BDN Options History — May 2014

In May 2014, BDN traded between $14.87 and $15.57. ATM implied volatility averaged 23.2%, placing in the 11.9% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded above realized volatility by 8.0% (HV 20d: 15.2%). 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 2.17.

Notable Days

2014-05-27: Highest Volume — 13 contracts
2014-05-15: Largest IV drop — 47.9% change
2014-05-14: Highest IV Rank — 35.9%
2014-05-30: Largest Expected Move — 7.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.24	$14.87	$15.57	$14.87	$15.30
Max Pain	$14.67	$12.50	$15.00	$12.50	$15.00
ATM IV	23.2%	17.2%	42.8%	20.4%	24.9%
Expected Move	6.0%	4.9%	7.1%	5.9%	7.1%
HV 20d	15.2%	12.6%	17.5%	17.2%	12.6%
HV 60d	16.2%	16.0%	16.4%	16.2%	16.2%
IV Rank	11.9%	4.4%	35.9%	8.8%	13.8%
IV Percentile	45.8%	7.1%	94.8%	35.7%	63.5%
Term Structure	1.2%	-3.0%	8.2%	8.2%	-3.0%
VWIV	22.9%	22.9%	22.9%	22.9%	22.9%
Skew 25d	14.4%	-8.2%	77.1%	12.3%	-4.1%
Skew 10d	31.9%	-13.9%	124.0%	7.5%	-5.7%
Call IV 25d	23.9%	19.3%	32.3%	25.2%	28.9%
Put IV 25d	38.3%	20.7%	99.7%	37.6%	24.8%
Bid-Ask Spread %	104.69	97.42	108.90	108.90	104.99
Gamma HHI	0.92	0.89	0.94	0.92	0.94
Net GEX	8.9K	7.9K	10.3K	8.1K	9.6K
Net DEX	-138.1K	-177.5K	-100.4K	-100.4K	-134.8K
Net VEX	-644	-666	-604	-641	-646
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.17	0.00	5.50	0.00	5.50
Total Volume	1.81	0	13	2	0
Total OI	221.095	216	234	216	233

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
2014-05-01	$14.87	$12.50	20.4%	5.9%	17.2%	8.8%	0.0%	12.3%	8.2%	8.1K	-100.4K	-641	0.00	108.90	0	2	190	26
2014-05-02	$15.04	$12.50	23.7%	6.8%	17.5%	12.8%	0.0%	-8.2%	-2.7%	8.3K	-113.3K	-666	0.00	107.07	0	10	190	26
2014-05-05	$15.04	$0.00	20.4%	5.8%	17.5%	8.8%	0.0%	73.1%	2.6%	7.9K	-121.6K	-666	0.00	104.68	0	0	190	26
2014-05-06	$15.04	$0.00	20.8%	5.7%	16.8%	8.9%	0.0%	77.1%	2.3%	8.3K	-121.5K	-649	0.00	103.01	0	0	190	26
2014-05-07	$15.27	$0.00	23.1%	5.7%	17.3%	11.7%	0.0%	63.5%	1.7%	8.8K	-133.0K	-652	0.00	104.60	2	0	190	26
2014-05-08	$15.31	$0.00	20.0%	6.4%	17.2%	7.9%	0.0%	2.6%	-0.4%	8.6K	-151.1K	-666	0.00	104.42	0	0	192	26
2014-05-09	$15.45	$0.00	22.9%	5.8%	17.0%	11.4%	0.0%	41.4%	3.1%	8.4K	-153.3K	-661	0.00	105.75	0	0	192	26
2014-05-12	$15.57	$0.00	31.0%	6.5%	15.0%	21.4%	22.9%	32.8%	-1.4%	8.9K	-167.9K	-636	1.00	104.90	3	3	192	26
2014-05-13	$15.52	$15.00	35.5%	6.4%	15.1%	27.0%	0.0%	1.8%	0.5%	8.2K	-177.5K	-647	0.00	106.27	0	0	195	29
2014-05-14	$15.56	$15.00	42.8%	6.1%	12.8%	35.9%	0.0%	-2.8%	-1.0%	8.2K	-171.4K	-644	0.00	107.25	0	0	195	29
2014-05-15	$15.32	$15.00	22.3%	6.4%	14.3%	10.7%	0.0%	3.3%	1.2%	8.3K	-154.4K	-654	0.00	104.79	0	0	195	29
2014-05-16	$15.33	$15.00	19.6%	5.6%	14.3%	7.4%	0.0%	0.8%	3.2%	8.8K	-150.3K	-645	0.00	98.38	0	0	195	29
2014-05-19	$15.32	$15.00	18.9%	5.4%	14.1%	6.5%	0.0%	0.1%	3.5%	8.9K	-142.7K	-633	0.00	105.92	0	0	190	29
2014-05-20	$15.16	$15.00	20.0%	5.7%	14.2%	7.9%	0.0%	4.7%	1.0%	9.2K	-139.7K	-632	0.00	97.42	0	0	190	29
2014-05-21	$15.14	$15.00	20.6%	5.9%	14.0%	8.7%	0.0%	1.5%	2.4%	9.4K	-128.2K	-635	0.00	104.47	0	0	190	29
2014-05-22	$15.04	$15.00	20.7%	5.9%	14.1%	8.7%	0.0%	6.0%	0.3%	9.5K	-125.8K	-622	0.00	99.91	0	0	190	29
2014-05-23	$15.24	$15.00	20.5%	5.9%	14.3%	8.5%	0.0%	-3.8%	0.1%	10.1K	-133.1K	-614	0.00	105.01	0	2	190	29
2014-05-27	$15.25	$15.00	20.8%	6.0%	14.3%	8.8%	0.0%	0.9%	1.4%	9.8K	-131.9K	-604	5.50	107.09	2	11	190	29
2014-05-28	$15.13	$15.00	17.2%	4.9%	14.4%	4.4%	0.0%	-0.9%	3.1%	10.3K	-124.5K	-647	0.00	108.05	0	2	192	40
2014-05-29	$15.17	$15.00	21.0%	6.0%	14.4%	9.1%	0.0%	1.0%	-0.0%	9.7K	-123.7K	-660	0.00	105.61	0	1	192	42
2014-05-30	$15.30	$15.00	24.9%	7.1%	12.6%	13.8%	0.0%	-4.1%	-3.0%	9.6K	-134.8K	-646	0.00	104.99	0	0	192	41