BDN Options History — July 2017

In July 2017, BDN traded between $16.75 and $17.65. ATM implied volatility averaged 18.1%, placing in the 9.7% IV rank vs the trailing year. The 30-day expected move averaged 5.2%. IV traded above realized volatility by 0.8% (HV 20d: 17.3%). 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 11 of 20 days. Put/call ratio averaged 0.40.

Notable Days

2017-07-25: Highest Volume — 585 contracts
2017-07-17: Largest IV spike — 37.6% change
2017-07-10: Highest IV Rank — 16.8%
2017-07-03: Largest Expected Move — 6.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.02	$16.75	$17.65	$17.65	$16.76
Max Pain	$13.00	$12.50	$17.50	$17.50	$12.50
ATM IV	18.1%	12.3%	22.2%	21.5%	16.8%
Expected Move	5.2%	3.5%	6.2%	6.2%	4.8%
HV 20d	17.3%	14.7%	18.9%	14.7%	15.0%
HV 60d	14.8%	13.8%	15.1%	13.8%	14.6%
IV Rank	9.7%	0.0%	16.8%	15.5%	8.2%
IV Percentile	22.3%	0.0%	55.2%	46.4%	8.7%
Term Structure	0.9%	-6.1%	7.2%	-3.1%	5.9%
VWIV	23.4%	10.8%	52.0%	21.3%	11.6%
Skew 25d	7.1%	-2.0%	118.9%	-1.0%	6.2%
Skew 10d	7.4%	-3.4%	153.1%	-2.0%	2.1%
Call IV 25d	17.6%	12.4%	22.8%	22.8%	13.2%
Put IV 25d	24.7%	15.7%	138.5%	21.8%	19.4%
Bid-Ask Spread %	35.89	9.68	82.68	34.72	9.68
Gamma HHI	0.99	0.93	1.00	0.99	0.99
Net GEX	77.6K	7.9K	153.9K	79.2K	49.9K
Net DEX	-215.8K	-471.4K	-17.2K	-471.4K	-85.7K
Net VEX	-902	-1.3K	-395	-1.2K	-1.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.40	0.19	1.27	0.40	0.19
Total Volume	247.7	50	585	108	574
Total OI	692.55	168	754	656	735

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
2017-07-03	$17.65	$17.50	21.5%	6.2%	14.7%	15.5%	21.3%	-1.0%	-3.1%	79.2K	-471.4K	-1.2K	0.40	34.72	77	31	601	55
2017-07-05	$17.18	$17.50	20.8%	6.0%	17.6%	14.2%	20.9%	0.4%	-6.1%	86.0K	-394.3K	-1.2K	0.40	65.27	77	31	656	55
2017-07-06	$16.95	$12.50	19.1%	5.3%	18.2%	11.2%	42.9%	-2.0%	0.5%	73.3K	-270.0K	-1.0K	0.40	29.06	77	31	656	55
2017-07-07	$16.98	$12.50	17.7%	5.4%	18.2%	8.7%	0.0%	-1.4%	-0.1%	76.6K	-246.2K	-985	0.40	18.17	77	31	656	55
2017-07-10	$16.95	$12.50	22.2%	5.6%	18.2%	16.8%	43.4%	-1.1%	-0.6%	74.1K	-243.7K	-909	0.40	19.22	77	31	656	55
2017-07-11	$16.89	$12.50	17.6%	5.4%	16.8%	8.5%	52.0%	-1.6%	-0.8%	66.7K	-131.9K	-704	0.40	22.48	77	31	656	55
2017-07-12	$17.11	$12.50	19.7%	5.7%	17.6%	12.3%	39.2%	-1.9%	-1.2%	104.2K	-224.1K	-816	0.43	56.22	77	33	656	55
2017-07-13	$17.02	$12.50	18.7%	5.4%	17.5%	10.4%	38.0%	0.3%	0.0%	85.5K	-186.7K	-762	0.43	19.97	77	33	656	57
2017-07-14	$17.13	$12.50	14.4%	4.1%	17.7%	2.6%	16.2%	-1.1%	2.2%	105.7K	-298.9K	-860	0.32	48.25	103	33	656	57
2017-07-17	$17.20	$12.50	19.8%	5.7%	17.0%	12.4%	19.8%	-0.4%	-1.7%	132.6K	-245.3K	-730	0.32	21.49	103	33	682	57
2017-07-18	$17.12	$12.50	18.3%	5.2%	17.0%	9.7%	18.3%	0.9%	0.5%	110.3K	-219.8K	-679	0.32	23.19	103	33	682	57
2017-07-19	$17.32	$12.50	20.4%	5.8%	17.6%	13.4%	20.4%	1.8%	-3.0%	120.8K	-415.7K	-720	0.32	18.90	103	33	682	57
2017-07-20	$17.22	$12.50	18.8%	5.4%	17.7%	10.6%	18.9%	0.1%	-0.4%	153.9K	-388.3K	-645	1.27	21.87	22	28	683	58
2017-07-21	$16.89	$12.50	19.4%	5.6%	18.9%	11.8%	19.6%	118.9%	1.4%	7.9K	-17.2K	-417	1.12	71.64	26	29	692	62
2017-07-24	$16.82	$12.50	18.2%	5.2%	18.2%	9.5%	16.2%	1.4%	3.3%	10.3K	-41.8K	-395	0.19	41.27	479	92	144	24
2017-07-25	$16.88	$12.50	12.3%	3.5%	17.6%	0.0%	10.8%	3.3%	7.2%	58.6K	-104.2K	-1.2K	0.19	35.25	493	92	621	92
2017-07-26	$16.85	$12.50	16.4%	4.7%	17.4%	7.5%	13.1%	6.0%	4.2%	54.7K	-136.1K	-1.3K	0.19	82.68	481	92	621	92
2017-07-27	$16.80	$12.50	13.1%	3.8%	16.5%	1.5%	12.1%	4.3%	5.2%	52.1K	-85.1K	-1.1K	0.19	64.89	475	92	635	92
2017-07-28	$16.75	$12.50	17.2%	4.9%	16.5%	8.8%	10.9%	8.7%	5.3%	49.5K	-109.6K	-1.3K	0.19	13.64	475	92	643	92
2017-07-31	$16.76	$12.50	16.8%	4.8%	15.0%	8.2%	11.6%	6.2%	5.9%	49.9K	-85.7K	-1.1K	0.19	9.68	482	92	643	92