BDN Options History — November 2008

In November 2008, BDN traded between $4.41 and $9.67. ATM implied volatility averaged 125.5%, placing in the 67.2% IV rank vs the trailing year. The 30-day expected move averaged 35.4%. IV traded below realized volatility by 21.9% (HV 20d: 147.5%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 0.94.

Notable Days

  • 2008-11-06: Highest Volume — 645 contracts
  • 2008-11-25: Largest IV drop — 29.2% change
  • 2008-11-24: Highest IV Rank — 94.7%
  • 2008-11-24: Largest Expected Move — 49.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$6.71$4.41$9.67$8.62$4.92
Max Pain$8.03$7.50$10.00$10.00$7.50
ATM IV125.5%89.3%171.0%112.0%142.5%
Expected Move35.4%25.6%49.0%32.1%40.8%
HV 20d147.5%127.6%172.6%150.6%160.7%
HV 60d117.5%102.6%134.8%102.6%134.8%
IV Rank67.2%45.3%94.7%59.0%77.4%
IV Percentile96.3%91.7%99.2%95.2%96.8%
Term Structure-2.0%-59.5%40.9%-15.1%-8.1%
VWIV129.8%93.3%150.4%93.3%150.4%
Skew 25d11.4%-68.1%60.1%19.9%-8.9%
Skew 10d22.8%-46.2%52.6%33.9%22.6%
Call IV 25d108.9%80.2%171.6%88.5%127.4%
Put IV 25d120.3%88.9%151.9%108.4%118.5%
Bid-Ask Spread %88.8439.41110.2976.1639.41
Gamma HHI0.400.260.530.320.47
Net GEX2.9K1915.4K1912.7K
Net DEX87.5K-92.3K272.3K272.3K108.9K
Net VEX-965-1.8K-417-613-552
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.940.005.005.000.06
Total Volume56.7890645240
Total OI1,754.7371,1002,1251,1172,090

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-11-03$8.62$10.00112.0%32.1%150.6%59.0%0.0%19.9%-15.1%191272.3K-6135.0076.16420700417
2008-11-04$9.67$10.0089.3%25.6%152.8%45.3%0.0%5.8%-8.4%258271.1K-9010.00108.8010683417
2008-11-05$8.32$10.0098.5%28.2%161.1%50.8%0.0%19.5%1.4%203262.4K-6270.00105.3700684417
2008-11-06$7.71$10.0096.0%27.5%158.5%49.3%93.3%13.2%27.5%633185.3K-9120.00105.736441704417
2008-11-07$8.20$7.50117.5%32.8%134.5%62.3%107.6%60.1%7.6%5.2K-78.3K-1.8K0.1088.691011,339418
2008-11-10$7.78$7.50126.4%32.3%134.8%67.7%109.4%22.9%5.4%5.1K-92.3K-1.7K2.0090.205101,349419
2008-11-11$8.00$7.50127.5%33.8%135.2%68.4%0.0%-68.1%-2.5%5.4K-28.3K-1.5K0.0088.90001,354429
2008-11-12$7.50$7.50133.9%34.9%127.6%72.3%0.0%17.8%-1.5%4.7K-24.0K-1.4K0.3382.99621,354429
2008-11-13$7.70$7.50123.6%35.4%128.3%66.1%0.0%31.8%-7.8%4.8K-15.8K-1.4K0.0090.64001,355429
2008-11-14$6.91$7.50124.7%35.8%132.8%66.7%0.0%7.1%-0.8%4.3K-17.2K-1.4K0.0098.61001,355429
2008-11-17$6.41$7.50102.8%29.5%134.4%53.4%136.8%42.7%-1.4%4.1K22.6K-1.2K0.0095.180401,355429
2008-11-18$6.15$7.50117.5%33.7%134.6%62.4%142.2%0.0%40.9%3.3K89.1K-9290.0049.2821011,355469
2008-11-19$4.90$7.50147.1%42.2%151.2%80.2%148.7%-61.8%-3.1%2.4K110.9K-6460.0669.039051,565470
2008-11-20$4.41$7.50154.5%44.3%153.4%84.7%150.3%45.9%-5.9%2.4K83.4K-6620.00110.290251,655468
2008-11-21$4.51$7.50145.6%41.7%153.3%79.3%0.0%7.7%-59.5%2.0K112.3K-5830.0084.89001,655470
2008-11-24$5.59$7.50171.0%49.0%172.6%94.7%0.0%22.3%-29.2%1.2K162.1K-4170.00102.02001,654433
2008-11-25$4.95$7.50121.2%34.7%161.7%64.5%0.0%16.2%12.9%2.7K115.3K-5560.00108.42001,654433
2008-11-26$5.23$7.50133.4%38.2%163.8%71.9%150.4%-8.9%10.4%3.1K122.3K-5350.0093.37041,654433
2008-11-28$4.92$7.50142.5%40.8%160.7%77.4%0.0%0.0%-8.1%2.7K108.9K-5520.0039.41001,654436