BDN Options History — July 2016

In July 2016, BDN traded between $16.27 and $16.86. ATM implied volatility averaged 21.5%, placing in the 15.4% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 1.2% (HV 20d: 20.4%). Max pain ranged from $12.50 to $17.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.17.

Notable Days

2016-07-08: Highest Volume — 704 contracts
2016-07-15: Largest IV spike — 40.6% change
2016-07-12: Highest IV Rank — 42.8%
2016-07-01: Largest Expected Move — 7.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.59	$16.27	$16.86	$16.57	$16.86
Max Pain	$17.25	$12.50	$17.50	$12.50	$17.50
ATM IV	21.5%	12.9%	33.9%	27.1%	20.6%
Expected Move	5.6%	3.7%	7.8%	7.8%	5.9%
HV 20d	20.4%	16.9%	22.0%	19.3%	16.9%
HV 60d	18.4%	18.0%	19.2%	18.1%	18.1%
IV Rank	15.4%	0.0%	42.8%	27.0%	16.9%
IV Percentile	22.4%	0.0%	89.7%	52.8%	9.5%
Term Structure	0.6%	-11.4%	9.3%	-11.4%	-3.3%
VWIV	20.0%	13.6%	27.6%	27.6%	20.6%
Skew 25d	1.2%	-6.4%	10.5%	-6.4%	2.0%
Skew 10d	0.9%	-6.3%	25.4%	-6.3%	-2.3%
Call IV 25d	19.4%	11.5%	32.5%	32.5%	21.0%
Put IV 25d	20.6%	14.8%	29.4%	26.1%	23.0%
Bid-Ask Spread %	29.95	7.84	87.80	19.48	16.61
Gamma HHI	0.83	0.73	0.92	0.74	0.92
Net GEX	37.3K	30.2K	51.0K	39.0K	51.0K
Net DEX	-635.3K	-891.3K	-366.2K	-826.8K	-535.7K
Net VEX	-1.9K	-2.2K	-1.5K	-2.2K	-1.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.17	0.06	0.45	0.07	0.22
Total Volume	442.4	97	704	692	165
Total OI	1,185.5	1,063	1,319	1,264	1,063

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
2016-07-01	$16.57	$12.50	27.1%	7.8%	19.3%	27.0%	27.6%	-6.4%	-11.4%	39.0K	-826.8K	-2.2K	0.07	19.48	646	46	956	308
2016-07-05	$16.64	$17.50	22.8%	6.1%	19.3%	16.9%	21.3%	-3.2%	-2.2%	36.7K	-834.8K	-2.2K	0.07	29.76	646	46	968	329
2016-07-06	$16.57	$17.50	24.6%	6.0%	19.4%	21.0%	20.8%	-2.9%	-0.5%	35.9K	-802.8K	-2.2K	0.07	33.34	646	46	968	329
2016-07-07	$16.27	$17.50	29.0%	5.0%	20.1%	31.4%	20.6%	-5.4%	0.1%	30.2K	-700.8K	-2.0K	0.07	29.89	646	46	968	329
2016-07-08	$16.61	$17.50	23.4%	5.3%	21.2%	18.2%	18.6%	-1.2%	0.7%	37.2K	-793.8K	-2.0K	0.07	30.65	658	46	968	329
2016-07-11	$16.81	$17.50	28.6%	6.1%	21.4%	30.4%	21.4%	-1.8%	-1.0%	39.9K	-891.3K	-2.1K	0.07	28.92	656	46	980	329
2016-07-12	$16.65	$17.50	33.9%	6.0%	21.7%	42.8%	20.9%	-1.6%	-0.7%	38.9K	-860.0K	-2.1K	0.07	32.95	654	46	990	329
2016-07-13	$16.69	$17.50	21.5%	6.2%	21.2%	13.8%	21.3%	-1.6%	-1.1%	39.0K	-866.2K	-2.1K	0.07	32.73	654	46	990	329
2016-07-14	$16.55	$17.50	16.4%	4.7%	21.5%	2.1%	19.3%	-2.7%	0.8%	36.0K	-801.9K	-1.9K	0.07	29.44	654	46	990	329
2016-07-15	$16.49	$17.50	23.1%	6.6%	21.4%	17.6%	24.0%	4.3%	-5.1%	31.6K	-806.3K	-2.0K	0.08	87.80	654	50	990	329
2016-07-18	$16.60	$17.50	18.0%	5.2%	21.2%	5.8%	13.8%	7.3%	6.4%	37.4K	-492.7K	-2.0K	0.06	36.75	452	28	777	289
2016-07-19	$16.61	$17.50	21.7%	6.2%	21.2%	14.4%	22.0%	-2.6%	-2.1%	39.3K	-492.5K	-1.9K	0.06	18.25	452	28	777	287
2016-07-20	$16.65	$17.50	22.9%	6.6%	21.2%	17.1%	22.3%	6.1%	-3.9%	38.5K	-495.3K	-1.9K	0.33	18.92	78	26	777	287
2016-07-21	$16.48	$17.50	19.3%	5.5%	21.6%	8.7%	20.1%	5.6%	5.2%	35.6K	-450.7K	-1.9K	0.33	36.95	78	26	789	289
2016-07-22	$16.69	$17.50	17.7%	5.1%	21.5%	5.0%	18.7%	7.0%	4.7%	41.5K	-512.3K	-1.9K	0.29	24.25	89	26	789	289
2016-07-25	$16.49	$17.50	12.9%	3.7%	22.0%	0.0%	13.6%	4.4%	7.1%	31.1K	-366.2K	-1.5K	0.32	7.84	81	26	774	289
2016-07-26	$16.48	$17.50	16.1%	4.6%	20.9%	6.9%	16.4%	3.2%	4.0%	33.3K	-374.5K	-1.6K	0.32	38.08	81	26	778	289
2016-07-27	$16.41	$17.50	16.6%	4.8%	17.2%	8.1%	21.3%	10.5%	9.3%	33.1K	-384.0K	-1.6K	0.37	22.99	81	30	778	289
2016-07-28	$16.67	$17.50	14.7%	4.2%	17.1%	4.0%	14.8%	3.8%	4.3%	41.0K	-417.6K	-1.6K	0.45	23.38	67	30	778	285
2016-07-29	$16.86	$17.50	20.6%	5.9%	16.9%	16.9%	20.6%	2.0%	-3.3%	51.0K	-535.7K	-1.7K	0.22	16.61	135	30	778	285