BDN Options History — December 2017

In December 2017, BDN traded between $17.11 and $18.57. ATM implied volatility averaged 37.1%, placing in the 47.9% IV rank vs the trailing year. The 30-day expected move averaged 10.2%. IV traded above realized volatility by 20.7% (HV 20d: 16.4%). 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 6 of 20 days. Put/call ratio averaged 1.08.

Notable Days

2017-12-01: Highest Volume — 572 contracts
2017-12-08: Largest IV spike — 121.8% change
2017-12-19: Highest IV Rank — 88.8%
2017-12-19: Largest Expected Move — 17.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.94	$17.11	$18.57	$17.20	$18.20
Max Pain	$17.50	$17.50	$17.50	$17.50	$17.50
ATM IV	37.1%	11.7%	61.6%	20.2%	61.0%
Expected Move	10.2%	3.5%	17.6%	5.8%	17.5%
HV 20d	16.4%	9.6%	18.9%	9.6%	17.5%
HV 60d	12.9%	11.3%	13.7%	11.3%	13.6%
IV Rank	47.9%	5.2%	88.8%	19.4%	87.8%
IV Percentile	70.6%	3.2%	99.6%	59.1%	99.2%
Term Structure	-39.7%	-99.7%	5.9%	-6.0%	-97.7%
VWIV	33.3%	12.8%	60.2%	20.4%	58.5%
Skew 25d	-5.5%	-39.7%	7.4%	3.5%	-1.8%
Skew 10d	-2.0%	-24.6%	11.2%	1.0%	11.2%
Call IV 25d	26.5%	12.3%	53.9%	28.3%	28.8%
Put IV 25d	21.1%	14.1%	38.2%	31.7%	27.0%
Bid-Ask Spread %	99.10	44.25	120.71	113.03	107.81
Gamma HHI	0.92	0.76	0.99	0.98	0.89
Net GEX	55.1K	7.6K	162.4K	92.8K	9.7K
Net DEX	-530.2K	-1.2M	-212.6K	-404.7K	-242.2K
Net VEX	-1.5K	-1.7K	-1.2K	-1.6K	-1.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.08	0.10	1.39	0.10	1.38
Total Volume	201.4	106	572	572	171
Total OI	717.9	485	952	839	530

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
2017-12-01	$17.20	$17.50	20.2%	5.8%	9.6%	19.4%	20.4%	3.5%	-6.0%	92.8K	-404.7K	-1.6K	0.10	113.03	521	51	748	91
2017-12-04	$17.52	$17.50	25.9%	4.7%	11.8%	29.1%	15.6%	-6.0%	-2.1%	94.7K	-529.0K	-1.6K	0.10	101.98	515	51	748	91
2017-12-05	$17.11	$17.50	23.8%	4.7%	14.3%	25.4%	15.4%	-5.9%	-1.7%	84.2K	-426.4K	-1.6K	0.93	107.50	55	51	763	91
2017-12-06	$17.26	$17.50	13.1%	4.1%	14.7%	7.5%	14.3%	-1.7%	1.1%	141.5K	-311.7K	-1.5K	0.93	114.16	55	51	764	91
2017-12-07	$17.61	$17.50	11.7%	4.4%	15.8%	5.2%	15.4%	-6.6%	0.9%	162.4K	-661.7K	-1.6K	0.85	104.68	60	51	764	91
2017-12-08	$17.83	$17.50	25.9%	4.0%	16.4%	29.1%	14.3%	1.8%	2.9%	96.1K	-814.7K	-1.5K	0.80	45.33	64	51	764	91
2017-12-11	$17.89	$17.50	16.9%	4.3%	16.4%	13.9%	15.2%	-6.5%	1.0%	101.6K	-970.0K	-1.2K	0.80	44.25	64	51	768	91
2017-12-12	$17.99	$17.50	16.4%	3.5%	16.5%	13.1%	12.8%	-2.1%	5.9%	88.7K	-940.1K	-1.2K	1.26	81.11	81	102	768	91
2017-12-13	$18.01	$17.50	18.2%	5.2%	16.4%	16.1%	18.4%	-3.2%	-2.0%	82.3K	-995.3K	-1.6K	1.26	108.41	81	102	810	142
2017-12-14	$18.11	$17.50	13.8%	4.0%	16.0%	8.7%	14.0%	2.0%	3.5%	54.7K	-1.1M	-1.5K	1.26	85.41	81	102	810	142
2017-12-15	$18.39	$17.50	27.6%	7.9%	16.6%	31.9%	25.9%	-0.8%	-17.2%	12.7K	-1.2M	-1.4K	1.26	111.76	81	102	810	142
2017-12-18	$18.57	$17.50	56.6%	16.2%	16.5%	80.5%	40.3%	-5.8%	-27.1%	11.7K	-335.4K	-1.4K	1.38	120.71	80	110	348	137
2017-12-19	$18.18	$17.50	61.6%	17.6%	18.7%	88.8%	45.2%	-17.6%	-99.4%	7.6K	-246.3K	-1.7K	1.38	110.82	80	110	346	170
2017-12-20	$18.06	$17.50	55.3%	15.9%	18.8%	78.3%	55.4%	-6.7%	-79.9%	7.9K	-223.4K	-1.7K	1.25	120.53	80	100	346	170
2017-12-21	$18.06	$17.50	57.1%	16.4%	18.8%	81.3%	54.5%	7.4%	-89.1%	8.9K	-212.6K	-1.6K	1.27	102.18	79	100	346	180
2017-12-22	$18.16	$17.50	60.3%	17.3%	18.9%	86.8%	60.2%	-39.7%	-94.1%	16.4K	-272.6K	-1.5K	1.27	116.75	79	100	347	180
2017-12-26	$18.20	$17.50	59.9%	17.2%	18.8%	85.9%	57.1%	-13.7%	-99.7%	9.3K	-249.0K	-1.5K	1.39	96.78	72	100	347	180
2017-12-27	$18.18	$17.50	58.3%	16.7%	18.1%	83.4%	56.1%	1.2%	-95.4%	9.6K	-237.3K	-1.6K	1.39	75.49	72	100	350	180
2017-12-28	$18.21	$17.50	59.5%	17.1%	17.9%	85.4%	57.0%	-6.9%	-98.4%	9.7K	-241.8K	-1.6K	1.39	113.39	72	100	350	180
2017-12-29	$18.20	$17.50	61.0%	17.5%	17.5%	87.8%	58.5%	-1.8%	-97.7%	9.7K	-242.2K	-1.5K	1.38	107.81	72	99	350	180