BDN Options History — July 2014

In July 2014, BDN traded between $15.30 and $16.29. ATM implied volatility averaged 19.6%, placing in the 7.3% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded above realized volatility by 6.4% (HV 20d: 13.2%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 0.06.

Notable Days

2014-07-29: Highest Volume — 162 contracts
2014-07-18: Largest IV drop — 28.6% change
2014-07-28: Highest IV Rank — 13.3%
2014-07-28: Largest Expected Move — 7.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.74	$15.30	$16.29	$15.52	$15.55
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	19.6%	15.5%	24.4%	19.9%	20.8%
Expected Move	5.5%	4.4%	7.0%	5.7%	6.0%
HV 20d	13.2%	9.7%	17.9%	17.3%	11.3%
HV 60d	14.4%	13.4%	15.8%	15.7%	14.0%
IV Rank	7.3%	2.4%	13.3%	7.8%	6.7%
IV Percentile	29.4%	3.2%	67.1%	29.0%	38.1%
Term Structure	1.3%	-8.0%	7.2%	1.9%	3.4%
VWIV	23.2%	23.2%	23.2%	23.2%	23.2%
Skew 25d	-2.2%	-9.7%	4.2%	0.1%	-7.9%
Skew 10d	4.3%	-12.3%	90.6%	7.7%	4.7%
Call IV 25d	22.9%	17.9%	29.3%	21.9%	29.3%
Put IV 25d	20.8%	14.9%	24.9%	22.0%	21.4%
Bid-Ask Spread %	98.53	20.80	119.32	39.16	113.47
Gamma HHI	0.68	0.53	0.91	0.89	0.91
Net GEX	4.3K	1.0K	18.0K	12.1K	18.0K
Net DEX	-47.2K	-220.7K	-3.0K	-115.6K	-199.6K
Net VEX	-500	-630	-435	-630	-561
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.06	0.00	0.33	0.33	0.01
Total Volume	8.5	0	162	4	0
Total OI	219.409	181	343	295	343

Daily Data (22 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
2014-07-01	$15.52	$15.00	19.9%	5.7%	17.3%	7.8%	0.0%	0.1%	1.9%	12.1K	-115.6K	-630	0.33	39.16	3	1	209	86
2014-07-02	$15.32	$15.00	15.5%	4.4%	17.9%	2.4%	0.0%	-9.7%	3.9%	3.4K	-6.4K	-524	0.00	50.64	0	0	124	87
2014-07-03	$15.30	$15.00	19.2%	5.5%	15.6%	6.8%	0.0%	-8.0%	2.4%	3.4K	-3.0K	-520	0.00	95.30	0	0	124	87
2014-07-07	$15.34	$0.00	19.5%	5.8%	15.5%	7.3%	0.0%	-2.5%	0.0%	3.6K	-7.1K	-508	0.00	116.02	0	0	124	87
2014-07-08	$15.38	$0.00	22.6%	5.0%	14.9%	11.1%	0.0%	0.1%	3.4%	3.2K	-11.2K	-519	0.00	117.25	0	0	124	87
2014-07-09	$15.43	$0.00	20.6%	4.8%	14.9%	8.7%	0.0%	0.2%	6.0%	3.3K	-13.6K	-511	0.00	119.09	0	0	124	87
2014-07-10	$15.53	$0.00	16.5%	4.7%	14.7%	3.6%	0.0%	-2.9%	5.8%	3.1K	-21.1K	-509	0.00	118.53	0	0	124	87
2014-07-11	$15.53	$0.00	17.4%	5.0%	14.7%	4.7%	0.0%	-3.0%	4.1%	3.1K	-24.4K	-505	0.00	119.32	0	0	124	87
2014-07-14	$15.64	$0.00	16.2%	4.6%	14.6%	3.2%	0.0%	-2.5%	5.7%	3.3K	-30.0K	-482	0.00	116.14	1	0	124	87
2014-07-15	$15.73	$0.00	16.7%	4.8%	12.4%	3.8%	0.0%	-1.1%	7.2%	3.0K	-33.8K	-488	0.00	116.41	1	0	124	87
2014-07-16	$15.81	$0.00	19.0%	5.4%	12.5%	6.6%	0.0%	3.9%	5.1%	2.7K	-42.4K	-478	0.00	80.94	0	0	125	87
2014-07-17	$15.79	$0.00	23.2%	6.7%	12.5%	11.9%	0.0%	4.2%	-1.0%	2.5K	-45.2K	-497	0.00	20.80	0	0	125	87
2014-07-18	$15.95	$0.00	16.6%	4.8%	12.3%	3.7%	0.0%	-1.1%	6.7%	2.6K	-48.4K	-474	0.00	99.30	3	0	125	87
2014-07-21	$15.98	$0.00	17.3%	5.0%	12.2%	4.5%	0.0%	-2.3%	-1.8%	2.6K	-33.5K	-454	0.00	101.33	0	4	112	77
2014-07-22	$16.07	$0.00	20.6%	5.9%	11.4%	8.6%	0.0%	-0.9%	-3.3%	1.8K	-38.1K	-491	0.00	94.40	0	0	112	81
2014-07-23	$16.13	$0.00	20.3%	5.8%	11.4%	8.3%	0.0%	0.3%	-2.6%	1.9K	-39.7K	-474	0.00	107.73	0	0	112	81
2014-07-24	$16.13	$0.00	20.8%	6.0%	11.3%	8.9%	0.0%	-0.6%	-5.0%	1.8K	-41.2K	-471	0.00	84.21	12	0	112	81
2014-07-25	$16.29	$0.00	21.7%	6.2%	11.2%	10.0%	0.0%	2.2%	-7.5%	1.1K	-31.1K	-441	0.00	114.34	0	0	100	81
2014-07-28	$16.10	$0.00	24.4%	7.0%	9.7%	13.3%	0.0%	-1.1%	0.6%	1.0K	-23.4K	-484	0.00	114.83	0	0	100	81
2014-07-29	$15.92	$0.00	20.3%	5.8%	10.7%	8.2%	23.2%	-9.0%	-8.0%	1.9K	-10.1K	-435	0.01	111.91	160	2	100	81
2014-07-30	$15.74	$15.00	21.8%	6.2%	11.4%	10.0%	0.0%	-6.3%	0.4%	14.2K	-220.7K	-549	0.00	116.57	0	0	260	83
2014-07-31	$15.55	$15.00	20.8%	6.0%	11.3%	6.7%	0.0%	-7.9%	3.4%	18.0K	-199.6K	-561	0.00	113.47	0	0	260	83