BDN Options History — April 2014

In April 2014, BDN traded between $13.83 and $14.92. ATM implied volatility averaged 21.4%, placing in the 11.3% IV rank vs the trailing year. The 30-day expected move averaged 5.7%. IV traded above realized volatility by 4.3% (HV 20d: 17.1%). Max pain ranged from $12.50 to $15.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.05.

Notable Days

2014-04-16: Highest Volume — 51 contracts
2014-04-10: Largest IV drop — 41.6% change
2014-04-09: Highest IV Rank — 21.6%
2014-04-28: Largest Expected Move — 6.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.41	$13.83	$14.92	$14.34	$14.55
Max Pain	$12.89	$12.50	$15.00	$15.00	$12.50
ATM IV	21.4%	17.4%	29.8%	21.7%	21.4%
Expected Move	5.7%	4.1%	6.5%	6.2%	6.1%
HV 20d	17.1%	15.7%	19.8%	18.1%	16.0%
HV 60d	17.0%	15.7%	17.9%	17.8%	15.7%
IV Rank	11.3%	6.6%	21.6%	11.8%	10.0%
IV Percentile	42.5%	12.3%	86.1%	48.0%	41.3%
Term Structure	1.5%	-8.8%	8.1%	-3.4%	0.4%
VWIV	23.7%	23.6%	23.8%	23.6%	23.8%
Skew 25d	4.5%	-6.8%	12.1%	12.1%	11.3%
Skew 10d	0.9%	-12.5%	7.9%	4.1%	3.0%
Call IV 25d	22.3%	16.2%	27.3%	20.9%	22.7%
Put IV 25d	26.8%	16.6%	34.0%	33.0%	34.0%
Bid-Ask Spread %	107.42	103.29	110.08	108.89	109.02
Gamma HHI	0.92	0.88	0.95	0.95	0.91
Net GEX	7.4K	5.0K	13.0K	8.7K	7.2K
Net DEX	-61.4K	-99.4K	-26.3K	-55.6K	-83.7K
Net VEX	-464	-653	-317	-388	-624
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.05	0.00	0.24	0.00	0.00
Total Volume	5.905	0	51	20	0
Total OI	204.667	176	263	192	216

Daily Data (21 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
2014-04-01	$14.34	$15.00	21.7%	6.2%	18.1%	11.8%	23.6%	12.1%	-3.4%	8.7K	-55.6K	-388	0.00	108.89	0	20	177	15
2014-04-02	$14.21	$15.00	20.0%	5.7%	18.2%	9.8%	0.0%	7.7%	-7.1%	7.3K	-39.0K	-399	0.00	108.20	0	0	177	25
2014-04-03	$14.26	$15.00	19.9%	5.7%	18.0%	9.7%	0.0%	8.2%	-8.8%	7.9K	-40.7K	-399	0.00	108.30	0	0	177	25
2014-04-04	$14.29	$0.00	20.9%	4.9%	16.1%	10.9%	0.0%	0.5%	0.5%	8.1K	-42.9K	-401	0.00	103.29	0	0	177	25
2014-04-07	$14.14	$0.00	27.3%	4.1%	16.1%	18.6%	23.8%	5.7%	5.5%	7.1K	-39.0K	-378	0.00	106.19	5	0	177	25
2014-04-08	$14.13	$12.50	26.9%	5.0%	16.0%	18.1%	0.0%	2.4%	1.9%	6.9K	-42.8K	-375	0.00	108.37	0	0	182	25
2014-04-09	$14.13	$12.50	29.8%	6.3%	15.7%	21.6%	0.0%	7.0%	6.3%	6.8K	-43.1K	-373	0.00	106.55	0	0	182	25
2014-04-10	$14.06	$12.50	17.4%	5.0%	15.7%	6.6%	0.0%	2.8%	2.9%	6.4K	-40.5K	-352	0.00	106.93	0	0	182	25
2014-04-11	$13.83	$12.50	17.6%	5.0%	16.3%	6.9%	0.0%	1.5%	6.1%	5.0K	-26.3K	-317	0.00	106.16	0	6	182	25
2014-04-14	$14.01	$12.50	19.8%	5.7%	17.1%	9.6%	0.0%	3.8%	1.6%	5.9K	-30.8K	-343	0.00	107.27	0	0	182	31
2014-04-15	$14.39	$12.50	20.6%	5.9%	19.8%	10.4%	0.0%	8.4%	6.4%	8.8K	-49.0K	-382	0.00	107.14	0	0	182	31
2014-04-16	$14.54	$12.50	20.4%	5.8%	17.8%	10.2%	0.0%	-2.5%	2.3%	10.8K	-58.6K	-395	0.24	104.16	41	10	182	31
2014-04-17	$14.61	$12.50	19.0%	5.4%	17.9%	8.5%	0.0%	-6.8%	2.0%	13.0K	-81.7K	-545	0.00	105.15	0	0	222	41
2014-04-21	$14.74	$12.50	21.7%	6.2%	17.9%	11.8%	0.0%	8.1%	4.4%	5.5K	-73.9K	-523	0.00	109.22	0	0	150	26
2014-04-22	$14.92	$12.50	22.3%	6.4%	18.0%	12.5%	0.0%	-4.6%	-0.3%	5.8K	-82.9K	-531	0.00	108.06	20	0	150	26
2014-04-23	$14.83	$12.50	21.6%	6.2%	17.7%	11.7%	0.0%	3.2%	-0.3%	6.5K	-99.4K	-613	0.00	107.94	0	0	170	26
2014-04-24	$14.76	$12.50	21.4%	6.1%	17.3%	11.5%	0.0%	2.9%	1.2%	6.3K	-96.0K	-602	0.00	107.57	0	0	170	26
2014-04-25	$14.64	$12.50	17.4%	5.0%	16.9%	6.6%	0.0%	6.8%	2.7%	6.4K	-85.9K	-585	0.00	108.13	2	0	170	26
2014-04-28	$14.66	$12.50	22.5%	6.5%	16.7%	12.8%	0.0%	7.7%	-0.4%	6.9K	-81.1K	-574	0.00	109.25	20	0	170	26
2014-04-29	$14.55	$12.50	19.8%	5.7%	16.3%	8.0%	0.0%	8.4%	8.1%	7.2K	-96.7K	-653	0.00	110.08	0	0	190	26
2014-04-30	$14.55	$12.50	21.4%	6.1%	16.0%	10.0%	0.0%	11.3%	0.4%	7.2K	-83.7K	-624	0.00	109.02	0	0	190	26