	12.7%	0.0%	8.3%	-8.4%	4.2K	-43.6K	-237	0.00	107.28	0	0	99	5
2014-02-05	$14.09	$0.00	24.8%	7.1%	21.1%	15.7%	0.0%	8.6%	-9.2%	4.0K	-38.8K	-217	0.00	107.45	0	0	99	5
2014-02-06	$14.00	$0.00	25.9%	7.4%	21.0%	16.9%	0.0%	3.7%	-8.8%	3.3K	-45.0K	-243	0.00	108.14	0	0	99	5
2014-02-07	$13.91	$0.00	28.3%	5.2%	20.8%	19.9%	0.0%	3.8%	0.3%	3.7K	-36.4K	-218	0.00	107.24	0	0	99	5
2014-02-10	$13.98	$0.00	28.1%	4.9%	20.6%	19.6%	0.0%	4.1%	7.3%	3.9K	-38.1K	-217	0.00	107.46	10	0	99	5
2014-02-11	$14.11	$0.00	29.6%	5.2%	20.7%	21.4%	0.0%	4.3%	-2.6%	4.1K	-49.9K	-268	0.00	106.99	0	0	109	5
2014-02-12	$14.05	$0.00	30.3%	5.1%	20.8%	22.2%	0.0%	3.2%	-1.4%	4.3K	-42.6K	-242	0.00	107.13	0	0	109	5
2014-02-13	$14.06	$0.00	19.8%	5.7%	20.6%	9.6%	0.0%	4.2%	5.0%	4.4K	-45.4K	-245	0.00	108.32	0	0	109	5
2014-02-14	$14.13	$0.00	56.3%	16.1%	19.3%	53.6%	0.0%	13.7%	-28.2%	3.1K	-59.3K	-277	0.00	134.86	0	0	109	5
2014-02-18	$14.41	$0.00	18.2%	5.2%	19.3%	7.6%	0.0%	6.1%	1.2%	5.7K	-49.7K	-243	0.00	108.36	0	0	109	5
2014-02-19	$14.55	$0.00	22.1%	6.3%	17.7%	12.3%	18.9%	6.9%	1.8%	6.1K	-59.1K	-266	2.00	107.21	5	10	109	5
2014-02-20	$14.44	$15.00	18.1%	5.2%	17.2%	7.5%	0.0%	7.9%	2.9%	5.6K	-48.5K	-286	0.00	106.77	8	0	114	15
2014-02-21	$14.43	$15.00	18.4%	5.3%	17.1%	7.9%	0.0%	7.9%	2.2%	5.9K	-52.0K	-311	0.00	108.24	2	0	120	15
2014-02-24	$14.41	$15.00	18.4%	5.3%	15.6%	7.9%	0.0%	7.0%	1.4%	6.1K	-51.3K	-307	0.00	108.26	8	0	122	15
2014-02-25	$14.54	$15.00	21.5%	6.2%	15.2%	11.7%	0.0%	8.5%	2.3%	6.6K	-60.3K	-339	0.00	107.32	0	0	130	15
2014-02-26	$14.56	$15.00	15.4%	4.4%	14.7%	4.4%	0.0%	13.8%	7.9%	6.8K	-65.0K	-341	0.00	107.52	0	0	130	15
2014-02-27	$14.48	$15.00	17.2%	4.9%	14.1%	6.5%	0.0%	12.4%	5.0%	6.5K	-59.5K	-329	0.00	108.19	0	0	130	15
2014-02-28	$14.65	$15.00	18.6%	5.3%	13.6%	8.1%	0.0%	11.1%	7.1%	7.1K	-63.2K	-328	0.00	107.93	0	0	130	15