BDN Options History — March 2015

In March 2015, BDN traded between $14.80 and $16.44. ATM implied volatility averaged 22.1%, placing in the 20.9% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded below realized volatility by 2.4% (HV 20d: 24.5%). Max pain ranged from $12.50 to $17.50. Net GEX was positive for 3 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 2.96.

Notable Days

2015-03-05: Highest Volume — 131 contracts
2015-03-24: Largest IV spike — 59.5% change
2015-03-24: Highest IV Rank — 38.9%
2015-03-24: Largest Expected Move — 8.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.65	$14.80	$16.44	$15.86	$16.01
Max Pain	$14.77	$12.50	$17.50	$17.50	$12.50
ATM IV	22.1%	17.6%	29.5%	21.1%	22.2%
Expected Move	6.3%	5.1%	8.5%	6.0%	6.4%
HV 20d	24.5%	16.8%	28.0%	17.2%	28.0%
HV 60d	18.3%	14.6%	20.3%	14.7%	20.3%
IV Rank	20.9%	9.9%	38.9%	18.3%	21.1%
IV Percentile	57.6%	13.5%	93.7%	48.4%	62.3%
Term Structure	-3.4%	-20.2%	4.6%	-0.1%	-5.6%
VWIV	23.6%	20.3%	30.8%	26.3%	23.0%
Skew 25d	-2.3%	-10.7%	4.5%	4.2%	-2.4%
Skew 10d	0.3%	-14.6%	11.9%	1.5%	-4.9%
Call IV 25d	24.6%	17.3%	30.4%	26.0%	27.2%
Put IV 25d	22.4%	15.7%	30.2%	30.2%	24.8%
Bid-Ask Spread %	100.81	66.88	110.80	110.80	107.47
Gamma HHI	0.68	0.49	0.98	0.98	0.62
Net GEX	-1.4K	-13.8K	1.9K	1.6K	-622
Net DEX	-28.2K	-130.5K	68.8K	-100.1K	-130.5K
Net VEX	-382	-456	-219	-219	-354
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.96	0.00	33.67	0.14	0.14
Total Volume	41.545	0	131	72	79
Total OI	227.273	184	303	184	239

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
2015-03-02	$15.86	$17.50	21.1%	6.0%	17.2%	18.3%	26.3%	4.2%	-0.1%	1.6K	-100.1K	-219	0.14	110.80	63	9	111	73
2015-03-03	$15.83	$17.50	20.9%	6.0%	17.2%	18.0%	20.7%	-6.3%	-3.8%	1.8K	-95.5K	-227	0.14	107.96	63	9	111	74
2015-03-04	$15.68	$17.50	19.6%	5.6%	16.8%	14.9%	21.4%	-10.7%	0.3%	1.9K	-90.8K	-226	1.06	107.20	63	67	111	74
2015-03-05	$15.65	$12.50	21.7%	6.1%	16.8%	19.9%	22.9%	4.5%	-0.2%	-900	-59.4K	-432	1.05	93.33	64	67	111	134
2015-03-06	$14.86	$12.50	22.0%	6.2%	24.1%	20.5%	26.5%	1.6%	-0.1%	-585	-4.7K	-451	1.05	101.39	64	67	112	134
2015-03-09	$14.84	$15.00	24.6%	6.2%	24.1%	26.9%	0.0%	0.7%	-0.3%	-818	63.3K	-435	0.00	100.67	0	0	72	134
2015-03-10	$14.87	$15.00	23.1%	6.3%	24.2%	23.3%	21.9%	1.8%	-1.4%	-893	65.6K	-428	0.00	66.88	2	0	72	134
2015-03-11	$14.80	$15.00	22.9%	6.6%	24.2%	22.7%	0.0%	-0.3%	-2.0%	-973	68.8K	-419	1.00	82.71	1	1	72	134
2015-03-12	$15.21	$15.00	20.3%	5.8%	26.7%	16.4%	20.3%	-4.0%	0.7%	-530	46.9K	-435	0.00	101.39	0	4	71	134
2015-03-13	$15.19	$15.00	20.7%	5.9%	24.8%	17.5%	0.0%	-3.9%	0.4%	-336	42.6K	-431	0.00	97.86	0	0	71	132
2015-03-16	$15.34	$15.00	21.8%	6.2%	25.2%	20.1%	21.8%	-0.9%	-1.2%	-566	30.1K	-422	33.67	97.96	3	101	71	132
2015-03-17	$15.42	$15.00	22.6%	6.5%	25.2%	22.1%	0.0%	-3.4%	-1.9%	-13.8K	51.4K	-456	0.00	101.70	0	0	72	231
2015-03-18	$15.76	$15.00	18.9%	5.4%	26.4%	13.0%	0.0%	-0.8%	4.6%	-7.1K	9.1K	-406	0.00	104.58	0	0	72	231
2015-03-19	$15.85	$15.00	17.6%	5.1%	25.4%	9.9%	0.0%	-7.9%	-0.3%	-5.4K	-5.3K	-375	0.00	108.35	0	0	72	231
2015-03-20	$16.36	$15.00	21.1%	6.0%	27.8%	18.3%	21.5%	1.0%	-3.2%	-1.2K	-36.7K	-307	0.00	107.51	28	0	72	231
2015-03-23	$16.44	$15.00	18.5%	5.3%	27.8%	12.1%	0.0%	1.3%	-6.1%	-285	-68.7K	-387	0.00	107.24	0	0	84	115
2015-03-24	$16.24	$15.00	29.5%	8.5%	27.2%	38.9%	0.0%	-2.8%	-20.2%	-413	-59.8K	-397	0.00	107.11	0	0	84	115
2015-03-25	$16.09	$15.00	25.2%	7.2%	27.3%	28.4%	30.8%	-7.2%	-12.2%	-383	-55.5K	-409	0.00	106.69	1	0	84	115
2015-03-26	$15.92	$12.50	24.1%	6.9%	27.2%	25.8%	26.4%	0.9%	-0.8%	-262	-117.2K	-406	0.14	82.44	69	10	125	115
2015-03-27	$15.89	$15.00	23.5%	6.7%	27.2%	24.3%	0.0%	-10.4%	-9.4%	-307	-45.8K	-411	0.00	108.52	0	0	84	115
2015-03-30	$16.15	$12.50	25.0%	7.2%	27.8%	27.9%	23.7%	-4.8%	-11.0%	-469	-128.6K	-377	0.14	108.14	69	10	124	115
2015-03-31	$16.01	$12.50	22.2%	6.4%	28.0%	21.1%	23.0%	-2.4%	-5.6%	-622	-130.5K	-354	0.14	107.47	69	10	124	115