BDN Options History — March 2017

In March 2017, BDN traded between $15.76 and $16.77. ATM implied volatility averaged 29.8%, placing in the 34.1% IV rank vs the trailing year. The 30-day expected move averaged 6.8%. IV traded above realized volatility by 11.6% (HV 20d: 18.2%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 9 of 23 days. Put/call ratio averaged 0.01.

Notable Days

2017-03-13: Highest Volume — 434 contracts
2017-03-13: Largest IV spike — 95.1% change
2017-03-13: Highest IV Rank — 100.0%
2017-03-31: Largest Expected Move — 8.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.21	$15.76	$16.77	$16.77	$16.27
Max Pain	$15.33	$15.00	$17.50	$17.50	$15.00
ATM IV	29.8%	19.4%	68.2%	22.8%	29.2%
Expected Move	6.8%	5.3%	8.4%	6.5%	8.4%
HV 20d	18.2%	16.3%	20.4%	18.9%	16.6%
HV 60d	19.5%	18.2%	20.3%	19.8%	18.2%
IV Rank	34.1%	11.6%	100.0%	23.7%	29.4%
IV Percentile	74.2%	15.1%	100.0%	50.0%	88.1%
Term Structure	-3.1%	-18.6%	8.9%	8.9%	-18.6%
VWIV	20.0%	11.7%	32.6%	14.5%	32.6%
Skew 25d	2.0%	-12.3%	12.2%	7.1%	-11.1%
Skew 10d	2.5%	-10.1%	12.2%	-8.5%	-10.1%
Call IV 25d	21.0%	12.2%	32.1%	15.8%	32.1%
Put IV 25d	23.0%	17.0%	28.4%	23.0%	21.0%
Bid-Ask Spread %	65.33	22.41	107.25	93.34	42.76
Gamma HHI	0.81	0.71	0.90	0.88	0.81
Net GEX	24.1K	17.7K	32.2K	31.8K	23.0K
Net DEX	-195.6K	-317.7K	-131.9K	-317.7K	-163.6K
Net VEX	-819	-1.2K	-547	-1.2K	-602
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.01	0.00	0.01	0.01	0.00
Total Volume	423.478	404	434	404	413
Total OI	554.043	552	560	553	552

Daily Data (23 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
2017-03-01	$16.77	$17.50	22.8%	6.5%	18.9%	23.7%	14.5%	7.1%	8.9%	31.8K	-317.7K	-1.2K	0.01	93.34	402	2	531	22
2017-03-02	$16.58	$17.50	23.3%	6.7%	18.4%	24.8%	17.2%	1.1%	2.6%	32.2K	-269.5K	-1.1K	0.01	22.41	402	2	531	22
2017-03-03	$16.59	$17.50	26.4%	7.6%	17.9%	32.3%	20.2%	6.5%	-0.8%	30.1K	-264.9K	-1.1K	0.01	36.41	402	2	531	22
2017-03-06	$16.39	$15.00	29.8%	6.0%	18.5%	40.4%	22.2%	2.5%	-2.5%	28.2K	-251.7K	-1.0K	0.01	48.58	404	2	531	22
2017-03-07	$16.32	$15.00	35.0%	5.3%	18.6%	52.9%	11.7%	12.2%	6.8%	28.1K	-250.2K	-1.0K	0.01	90.97	404	2	533	22
2017-03-08	$16.11	$15.00	37.8%	6.4%	18.8%	59.5%	13.3%	11.5%	2.0%	25.1K	-215.0K	-910	0.00	64.45	431	2	533	22
2017-03-09	$15.87	$15.00	33.9%	6.6%	19.2%	50.1%	16.7%	8.6%	4.5%	21.2K	-175.6K	-869	0.00	67.26	431	2	533	22
2017-03-10	$15.76	$15.00	35.0%	6.3%	19.2%	52.8%	15.7%	8.5%	3.0%	19.8K	-153.4K	-760	0.00	49.70	431	2	533	22
2017-03-13	$15.94	$15.00	68.2%	6.7%	18.9%	100.0%	25.8%	-0.7%	-6.4%	18.8K	-143.2K	-696	0.01	100.58	431	3	533	22
2017-03-14	$15.81	$15.00	52.2%	5.9%	19.0%	71.0%	25.6%	-0.4%	5.2%	17.7K	-131.9K	-641	0.01	39.31	431	3	533	23
2017-03-15	$16.18	$15.00	25.8%	7.4%	20.4%	23.3%	19.7%	6.4%	-9.5%	24.3K	-202.8K	-900	0.01	92.82	431	3	537	23
2017-03-16	$16.04	$15.00	26.4%	7.6%	20.0%	24.3%	17.4%	7.9%	-5.5%	23.4K	-196.0K	-887	0.01	105.27	431	3	537	23
2017-03-17	$16.24	$15.00	25.0%	7.2%	18.8%	21.9%	15.8%	8.3%	-2.6%	23.6K	-185.5K	-786	0.01	94.38	431	3	537	23
2017-03-20	$16.41	$15.00	21.1%	6.1%	19.1%	14.8%	14.6%	4.4%	8.3%	27.5K	-204.5K	-836	0.00	36.37	424	2	530	22
2017-03-21	$16.39	$15.00	19.4%	5.5%	17.5%	11.6%	16.9%	-0.4%	5.3%	26.8K	-199.8K	-791	0.00	61.55	424	2	530	22
2017-03-22	$16.25	$15.00	25.0%	7.2%	17.7%	21.8%	18.3%	1.3%	-12.4%	24.5K	-186.5K	-728	0.00	106.42	424	2	530	22
2017-03-23	$16.29	$15.00	25.0%	7.2%	17.6%	21.8%	26.2%	-5.8%	-2.5%	25.6K	-203.2K	-823	0.00	107.25	424	2	530	22
2017-03-24	$16.25	$15.00	24.6%	7.1%	17.4%	21.1%	28.6%	-12.3%	-15.0%	24.3K	-201.8K	-779	0.00	98.57	424	2	530	22
2017-03-27	$16.06	$15.00	23.5%	6.7%	16.9%	19.0%	28.8%	-11.5%	-10.2%	19.1K	-142.7K	-577	0.00	48.18	424	2	530	22
2017-03-28	$16.02	$15.00	28.2%	8.1%	16.3%	27.6%	20.3%	4.8%	-12.6%	19.4K	-141.9K	-595	0.00	30.50	424	2	530	22
2017-03-29	$16.20	$15.00	21.6%	6.2%	16.7%	15.6%	18.9%	0.9%	-6.4%	19.6K	-141.4K	-547	0.00	33.82	424	2	530	22
2017-03-30	$16.15	$15.00	27.0%	7.7%	16.3%	25.5%	20.3%	-3.2%	-13.9%	21.2K	-156.7K	-617	0.00	31.80	424	2	530	22
2017-03-31	$16.27	$15.00	29.2%	8.4%	16.6%	29.4%	32.6%	-11.1%	-18.6%	23.0K	-163.6K	-602	0.00	42.76	411	2	530	22