BDN Options History — November 2014

In November 2014, BDN traded between $15.06 and $15.63. ATM implied volatility averaged 23.6%, placing in the 12.4% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 9.6% (HV 20d: 14.0%). Max pain ranged from $12.50 to $15.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 0.27.

Notable Days

2014-11-25: Highest Volume — 79 contracts
2014-11-11: Largest IV drop — 17.3% change
2014-11-10: Highest IV Rank — 18.3%
2014-11-17: Largest Expected Move — 6.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.35	$15.06	$15.63	$15.63	$15.46
Max Pain	$14.47	$12.50	$15.00	$15.00	$12.50
ATM IV	23.6%	21.1%	28.4%	24.7%	25.2%
Expected Move	6.2%	5.8%	6.4%	6.2%	6.2%
HV 20d	14.0%	11.0%	15.5%	15.2%	12.6%
HV 60d	17.0%	16.6%	17.4%	17.4%	17.2%
IV Rank	12.4%	9.3%	18.3%	13.7%	14.3%
IV Percentile	69.9%	46.4%	86.9%	76.2%	81.3%
Term Structure	-2.5%	-9.6%	6.0%	3.7%	-9.6%
VWIV	21.8%	20.2%	22.5%	21.6%	20.2%
Skew 25d	6.8%	-8.0%	52.2%	1.0%	-5.9%
Skew 10d	21.0%	-6.6%	125.1%	-2.0%	3.2%
Call IV 25d	26.8%	22.2%	34.0%	29.0%	30.9%
Put IV 25d	33.6%	21.9%	76.3%	29.9%	25.0%
Bid-Ask Spread %	100.03	91.63	101.89	100.90	100.49
Gamma HHI	0.69	0.55	0.90	0.66	0.76
Net GEX	2.1K	1.8K	2.9K	2.1K	2.7K
Net DEX	-50.1K	-111.5K	-25.8K	-42.5K	-111.5K
Net VEX	-247	-298	-210	-239	-298
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.27	0.00	0.31	0.31	0.16
Total Volume	38	0	79	47	0
Total OI	115.526	95	157	106	157

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
2014-11-03	$15.63	$15.00	24.7%	6.2%	15.2%	13.7%	21.6%	1.0%	3.7%	2.1K	-42.5K	-239	0.31	100.90	36	11	66	40
2014-11-04	$15.61	$15.00	21.1%	6.2%	14.8%	9.3%	21.8%	-3.5%	6.0%	2.1K	-42.4K	-239	0.31	99.21	36	11	66	40
2014-11-05	$15.54	$15.00	21.3%	6.3%	14.5%	9.5%	22.2%	-8.0%	3.6%	2.1K	-43.3K	-237	0.31	99.70	36	11	66	40
2014-11-06	$15.37	$15.00	23.7%	6.2%	15.5%	12.5%	21.4%	-6.9%	-3.6%	1.8K	-36.9K	-270	0.31	99.05	36	11	66	40
2014-11-07	$15.43	$15.00	24.7%	6.3%	15.4%	13.7%	21.9%	49.4%	-3.4%	2.1K	-38.7K	-237	0.31	98.58	36	11	66	40
2014-11-10	$15.44	$15.00	28.4%	6.3%	15.4%	18.3%	22.1%	50.7%	-5.0%	2.1K	-38.3K	-232	0.31	101.89	36	11	66	40
2014-11-11	$15.43	$15.00	23.5%	6.3%	14.9%	12.2%	21.9%	52.2%	-4.3%	2.2K	-39.5K	-221	0.31	101.09	36	11	62	33
2014-11-12	$15.26	$15.00	24.5%	6.3%	15.5%	13.4%	21.8%	2.7%	-2.9%	1.8K	-32.3K	-270	0.31	100.55	36	11	66	40
2014-11-13	$15.35	$15.00	24.0%	6.3%	15.0%	12.9%	22.5%	-0.8%	-4.7%	1.8K	-33.5K	-269	0.31	99.90	36	11	66	40
2014-11-14	$15.20	$15.00	22.1%	6.1%	14.8%	10.5%	0.0%	4.4%	-2.5%	1.8K	-33.7K	-256	0.00	99.56	0	0	66	40
2014-11-17	$15.25	$15.00	23.0%	6.4%	14.8%	11.6%	21.9%	2.3%	-2.9%	1.8K	-30.6K	-262	0.31	101.79	36	11	66	40
2014-11-18	$15.29	$15.00	22.7%	6.2%	14.2%	11.3%	21.6%	-3.0%	-2.5%	2.2K	-34.1K	-219	0.31	101.82	36	11	66	40
2014-11-19	$15.16	$15.00	24.1%	6.3%	14.2%	13.0%	0.0%	2.5%	-4.3%	1.8K	-28.8K	-258	0.00	100.98	0	0	66	40
2014-11-20	$15.06	$15.00	23.9%	6.3%	11.0%	12.7%	22.4%	2.5%	-3.7%	1.8K	-25.8K	-259	0.31	100.43	36	11	66	40
2014-11-21	$15.27	$15.00	21.8%	6.3%	11.7%	10.1%	21.8%	-4.6%	-1.4%	2.2K	-33.2K	-216	0.25	91.63	44	11	66	40
2014-11-24	$15.22	$12.50	25.0%	6.1%	11.6%	14.0%	21.4%	-3.8%	-5.7%	2.2K	-92.1K	-210	0.00	101.39	24	0	105	40
2014-11-25	$15.27	$12.50	22.8%	5.8%	11.6%	11.4%	20.2%	0.8%	-4.7%	2.9K	-104.7K	-251	0.16	100.34	68	11	117	40
2014-11-26	$15.48	$12.50	21.9%	6.2%	12.6%	10.3%	0.0%	-3.1%	0.1%	2.8K	-109.8K	-252	0.00	101.19	0	0	117	40
2014-11-28	$15.46	$12.50	25.2%	6.2%	12.6%	14.3%	0.0%	-5.9%	-9.6%	2.7K	-111.5K	-298	0.00	100.49	0	0	117	40