BDN Options History — February 2018

In February 2018, BDN traded between $15.66 and $17.65. ATM implied volatility averaged 31.6%, placing in the 37.2% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 4.9% (HV 20d: 26.7%). Max pain ranged from $17.50 to $17.50. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 1.30.

Notable Days

2018-02-27: Highest Volume — 789 contracts
2018-02-21: Largest IV spike — 199.5% change
2018-02-21: Highest IV Rank — 95.7%
2018-02-21: Largest Expected Move — 19.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.36	$15.66	$17.65	$17.65	$15.66
Max Pain	$17.50	$17.50	$17.50	$17.50	$17.50
ATM IV	31.6%	13.9%	67.8%	13.9%	34.6%
Expected Move	8.6%	4.3%	19.4%	4.3%	9.9%
HV 20d	26.7%	18.3%	29.4%	20.0%	29.4%
HV 60d	20.4%	16.4%	22.3%	16.4%	22.3%
IV Rank	37.2%	8.6%	95.7%	8.6%	42.1%
IV Percentile	75.7%	14.7%	98.8%	14.7%	90.9%
Term Structure	-15.6%	-93.3%	10.1%	0.8%	-11.1%
VWIV	21.8%	15.1%	42.9%	15.1%	42.9%
Skew 25d	0.4%	-10.9%	16.8%	-7.0%	-6.8%
Skew 10d	-1.7%	-15.7%	12.3%	-9.8%	12.3%
Call IV 25d	23.6%	15.2%	41.5%	22.4%	41.5%
Put IV 25d	24.0%	15.4%	44.0%	15.4%	34.8%
Bid-Ask Spread %	98.39	70.52	112.67	91.74	112.67
Gamma HHI	0.70	0.40	0.88	0.88	0.81
Net GEX	5.6K	-14.6K	20.4K	-14.6K	14.5K
Net DEX	212.1K	-34.6K	361.0K	-34.6K	361.0K
Net VEX	-2.6K	-3.2K	-2.1K	-2.4K	-2.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.30	0.36	3.66	3.66	0.37
Total Volume	526.632	315	789	461	788
Total OI	1,172.474	806	1,431	809	1,431

Daily Data (19 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
2018-02-01	$17.65	$17.50	13.9%	4.3%	20.0%	8.6%	15.1%	-7.0%	0.8%	-14.6K	-34.6K	-2.4K	3.66	91.74	99	362	399	410
2018-02-02	$17.53	$17.50	28.1%	4.8%	18.3%	31.6%	16.8%	-3.8%	0.1%	-13.4K	39.7K	-2.4K	2.12	95.33	101	214	399	410
2018-02-05	$16.73	$17.50	28.7%	5.7%	24.4%	32.5%	20.0%	3.0%	-1.1%	-9.8K	249.4K	-2.1K	0.59	111.47	322	189	396	410
2018-02-06	$16.50	$17.50	35.1%	7.2%	24.3%	42.9%	25.4%	4.7%	-4.6%	3.3K	199.6K	-2.7K	0.69	103.32	275	189	612	430
2018-02-07	$16.42	$17.50	19.3%	5.5%	24.2%	17.4%	22.2%	2.6%	-2.2%	5.8K	167.2K	-2.8K	0.72	94.68	275	199	668	430
2018-02-08	$15.85	$17.50	41.1%	11.8%	26.8%	52.6%	34.2%	8.9%	-14.9%	5.3K	275.1K	-2.4K	2.25	110.95	106	239	668	440
2018-02-09	$16.15	$17.50	29.6%	8.5%	28.1%	34.0%	16.0%	16.8%	3.5%	3.3K	233.7K	-2.8K	2.25	101.30	106	239	668	480
2018-02-12	$16.13	$17.50	24.3%	7.0%	28.1%	25.4%	15.2%	11.9%	-2.8%	3.6K	241.6K	-2.7K	2.08	101.66	103	214	668	480
2018-02-13	$16.18	$17.50	23.5%	6.7%	28.1%	24.1%	27.0%	-0.1%	-6.1%	4.2K	223.0K	-2.7K	2.08	98.56	103	214	666	481
2018-02-14	$16.01	$17.50	21.6%	6.2%	27.5%	21.0%	15.4%	10.8%	10.1%	3.5K	332.1K	-2.3K	2.08	91.56	103	214	666	481
2018-02-15	$16.26	$17.50	17.0%	4.9%	28.3%	13.6%	15.1%	-0.1%	4.0%	5.7K	321.9K	-2.4K	1.71	70.52	122	209	666	481
2018-02-16	$16.54	$17.50	15.3%	4.4%	28.9%	10.9%	17.5%	-6.4%	2.0%	2.3K	137.2K	-2.9K	1.94	76.37	108	209	672	481
2018-02-20	$16.43	$17.50	22.6%	6.5%	28.3%	22.7%	26.5%	-10.9%	-7.3%	4.4K	224.3K	-2.6K	0.36	107.95	574	209	648	481
2018-02-21	$16.11	$17.50	67.8%	19.4%	27.7%	95.7%	22.6%	-1.2%	-80.1%	18.3K	95.3K	-3.2K	0.36	85.29	574	209	950	481
2018-02-22	$16.25	$17.50	66.6%	19.1%	28.0%	93.8%	15.7%	1.7%	-93.3%	20.4K	123.1K	-3.1K	0.36	95.06	574	209	950	481
2018-02-23	$16.44	$17.50	21.6%	6.2%	28.6%	21.1%	20.0%	-3.5%	-4.3%	18.5K	126.6K	-3.1K	0.36	109.13	574	209	950	481
2018-02-26	$16.18	$17.50	61.0%	17.5%	28.9%	84.7%	17.1%	-8.7%	-85.6%	15.4K	357.4K	-2.1K	0.36	100.18	574	209	950	481
2018-02-27	$15.80	$17.50	28.5%	8.2%	29.4%	32.2%	29.5%	-3.5%	-3.2%	16.6K	356.2K	-2.1K	0.37	111.75	575	214	950	481
2018-02-28	$15.66	$17.50	34.6%	9.9%	29.4%	42.1%	42.9%	-6.8%	-11.1%	14.5K	361.0K	-2.1K	0.37	112.67	574	214	950	481