BDN Options History — January 2018

In January 2018, BDN traded between $17.15 and $18.15. ATM implied volatility averaged 23.8%, placing in the 24.7% IV rank vs the trailing year. The 30-day expected move averaged 6.6%. IV traded above realized volatility by 7.9% (HV 20d: 15.8%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 1.56.

Notable Days

2018-01-31: Highest Volume — 461 contracts
2018-01-30: Largest IV spike — 104.2% change
2018-01-03: Highest IV Rank — 100.0%
2018-01-03: Largest Expected Move — 20.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.63	$17.15	$18.15	$18.15	$17.94
Max Pain	$18.19	$17.50	$20.00	$17.50	$17.50
ATM IV	23.8%	9.8%	70.4%	68.1%	16.3%
Expected Move	6.6%	2.8%	20.2%	19.5%	4.7%
HV 20d	15.8%	13.3%	19.2%	17.6%	19.2%
HV 60d	14.6%	13.6%	16.0%	13.6%	16.0%
IV Rank	24.7%	1.9%	100.0%	99.8%	12.5%
IV Percentile	53.2%	0.4%	100.0%	99.6%	30.2%
Term Structure	-13.5%	-117.7%	6.9%	-115.6%	0.0%
VWIV	28.3%	11.2%	67.2%	65.0%	16.1%
Skew 25d	-4.8%	-55.4%	12.3%	-13.4%	-2.6%
Skew 10d	-3.8%	-83.9%	23.4%	0.3%	-4.0%
Call IV 25d	27.0%	13.4%	67.8%	41.1%	19.8%
Put IV 25d	22.2%	9.7%	32.3%	27.7%	17.3%
Bid-Ask Spread %	100.58	46.97	120.05	106.56	46.97
Gamma HHI	0.89	0.80	0.93	0.93	0.82
Net GEX	13.1K	-14.3K	20.1K	10.1K	-13.5K
Net DEX	-153.2K	-321.0K	43.3K	-233.2K	-130.1K
Net VEX	-1.5K	-2.4K	-1.3K	-1.5K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.56	0.82	4.76	1.38	3.66
Total Volume	219.905	151	461	171	461
Total OI	548.095	453	795	530	795

Daily Data (21 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
2018-01-02	$18.15	$17.50	68.1%	19.5%	17.6%	99.8%	65.0%	-13.4%	-115.6%	10.1K	-233.2K	-1.5K	1.38	106.56	72	99	350	180
2018-01-03	$18.12	$17.50	70.4%	20.2%	16.6%	100.0%	67.2%	-14.7%	-117.7%	9.5K	-225.2K	-1.5K	1.38	112.78	72	99	350	180
2018-01-04	$17.69	$0.00	24.5%	6.6%	16.7%	25.7%	0.0%	-1.8%	-3.7%	14.6K	-124.2K	-1.5K	1.38	113.80	72	99	350	180
2018-01-05	$17.80	$0.00	25.7%	4.5%	16.6%	27.6%	0.0%	-5.9%	-1.3%	16.4K	-194.0K	-1.4K	0.82	106.59	120	99	350	180
2018-01-08	$17.52	$0.00	17.3%	3.7%	16.2%	14.0%	26.4%	-6.2%	1.5%	13.7K	-123.0K	-1.5K	1.00	102.54	99	99	341	180
2018-01-09	$17.51	$20.00	11.8%	3.3%	15.4%	5.1%	18.8%	-3.5%	3.9%	15.7K	-131.7K	-1.5K	1.00	99.71	99	99	360	176
2018-01-10	$17.41	$20.00	14.3%	4.1%	15.5%	9.2%	29.8%	-9.8%	-1.9%	14.1K	-99.1K	-1.4K	1.00	102.54	99	99	360	176
2018-01-11	$17.35	$20.00	9.8%	2.8%	15.2%	1.9%	17.2%	-3.7%	6.3%	15.5K	-57.5K	-1.4K	1.24	109.90	80	99	360	176
2018-01-12	$17.24	$20.00	18.5%	5.3%	15.3%	16.0%	31.0%	2.1%	-2.4%	14.7K	-57.3K	-1.4K	1.24	113.91	80	99	373	176
2018-01-16	$17.15	$20.00	19.5%	5.6%	15.0%	17.6%	24.3%	-4.2%	-4.0%	13.9K	-8.5K	-1.3K	1.22	104.29	81	99	373	176
2018-01-17	$17.39	$17.50	21.6%	6.2%	14.8%	21.1%	27.6%	2.2%	-8.9%	18.9K	-85.3K	-1.4K	1.02	112.72	97	99	374	176
2018-01-18	$17.23	$17.50	23.0%	6.6%	14.2%	23.2%	29.2%	4.8%	-7.2%	18.1K	-64.0K	-1.4K	0.95	98.76	104	99	408	176
2018-01-19	$17.39	$17.50	22.4%	6.4%	13.3%	22.3%	30.3%	2.4%	-7.3%	15.7K	-68.1K	-1.5K	0.95	120.05	104	99	417	166
2018-01-22	$17.63	$17.50	18.6%	5.3%	14.3%	16.1%	19.6%	0.5%	-6.6%	17.0K	-212.6K	-1.5K	1.22	47.89	68	83	349	104
2018-01-23	$17.93	$17.50	15.6%	4.5%	15.7%	11.3%	21.1%	-10.9%	-0.6%	17.0K	-288.8K	-1.5K	1.05	98.84	79	83	360	104
2018-01-24	$18.00	$17.50	25.2%	7.2%	15.7%	26.8%	25.5%	9.1%	-9.6%	19.2K	-321.0K	-1.5K	1.00	87.78	83	83	373	104
2018-01-25	$17.90	$17.50	25.5%	7.3%	15.7%	27.4%	25.3%	12.3%	-6.3%	19.3K	-301.4K	-1.6K	1.01	102.72	82	83	383	104
2018-01-26	$17.88	$17.50	15.1%	4.3%	15.7%	10.5%	21.2%	1.3%	6.9%	20.1K	-297.9K	-1.6K	1.01	116.08	82	83	384	104
2018-01-29	$17.60	$17.50	11.8%	3.4%	16.6%	5.1%	11.2%	-55.4%	2.7%	18.4K	-237.3K	-1.5K	4.41	112.27	82	362	384	104
2018-01-30	$17.49	$17.50	24.0%	6.9%	16.6%	25.0%	30.3%	-3.1%	-11.6%	-14.3K	43.3K	-2.4K	4.76	95.46	76	362	384	410
2018-01-31	$17.94	$17.50	16.3%	4.7%	19.2%	12.5%	16.1%	-2.6%	0.0%	-13.5K	-130.1K	-2.3K	3.66	46.97	99	362	385	410