BDN Options History — April 2018

In April 2018, BDN traded between $15.30 and $16.18. ATM implied volatility averaged 26.0%, placing in the 16.9% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded above realized volatility by 6.9% (HV 20d: 19.0%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 2.79.

Notable Days

2018-04-19: Highest Volume — 352 contracts
2018-04-26: Largest IV spike — 61.1% change
2018-04-10: Highest IV Rank — 29.2%
2018-04-13: Largest Expected Move — 10.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.58	$15.30	$16.18	$15.45	$16.15
Max Pain	$15.36	$15.00	$17.50	$17.50	$15.00
ATM IV	26.0%	14.1%	38.6%	24.9%	27.3%
Expected Move	7.2%	4.0%	10.6%	7.1%	7.8%
HV 20d	19.0%	14.4%	20.5%	20.5%	14.4%
HV 60d	22.2%	21.7%	22.7%	22.7%	21.7%
IV Rank	16.9%	5.3%	29.2%	15.8%	18.2%
IV Percentile	71.9%	15.5%	89.3%	79.4%	80.6%
Term Structure	-4.6%	-20.9%	5.9%	-0.4%	-20.9%
VWIV	25.2%	12.7%	41.0%	25.3%	41.0%
Skew 25d	-0.9%	-12.3%	20.3%	-3.8%	-5.3%
Skew 10d	6.8%	-11.4%	103.6%	-5.0%	-1.3%
Call IV 25d	27.5%	15.2%	65.7%	28.2%	19.8%
Put IV 25d	26.6%	13.4%	53.3%	24.4%	14.4%
Bid-Ask Spread %	88.94	18.11	143.23	99.31	19.45
Gamma HHI	0.63	0.50	0.89	0.50	0.68
Net GEX	8.2K	-2.5K	17.1K	1.2K	13.7K
Net DEX	152.4K	-139.6K	320.4K	320.4K	-135.4K
Net VEX	-889	-1.3K	-635	-821	-1.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.79	1.07	3.47	3.33	1.07
Total Volume	257	111	352	303	157
Total OI	1,044.857	400	1,337	1,278	460

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
2018-04-02	$15.45	$17.50	24.9%	7.1%	20.5%	15.8%	25.3%	-3.8%	-0.4%	1.2K	320.4K	-821	3.33	99.31	70	233	945	333
2018-04-03	$15.46	$17.50	19.1%	5.5%	19.9%	10.2%	21.5%	-1.1%	-3.8%	-2.5K	289.1K	-851	3.33	106.08	70	233	955	332
2018-04-04	$15.62	$17.50	28.5%	8.2%	20.1%	19.4%	24.1%	1.1%	-3.9%	10.0K	243.4K	-1.1K	3.33	95.88	70	233	955	332
2018-04-05	$15.52	$15.00	22.9%	8.2%	19.2%	14.0%	28.4%	8.6%	-4.9%	4.5K	283.5K	-904	3.33	98.18	70	233	955	332
2018-04-06	$15.30	$15.00	31.3%	6.8%	19.6%	22.1%	23.8%	-2.7%	-0.9%	1.2K	306.0K	-811	3.24	116.44	72	233	955	332
2018-04-09	$15.38	$15.00	35.7%	10.2%	19.1%	26.4%	33.8%	-12.3%	-20.3%	2.8K	307.3K	-767	3.24	143.23	72	233	957	331
2018-04-10	$15.47	$15.00	38.6%	7.1%	19.3%	29.2%	24.9%	1.3%	-2.5%	10.2K	263.6K	-940	3.24	128.58	72	233	957	331
2018-04-11	$15.54	$15.00	28.2%	8.1%	18.9%	19.1%	28.2%	-5.3%	-1.1%	15.0K	148.4K	-1.3K	3.11	120.56	75	233	957	331
2018-04-12	$15.35	$15.00	26.9%	7.7%	19.2%	17.8%	26.9%	1.1%	-5.1%	9.4K	261.0K	-916	3.11	119.41	75	233	962	331
2018-04-13	$15.50	$15.00	36.8%	10.6%	19.7%	27.5%	37.4%	-9.8%	-0.0%	17.1K	4.9K	-1.3K	3.11	133.88	75	233	962	331
2018-04-16	$15.52	$15.00	24.9%	7.2%	19.6%	15.9%	25.0%	-8.8%	-6.2%	7.2K	294.9K	-676	3.11	117.23	75	233	962	331
2018-04-17	$15.57	$15.00	30.1%	8.6%	19.6%	20.9%	29.9%	-2.4%	-7.6%	4.7K	271.9K	-772	3.11	116.90	75	233	962	331
2018-04-18	$15.51	$15.00	26.7%	7.6%	19.7%	17.6%	26.6%	5.4%	-4.9%	5.9K	278.5K	-819	2.84	110.59	82	233	960	331
2018-04-19	$15.37	$15.00	18.4%	5.3%	19.2%	9.5%	17.2%	-4.9%	4.7%	4.1K	288.2K	-669	2.23	112.42	109	243	967	331
2018-04-20	$15.54	$15.00	29.2%	8.4%	19.5%	20.1%	30.0%	-1.3%	-6.6%	10.2K	214.6K	-921	3.47	113.89	70	243	996	341
2018-04-23	$15.38	$15.00	15.3%	4.4%	18.2%	6.5%	15.8%	20.3%	3.5%	11.6K	-33.8K	-635	2.08	29.05	36	75	327	73
2018-04-24	$15.61	$15.00	19.0%	5.5%	18.8%	10.2%	20.9%	7.6%	0.6%	11.5K	-65.4K	-699	2.25	29.65	36	81	339	73
2018-04-25	$15.79	$15.00	14.1%	4.0%	19.2%	5.3%	12.7%	-1.9%	5.9%	10.6K	-94.4K	-841	2.25	19.23	36	81	339	83
2018-04-26	$15.99	$15.00	22.7%	6.5%	17.6%	13.7%	16.9%	-2.7%	-9.6%	11.5K	-107.0K	-910	2.02	19.70	40	81	339	83
2018-04-27	$16.18	$15.00	24.6%	7.1%	18.0%	15.6%	18.9%	-1.2%	-12.2%	12.5K	-139.6K	-988	1.76	18.11	46	81	355	83
2018-04-30	$16.15	$15.00	27.3%	7.8%	14.4%	18.2%	41.0%	-5.3%	-20.9%	13.7K	-135.4K	-1.0K	1.07	19.45	76	81	377	83