BDN Options History — May 2015

In May 2015, BDN traded between $14.06 and $14.72. ATM implied volatility averaged 22.8%, placing in the 22.5% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded above realized volatility by 5.0% (HV 20d: 17.8%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.80.

Notable Days

2015-05-07: Highest Volume — 379 contracts
2015-05-11: Largest IV spike — 74.2% change
2015-05-12: Highest IV Rank — 62.5%
2015-05-27: Largest Expected Move — 6.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.47	$14.06	$14.72	$14.61	$14.06
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	22.8%	18.1%	39.2%	18.4%	21.0%
Expected Move	5.9%	4.8%	6.6%	5.3%	6.0%
HV 20d	17.8%	15.4%	19.1%	17.2%	18.5%
HV 60d	21.8%	21.3%	22.4%	21.5%	21.9%
IV Rank	22.5%	11.0%	62.5%	11.8%	18.1%
IV Percentile	50.1%	14.7%	98.4%	17.1%	42.5%
Term Structure	-0.6%	-5.0%	1.6%	-0.9%	-1.1%
VWIV	21.2%	17.8%	24.9%	17.8%	21.9%
Skew 25d	12.1%	-2.8%	112.7%	9.0%	5.2%
Skew 10d	12.4%	-9.9%	145.9%	4.1%	3.7%
Call IV 25d	23.2%	21.4%	26.2%	26.2%	23.2%
Put IV 25d	35.4%	20.1%	135.1%	35.3%	28.4%
Bid-Ask Spread %	102.14	85.27	108.36	104.81	108.36
Gamma HHI	0.94	0.80	0.99	0.80	0.94
Net GEX	23.0K	-2.1K	35.5K	-2.1K	17.2K
Net DEX	-85.1K	-224.5K	77.9K	40.8K	77.9K
Net VEX	-887	-1.2K	-310	-331	-1.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.80	0.00	3.09	0.37	3.09
Total Volume	81.75	0	379	52	188
Total OI	491.05	134	709	134	709

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
2015-05-01	$14.61	$15.00	18.4%	5.3%	17.2%	11.8%	17.8%	9.0%	-0.9%	-2.1K	40.8K	-331	0.37	104.81	38	14	52	82
2015-05-04	$14.55	$15.00	18.7%	5.7%	16.4%	12.6%	19.9%	0.6%	-0.1%	-1.9K	48.8K	-310	0.00	99.44	83	0	55	82
2015-05-05	$14.33	$15.00	24.6%	6.2%	15.4%	26.9%	21.7%	0.3%	-0.0%	2.7K	18.4K	-486	0.51	102.49	39	20	138	82
2015-05-06	$14.25	$15.00	26.4%	6.2%	15.4%	31.4%	21.8%	0.5%	0.7%	3.1K	19.0K	-507	0.51	101.68	39	20	153	87
2015-05-07	$14.64	$15.00	28.9%	5.9%	16.8%	37.3%	20.6%	97.9%	-0.0%	3.8K	2.3K	-555	0.06	102.65	359	20	153	87
2015-05-08	$14.72	$15.00	18.5%	5.7%	17.0%	12.0%	0.0%	1.0%	0.5%	32.3K	-224.5K	-1.2K	0.00	101.43	10	0	478	87
2015-05-11	$14.38	$15.00	32.2%	4.8%	18.6%	45.5%	19.9%	0.5%	1.6%	29.1K	-133.1K	-1.1K	0.00	101.15	10	0	488	87
2015-05-12	$14.45	$15.00	39.2%	6.2%	18.8%	62.5%	21.6%	112.7%	-0.1%	27.9K	-123.1K	-1.0K	0.50	85.27	40	20	498	87
2015-05-13	$14.41	$15.00	20.1%	5.8%	18.5%	16.0%	20.6%	2.4%	1.3%	30.0K	-135.0K	-1.1K	0.88	101.84	40	35	498	87
2015-05-14	$14.48	$15.00	21.1%	6.1%	18.7%	18.5%	21.4%	1.9%	-1.3%	28.4K	-121.2K	-1.1K	0.88	102.90	40	35	498	107
2015-05-15	$14.63	$15.00	20.2%	5.8%	19.1%	16.1%	20.2%	-2.6%	0.8%	33.3K	-134.9K	-1.1K	0.88	102.57	40	35	498	107
2015-05-18	$14.64	$15.00	21.0%	6.0%	19.1%	18.3%	21.1%	-2.8%	-0.8%	33.6K	-163.3K	-1.1K	0.00	103.14	5	0	491	82
2015-05-19	$14.53	$15.00	20.2%	5.8%	19.1%	16.3%	0.0%	3.6%	-0.8%	33.8K	-152.7K	-1.0K	0.00	102.21	0	0	491	82
2015-05-20	$14.56	$15.00	20.3%	5.8%	19.1%	16.4%	20.6%	3.1%	0.0%	35.5K	-174.6K	-1.0K	0.81	103.11	37	30	491	82
2015-05-21	$14.48	$15.00	20.4%	5.9%	18.9%	16.8%	20.7%	1.6%	-0.1%	31.4K	-117.1K	-983	0.81	99.51	37	30	481	97
2015-05-22	$14.43	$15.00	18.1%	5.2%	17.4%	11.0%	20.9%	3.2%	-0.3%	31.3K	-119.4K	-980	0.97	104.10	31	30	481	97
2015-05-26	$14.37	$15.00	22.2%	6.4%	17.4%	21.0%	24.9%	2.7%	-3.9%	27.7K	-95.4K	-904	0.97	105.69	31	30	485	97
2015-05-27	$14.50	$15.00	22.9%	6.6%	17.8%	22.8%	23.2%	-2.0%	-2.6%	31.9K	-113.2K	-926	0.97	104.50	31	30	485	97
2015-05-28	$14.43	$15.00	21.3%	6.1%	16.4%	18.9%	23.6%	4.2%	-5.0%	31.7K	-102.7K	-870	3.09	105.96	46	142	485	97
2015-05-29	$14.06	$15.00	21.0%	6.0%	18.5%	18.1%	21.9%	5.2%	-1.1%	17.2K	77.9K	-1.2K	3.09	108.36	46	142	500	209