BDN Options History — December 2014

In December 2014, BDN traded between $15.22 and $16.08. ATM implied volatility averaged 22.3%, placing in the 10.8% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded above realized volatility by 10.0% (HV 20d: 12.3%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.24.

Notable Days

2014-12-22: Highest Volume — 91 contracts
2014-12-22: Largest IV spike — 34.7% change
2014-12-29: Highest IV Rank — 18.6%
2014-12-29: Largest Expected Move — 6.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.69	$15.22	$16.08	$15.41	$15.98
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	22.3%	17.1%	28.6%	24.1%	24.1%
Expected Move	6.1%	5.3%	6.6%	6.3%	5.3%
HV 20d	12.3%	10.5%	14.5%	12.2%	12.8%
HV 60d	14.6%	13.4%	17.2%	17.2%	13.5%
IV Rank	10.8%	4.4%	18.6%	13.0%	13.0%
IV Percentile	55.5%	4.4%	91.3%	76.2%	77.8%
Term Structure	-0.5%	-11.5%	7.2%	-0.6%	-8.7%
VWIV	21.6%	20.4%	22.5%	22.0%	20.7%
Skew 25d	1.0%	-8.0%	38.3%	-3.1%	-4.2%
Skew 10d	6.5%	-11.6%	96.1%	-6.2%	4.2%
Call IV 25d	24.2%	17.2%	30.4%	30.0%	27.8%
Put IV 25d	25.2%	16.9%	57.3%	26.8%	23.6%
Bid-Ask Spread %	102.22	99.99	105.83	101.22	104.32
Gamma HHI	0.85	0.78	0.93	0.83	0.88
Net GEX	3.0K	2.8K	3.3K	2.8K	3.1K
Net DEX	-122.1K	-145.8K	-92.7K	-111.4K	-92.7K
Net VEX	-232	-274	-200	-243	-217
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.24	0.00	0.50	0.23	0.50
Total Volume	58.955	0	91	59	3
Total OI	158.182	131	164	157	131

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
2014-12-01	$15.41	$12.50	24.1%	6.3%	12.2%	13.0%	22.0%	-3.1%	-0.6%	2.8K	-111.4K	-243	0.23	101.22	48	11	117	40
2014-12-02	$15.48	$12.50	22.4%	6.1%	11.4%	10.9%	21.4%	-4.1%	2.4%	2.9K	-112.2K	-251	0.23	100.19	48	11	119	40
2014-12-03	$15.61	$12.50	23.2%	6.2%	11.8%	11.9%	21.6%	-5.4%	0.6%	2.9K	-117.2K	-249	0.23	101.54	48	11	119	40
2014-12-04	$15.59	$12.50	17.1%	6.1%	11.7%	4.4%	0.0%	-8.0%	2.1%	3.0K	-117.7K	-245	0.00	102.13	0	0	119	40
2014-12-05	$15.61	$12.50	17.5%	6.2%	10.9%	4.8%	21.7%	38.3%	0.4%	3.0K	-116.9K	-242	0.23	101.18	48	11	119	40
2014-12-08	$15.56	$12.50	20.0%	6.1%	10.9%	8.0%	21.2%	3.5%	-1.0%	3.0K	-119.3K	-237	0.23	100.53	48	11	119	40
2014-12-09	$15.65	$12.50	26.7%	6.3%	11.1%	16.1%	22.1%	5.4%	5.2%	2.9K	-122.4K	-233	0.23	101.54	48	11	119	40
2014-12-10	$15.57	$12.50	26.1%	5.8%	11.3%	15.5%	20.4%	4.8%	-2.3%	3.1K	-117.7K	-235	0.23	102.05	48	11	119	40
2014-12-11	$15.63	$12.50	25.8%	6.3%	10.5%	15.0%	22.1%	3.7%	-3.5%	3.0K	-118.2K	-237	0.23	102.47	48	11	119	40
2014-12-12	$15.40	$12.50	22.0%	6.2%	11.7%	10.4%	22.5%	5.5%	-0.4%	2.9K	-110.1K	-274	0.31	101.24	48	15	119	40
2014-12-15	$15.22	$12.50	22.2%	6.3%	12.0%	10.6%	22.1%	5.5%	-0.4%	2.9K	-105.2K	-227	0.31	100.67	48	15	119	40
2014-12-16	$15.44	$12.50	21.8%	6.2%	13.0%	10.1%	21.7%	0.4%	0.1%	3.1K	-109.3K	-226	0.31	99.99	48	15	119	40
2014-12-17	$15.73	$12.50	20.1%	6.3%	14.5%	8.0%	21.9%	2.8%	4.1%	3.2K	-121.4K	-216	0.28	101.12	54	15	119	40
2014-12-18	$15.68	$12.50	18.2%	5.9%	14.1%	5.8%	20.7%	-2.3%	5.1%	3.2K	-122.5K	-211	0.28	100.22	54	15	115	40
2014-12-19	$15.77	$12.50	17.3%	6.5%	13.8%	4.6%	0.0%	-3.1%	7.2%	2.9K	-125.9K	-206	0.00	101.38	0	0	115	40
2014-12-22	$15.93	$0.00	23.3%	5.8%	13.5%	12.0%	0.0%	1.2%	0.2%	3.0K	-129.9K	-200	0.20	105.52	76	15	115	40
2014-12-23	$15.97	$0.00	24.5%	6.5%	13.3%	13.5%	0.0%	3.0%	1.5%	3.3K	-142.1K	-242	0.20	104.58	76	15	124	40
2014-12-24	$15.96	$0.00	20.4%	5.5%	13.3%	8.4%	0.0%	-5.0%	-5.1%	3.2K	-143.6K	-234	0.20	104.81	76	15	124	40
2014-12-26	$15.96	$0.00	21.3%	6.3%	12.6%	9.6%	0.0%	-5.5%	0.0%	3.1K	-143.5K	-229	0.20	105.83	76	15	124	40
2014-12-29	$16.01	$0.00	28.6%	6.6%	12.6%	18.6%	0.0%	-7.4%	-11.5%	3.2K	-142.5K	-234	0.20	104.98	76	15	124	40
2014-12-30	$16.08	$0.00	23.5%	5.5%	12.5%	12.3%	0.0%	-3.2%	-6.8%	3.1K	-145.8K	-216	0.00	101.31	40	0	123	40
2014-12-31	$15.98	$0.00	24.1%	5.3%	12.8%	13.0%	0.0%	-4.2%	-8.7%	3.1K	-92.7K	-217	0.50	104.32	2	1	91	40