BDN Options History — April 2015

In April 2015, BDN traded between $14.58 and $16.08. ATM implied volatility averaged 22.2%, placing in the 21.0% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded above realized volatility by 1.0% (HV 20d: 21.1%). Max pain ranged from $12.50 to $15.00. Net GEX was positive for 5 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.24.

Notable Days

2015-04-16: Highest Volume — 100 contracts
2015-04-06: Largest IV spike — 18.5% change
2015-04-06: Highest IV Rank — 35.0%
2015-04-15: Largest Expected Move — 6.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.16	$14.58	$16.08	$15.76	$14.58
Max Pain	$14.86	$12.50	$15.00	$12.50	$15.00
ATM IV	22.2%	19.5%	27.9%	19.9%	21.3%
Expected Move	6.1%	5.1%	6.6%	5.7%	6.1%
HV 20d	21.1%	16.8%	28.5%	28.3%	17.9%
HV 60d	21.3%	20.6%	21.8%	20.6%	21.5%
IV Rank	21.0%	14.5%	35.0%	15.6%	18.9%
IV Percentile	56.7%	23.4%	90.5%	29.0%	48.4%
Term Structure	-0.4%	-2.8%	5.2%	2.1%	-2.8%
VWIV	21.4%	18.3%	23.1%	20.8%	20.0%
Skew 25d	1.2%	-8.6%	7.4%	-6.3%	7.4%
Skew 10d	5.7%	-14.0%	80.6%	-10.3%	6.5%
Call IV 25d	25.1%	16.3%	29.6%	29.1%	27.3%
Put IV 25d	26.3%	20.0%	34.6%	22.8%	34.6%
Bid-Ask Spread %	96.96	49.73	108.08	108.08	49.73
Gamma HHI	0.75	0.51	0.94	0.53	0.80
Net GEX	-1.3K	-4.4K	1.7K	-197	-2.1K
Net DEX	-27.0K	-140.5K	46.8K	-121.3K	45.4K
Net VEX	-350	-408	-312	-375	-329
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.24	0.14	0.45	0.14	0.38
Total Volume	62.238	5	100	79	51
Total OI	189.238	116	252	240	134

Daily Data (21 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
2015-04-01	$15.76	$12.50	19.9%	5.7%	28.3%	15.6%	20.8%	-6.3%	2.1%	-197	-121.3K	-375	0.14	108.08	69	10	125	115
2015-04-02	$15.92	$0.00	23.6%	5.1%	28.5%	24.4%	0.0%	3.7%	5.2%	-399	-128.8K	-363	0.14	104.67	69	10	125	115
2015-04-06	$16.08	$0.00	27.9%	5.8%	20.8%	35.0%	0.0%	6.0%	3.1%	-541	-140.5K	-327	0.14	104.88	69	10	125	115
2015-04-07	$15.71	$0.00	25.9%	6.0%	22.9%	30.1%	21.2%	2.4%	-0.2%	-121	-121.6K	-351	0.22	104.57	69	15	125	115
2015-04-08	$15.62	$15.00	21.3%	6.1%	23.1%	18.9%	0.0%	3.3%	-1.0%	-4.4K	7.6K	-344	0.00	97.43	0	5	41	120
2015-04-09	$15.20	$15.00	22.6%	6.5%	25.3%	22.0%	22.6%	2.6%	-1.3%	49	-70.0K	-408	0.23	100.64	69	16	125	125
2015-04-10	$15.19	$15.00	22.0%	6.3%	23.4%	20.7%	22.0%	2.3%	-1.7%	-200	-70.4K	-408	0.23	85.76	69	16	125	127
2015-04-13	$15.23	$15.00	22.1%	6.3%	23.4%	20.8%	22.1%	1.0%	-0.8%	455	-74.5K	-388	0.23	103.92	69	16	125	127
2015-04-14	$15.23	$15.00	21.0%	6.0%	23.1%	18.1%	21.0%	0.4%	0.0%	545	-76.8K	-380	0.23	98.55	69	16	125	127
2015-04-15	$15.07	$15.00	23.1%	6.6%	23.3%	23.3%	23.1%	1.3%	-2.2%	1.7K	-55.4K	-374	0.23	56.45	69	16	125	127
2015-04-16	$15.04	$15.00	22.1%	6.3%	21.6%	20.9%	22.1%	1.3%	-1.5%	1.1K	-46.2K	-364	0.45	103.71	69	31	125	127
2015-04-17	$14.94	$15.00	22.6%	6.5%	21.5%	22.1%	22.6%	2.5%	-1.4%	-2.7K	10.4K	-337	0.19	102.79	69	13	125	125
2015-04-20	$14.87	$15.00	22.1%	6.3%	17.1%	21.0%	22.1%	2.7%	-1.1%	-2.9K	32.7K	-332	0.25	104.54	28	7	41	75
2015-04-21	$14.79	$15.00	22.4%	6.4%	16.8%	21.5%	22.3%	3.0%	-0.7%	-2.8K	37.5K	-323	0.25	101.82	28	7	41	75
2015-04-22	$14.85	$15.00	22.0%	6.3%	16.9%	20.6%	22.0%	-5.2%	-1.1%	-2.9K	40.0K	-323	0.25	103.25	28	7	41	75
2015-04-23	$14.70	$15.00	21.6%	6.2%	16.9%	19.6%	21.4%	-4.4%	-0.7%	-2.8K	46.8K	-312	0.25	102.42	28	7	41	75
2015-04-24	$14.98	$15.00	20.9%	6.0%	18.6%	17.9%	20.8%	2.6%	-0.3%	-3.1K	31.6K	-323	0.19	102.55	37	7	41	75
2015-04-27	$14.98	$15.00	20.7%	5.9%	18.7%	17.3%	20.5%	2.8%	-0.3%	-2.3K	25.2K	-336	0.19	102.03	37	7	50	75
2015-04-28	$15.00	$15.00	21.1%	6.0%	17.3%	18.4%	21.1%	-8.6%	-0.1%	-2.1K	25.8K	-336	0.19	94.68	37	7	52	75
2015-04-29	$14.69	$15.00	19.5%	5.6%	18.3%	14.5%	18.3%	4.2%	-1.5%	-2.1K	35.7K	-320	0.38	103.58	37	14	52	75
2015-04-30	$14.58	$15.00	21.3%	6.1%	17.9%	18.9%	20.0%	7.4%	-2.8%	-2.1K	45.4K	-329	0.38	49.73	37	14	52	82