BDN Options History — September 2017

In September 2017, BDN traded between $16.71 and $17.51. ATM implied volatility averaged 20.3%, placing in the 16.9% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 3.7% (HV 20d: 16.7%). Max pain ranged from $17.50 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 0.44.

Notable Days

2017-09-01: Highest Volume — 580 contracts
2017-09-13: Largest IV drop — 70.3% change
2017-09-12: Highest IV Rank — 70.7%
2017-09-12: Largest Expected Move — 6.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.14	$16.71	$17.51	$17.28	$17.50
Max Pain	$17.50	$17.50	$17.50	$17.50	$17.50
ATM IV	20.3%	10.8%	51.3%	17.2%	17.0%
Expected Move	4.6%	2.9%	6.5%	4.9%	4.9%
HV 20d	16.7%	13.5%	18.0%	15.8%	13.5%
HV 60d	15.5%	13.8%	16.2%	15.5%	13.8%
IV Rank	16.9%	0.5%	70.7%	11.4%	11.2%
IV Percentile	32.2%	0.4%	98.8%	14.7%	16.7%
Term Structure	0.8%	-5.3%	6.6%	3.7%	-1.1%
VWIV	15.8%	9.7%	22.1%	14.6%	17.0%
Skew 25d	6.0%	-3.8%	111.9%	5.0%	-2.6%
Skew 10d	6.0%	-5.6%	147.6%	2.2%	-5.0%
Call IV 25d	17.1%	10.9%	20.6%	17.8%	19.6%
Put IV 25d	23.1%	13.1%	129.0%	22.8%	16.9%
Bid-Ask Spread %	56.81	22.31	104.34	38.51	26.51
Gamma HHI	0.99	0.99	0.99	0.99	0.99
Net GEX	63.7K	42.4K	88.9K	55.5K	87.4K
Net DEX	-276.2K	-430.6K	-49.1K	-357.6K	-389.2K
Net VEX	-1.7K	-2.1K	-1.3K	-2.1K	-1.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.44	0.09	0.87	0.24	0.87
Total Volume	329.1	99	580	580	99
Total OI	826.9	795	859	795	859

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
2017-09-01	$17.28	$17.50	17.2%	4.9%	15.8%	11.4%	14.6%	5.0%	3.7%	55.5K	-357.6K	-2.1K	0.24	38.51	469	111	684	111
2017-09-05	$17.08	$17.50	22.4%	5.2%	16.1%	20.4%	18.4%	-2.7%	-0.7%	54.1K	-281.8K	-2.0K	0.24	68.03	469	111	694	111
2017-09-06	$17.05	$17.50	22.6%	4.5%	16.1%	20.8%	17.4%	-3.8%	-1.4%	54.8K	-266.1K	-2.0K	0.24	94.58	469	111	694	111
2017-09-07	$16.82	$17.50	30.3%	5.5%	16.5%	34.2%	19.8%	-2.2%	-3.7%	45.2K	-189.8K	-1.8K	0.24	104.34	469	111	694	111
2017-09-08	$16.71	$17.50	23.3%	3.4%	16.6%	22.0%	11.7%	-0.8%	4.6%	42.4K	-49.1K	-1.3K	0.09	44.49	469	42	694	111
2017-09-11	$17.04	$17.50	35.7%	2.9%	17.6%	43.6%	9.7%	3.1%	6.6%	63.4K	-129.8K	-1.6K	0.09	44.56	469	42	694	111
2017-09-12	$16.97	$17.50	51.3%	6.5%	16.8%	70.7%	22.1%	1.6%	-5.3%	51.2K	-340.6K	-1.9K	0.10	92.40	469	49	694	111
2017-09-13	$16.77	$17.50	15.2%	4.4%	17.3%	8.1%	15.9%	1.0%	1.0%	56.1K	-156.3K	-1.6K	0.09	96.43	469	44	694	111
2017-09-14	$17.02	$17.50	17.2%	4.9%	18.0%	11.4%	10.4%	5.7%	6.0%	46.3K	-263.1K	-1.8K	0.09	86.71	509	44	694	111
2017-09-15	$17.06	$17.50	14.9%	4.3%	18.0%	7.5%	16.5%	-3.2%	-0.1%	55.1K	-228.1K	-1.6K	0.09	69.54	509	44	734	111
2017-09-18	$16.96	$17.50	14.1%	4.0%	17.7%	6.1%	14.5%	0.5%	2.2%	60.3K	-212.7K	-1.5K	0.51	68.66	87	44	719	111
2017-09-19	$16.98	$17.50	15.1%	4.3%	17.6%	7.9%	16.2%	-1.7%	-0.8%	56.1K	-231.9K	-1.6K	0.51	68.35	87	44	744	111
2017-09-20	$17.15	$17.50	10.8%	3.1%	17.8%	0.5%	10.7%	10.0%	4.3%	74.3K	-219.6K	-1.5K	0.69	48.19	67	46	744	111
2017-09-21	$17.23	$17.50	14.5%	4.2%	17.5%	6.8%	14.9%	111.9%	0.3%	69.0K	-267.4K	-1.7K	0.69	51.62	67	46	724	111
2017-09-22	$17.28	$17.50	18.3%	5.3%	17.0%	13.4%	18.4%	0.1%	-1.9%	67.3K	-327.9K	-1.7K	0.69	23.91	67	46	724	111
2017-09-25	$17.39	$17.50	17.8%	5.1%	17.1%	12.5%	17.7%	-1.7%	0.1%	75.1K	-360.0K	-1.7K	0.77	38.08	60	46	724	111
2017-09-26	$17.43	$17.50	16.0%	4.6%	15.4%	9.4%	16.0%	-1.6%	1.3%	86.6K	-401.7K	-1.7K	0.87	22.31	53	46	725	111
2017-09-27	$17.51	$17.50	16.1%	4.6%	15.4%	9.5%	16.1%	1.7%	1.1%	88.9K	-430.6K	-1.8K	0.87	26.70	53	46	728	131
2017-09-28	$17.51	$17.50	17.1%	4.9%	15.4%	11.3%	17.1%	-0.6%	-0.8%	85.0K	-420.9K	-1.8K	0.87	22.32	53	46	728	131
2017-09-29	$17.50	$17.50	17.0%	4.9%	13.5%	11.2%	17.0%	-2.6%	-1.1%	87.4K	-389.2K	-1.7K	0.87	26.51	53	46	728	131