BDN Options History — January 2015

In January 2015, BDN traded between $15.86 and $17.00. ATM implied volatility averaged 25.2%, placing in the 26.4% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 13.4% (HV 20d: 11.8%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 12 of 20 trading days. Term structure was in contango for 17 of 20 days. Put/call ratio averaged 0.74.

Notable Days

2015-01-08: Highest Volume — 169 contracts
2015-01-30: Largest IV spike — 160.9% change
2015-01-30: Highest IV Rank — 95.9%
2015-01-30: Largest Expected Move — 15.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.37	$15.86	$17.00	$15.86	$16.62
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	25.2%	15.5%	54.5%	20.6%	54.5%
Expected Move	5.6%	4.5%	15.6%	4.8%	15.6%
HV 20d	11.8%	9.9%	13.5%	12.9%	13.5%
HV 60d	12.6%	11.6%	13.6%	13.6%	12.5%
IV Rank	26.4%	4.7%	95.9%	8.6%	95.9%
IV Percentile	49.6%	1.2%	99.6%	40.1%	99.6%
Term Structure	3.3%	-7.9%	10.3%	-7.9%	-0.9%
VWIV	22.3%	17.5%	31.1%	18.5%	29.2%
Skew 25d	2.2%	-8.9%	8.8%	-8.9%	8.4%
Skew 10d	1.0%	-11.4%	6.6%	-11.4%	1.9%
Call IV 25d	19.6%	14.0%	30.5%	28.5%	30.5%
Put IV 25d	21.7%	16.1%	38.8%	19.6%	38.8%
Bid-Ask Spread %	104.92	72.02	118.78	104.61	118.78
Gamma HHI	0.64	0.45	0.90	0.88	0.82
Net GEX	234	-2.2K	2.8K	2.8K	-1.0K
Net DEX	-112.8K	-157.8K	-30.4K	-144.2K	-122.7K
Net VEX	-254	-327	-208	-243	-327
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.74	0.00	1.35	0.94	1.35
Total Volume	93.05	0	169	151	148
Total OI	195.95	153	228	167	226

Daily Data (20 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
2015-01-02	$15.86	$0.00	20.6%	4.8%	12.9%	8.6%	18.5%	-8.9%	-7.9%	2.8K	-144.2K	-243	0.94	104.61	78	73	126	41
2015-01-05	$15.88	$15.00	21.3%	4.7%	12.9%	9.5%	0.0%	-0.5%	6.6%	-2.2K	-37.6K	-288	0.00	107.48	0	0	65	98
2015-01-06	$15.86	$15.00	26.9%	5.5%	12.9%	31.1%	0.0%	-3.7%	0.8%	-2.2K	-30.4K	-309	0.00	107.29	0	0	65	98
2015-01-07	$15.99	$15.00	29.1%	4.6%	13.1%	36.5%	0.0%	-0.1%	7.7%	-1.7K	-41.7K	-279	0.00	108.31	0	0	65	98
2015-01-08	$15.99	$15.00	34.0%	4.7%	13.0%	47.9%	17.5%	-0.3%	8.5%	-490	-137.4K	-291	0.76	107.93	96	73	126	98
2015-01-09	$15.97	$15.00	33.1%	5.0%	12.8%	45.7%	17.6%	-1.3%	5.9%	-568	-136.4K	-287	0.76	107.60	96	73	126	98
2015-01-12	$16.16	$15.00	39.0%	4.7%	13.3%	59.6%	19.7%	2.2%	10.3%	-118	-147.7K	-236	0.76	107.22	96	73	126	98
2015-01-13	$16.11	$15.00	42.4%	4.7%	12.0%	67.4%	18.1%	0.4%	8.1%	-264	-145.9K	-250	0.76	106.97	96	73	126	98
2015-01-14	$16.38	$15.00	17.3%	5.0%	11.8%	8.8%	20.3%	2.7%	3.7%	729	-157.8K	-208	0.76	107.15	96	73	126	98
2015-01-15	$16.34	$15.00	17.3%	5.0%	11.3%	8.7%	20.3%	0.6%	1.6%	594	-157.7K	-219	0.78	107.04	94	73	126	98
2015-01-16	$16.49	$15.00	15.5%	4.5%	10.0%	4.7%	0.0%	4.1%	5.0%	1.2K	-76.1K	-218	0.00	72.02	1	0	75	98
2015-01-20	$16.44	$15.00	16.9%	4.9%	10.0%	7.9%	0.0%	1.2%	2.2%	816	-75.4K	-226	0.00	97.98	2	0	66	87
2015-01-21	$16.43	$15.00	18.8%	5.4%	9.9%	12.2%	0.0%	2.1%	1.9%	723	-75.1K	-243	0.29	107.23	7	2	68	87
2015-01-22	$16.65	$15.00	15.8%	4.5%	10.3%	5.1%	25.1%	8.7%	3.4%	1.9K	-154.5K	-230	1.08	108.06	60	65	115	89
2015-01-23	$16.73	$15.00	18.0%	5.2%	10.4%	10.5%	20.0%	1.9%	2.3%	1.9K	-157.5K	-231	1.08	99.25	60	65	115	89
2015-01-26	$16.90	$15.00	20.9%	6.0%	10.7%	17.1%	0.0%	8.1%	3.6%	1.5K	-92.6K	-219	0.00	107.26	0	20	75	89
2015-01-27	$17.00	$15.00	20.5%	5.9%	10.7%	16.3%	0.0%	7.2%	3.8%	228	-78.1K	-252	0.33	102.86	3	1	75	109
2015-01-28	$16.77	$15.00	20.6%	5.9%	12.2%	16.4%	31.1%	1.7%	-2.4%	422	-143.0K	-268	1.10	105.56	63	69	118	110
2015-01-29	$16.88	$15.00	20.9%	6.0%	12.3%	17.2%	30.8%	8.8%	1.8%	291	-144.1K	-263	1.10	107.78	63	69	118	110
2015-01-30	$16.62	$15.00	54.5%	15.6%	13.5%	95.9%	29.2%	8.4%	-0.9%	-1.0K	-122.7K	-327	1.35	118.78	63	85	116	110