BDN Options History — May 2018

In May 2018, BDN traded between $15.53 and $16.73. ATM implied volatility averaged 32.8%, placing in the 23.5% IV rank vs the trailing year. The 30-day expected move averaged 8.2%. IV traded above realized volatility by 15.9% (HV 20d: 16.9%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 1.97.

Notable Days

2018-05-01: Highest Volume — 157 contracts
2018-05-31: Largest IV spike — 455.6% change
2018-05-29: Highest IV Rank — 81.0%
2018-05-29: Largest Expected Move — 26.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.09	$15.53	$16.73	$16.26	$16.25
Max Pain	$16.14	$15.00	$17.50	$15.00	$15.00
ATM IV	32.8%	9.1%	91.8%	15.6%	76.7%
Expected Move	8.2%	2.6%	26.3%	4.5%	22.0%
HV 20d	16.9%	13.2%	20.1%	14.5%	18.6%
HV 60d	18.5%	17.4%	21.7%	21.7%	17.7%
IV Rank	23.5%	0.5%	81.0%	6.8%	66.2%
IV Percentile	50.0%	0.4%	98.8%	26.2%	98.0%
Term Structure	-22.4%	-154.2%	8.0%	-3.4%	-60.3%
VWIV	28.1%	8.3%	137.5%	28.0%	137.5%
Skew 25d	-3.2%	-13.3%	3.2%	-1.3%	-12.3%
Skew 10d	1.6%	-5.3%	15.6%	0.6%	0.9%
Call IV 25d	18.7%	10.8%	28.1%	16.9%	28.1%
Put IV 25d	15.5%	12.0%	20.7%	15.6%	15.7%
Bid-Ask Spread %	48.56	15.53	115.57	18.47	32.98
Gamma HHI	0.76	0.55	0.91	0.75	0.84
Net GEX	15.2K	10.2K	21.2K	15.2K	15.9K
Net DEX	-115.1K	-224.2K	-23.7K	-173.9K	-77.5K
Net VEX	-985	-1.4K	-646	-1.2K	-896
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.97	1.07	3.58	1.07	2.61
Total Volume	129.545	110	157	157	119
Total OI	512.545	493	537	510	493

Daily Data (22 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
2018-05-01	$16.26	$15.00	15.6%	4.5%	14.5%	6.8%	28.0%	-1.3%	-3.4%	15.2K	-173.9K	-1.2K	1.07	18.47	76	81	427	83
2018-05-02	$16.13	$15.00	69.3%	19.9%	14.7%	59.1%	124.3%	-13.3%	-102.3%	15.7K	-149.3K	-1.3K	1.07	30.07	76	81	427	83
2018-05-03	$16.12	$17.50	90.6%	3.4%	14.4%	79.8%	11.2%	0.5%	8.0%	15.5K	-142.3K	-1.2K	1.07	23.18	76	81	427	83
2018-05-04	$16.24	$17.50	18.3%	4.0%	13.2%	9.4%	10.6%	2.1%	3.5%	15.7K	-172.5K	-1.2K	1.07	22.17	76	81	427	83
2018-05-07	$16.55	$17.50	20.0%	3.7%	14.3%	11.1%	9.1%	0.8%	5.3%	18.1K	-205.2K	-1.2K	2.02	27.47	40	81	427	83
2018-05-08	$16.48	$17.50	14.6%	3.5%	14.6%	5.8%	9.7%	3.2%	3.4%	19.6K	-195.1K	-1.2K	1.98	20.19	41	81	444	83
2018-05-09	$16.58	$17.50	10.8%	3.1%	14.6%	2.1%	9.1%	-1.5%	6.4%	18.8K	-224.2K	-1.4K	1.88	35.12	43	81	444	83
2018-05-10	$16.73	$17.50	9.1%	2.6%	13.5%	0.5%	8.3%	-7.1%	5.6%	21.2K	-203.7K	-1.2K	2.19	32.94	37	81	441	83
2018-05-11	$16.47	$17.50	17.7%	5.1%	15.1%	8.8%	15.0%	-0.4%	2.0%	20.8K	-220.4K	-1.3K	2.08	115.57	39	81	444	83
2018-05-14	$16.16	$17.50	66.9%	19.2%	17.0%	56.7%	16.6%	-4.4%	-87.1%	15.4K	-194.3K	-1.3K	2.08	115.01	39	81	444	83
2018-05-15	$15.73	$17.50	67.0%	19.2%	19.8%	56.8%	20.3%	-5.1%	-103.2%	15.1K	-111.7K	-937	2.08	74.76	39	81	444	83
2018-05-16	$15.59	$17.50	19.4%	5.6%	20.1%	10.6%	19.8%	-0.7%	-1.0%	12.9K	-53.3K	-713	2.33	109.70	39	91	444	83
2018-05-17	$15.53	$15.00	20.4%	5.9%	19.8%	11.5%	20.5%	-1.1%	-2.2%	11.9K	-44.0K	-708	2.33	107.03	39	91	444	93
2018-05-18	$15.66	$15.00	13.1%	3.7%	19.7%	4.3%	13.8%	-1.8%	7.6%	10.2K	-66.6K	-687	2.07	69.71	44	91	444	93
2018-05-21	$15.74	$15.00	12.1%	3.5%	19.3%	3.4%	11.8%	-2.2%	5.0%	11.6K	-30.0K	-702	1.98	21.97	42	83	415	79
2018-05-22	$15.82	$15.00	12.4%	3.5%	18.7%	3.7%	12.3%	-0.8%	4.9%	11.9K	-32.8K	-712	1.98	22.41	42	83	415	81
2018-05-23	$15.91	$15.00	22.2%	6.4%	18.4%	13.2%	19.5%	-10.2%	-12.4%	13.5K	-43.9K	-781	1.98	70.46	42	83	415	81
2018-05-24	$15.86	$15.00	12.3%	3.5%	17.8%	3.6%	12.5%	-1.3%	6.4%	11.8K	-23.7K	-646	1.98	21.61	42	83	415	81
2018-05-25	$15.83	$15.00	27.4%	7.9%	17.2%	18.3%	22.5%	-12.6%	-24.0%	12.2K	-25.1K	-670	1.98	29.84	42	83	415	81
2018-05-29	$16.00	$15.00	91.8%	26.3%	17.7%	81.0%	66.6%	-1.8%	-154.2%	13.6K	-43.2K	-756	2.05	52.17	42	86	415	81
2018-05-30	$16.30	$15.00	13.8%	4.0%	18.8%	5.1%	18.9%	0.4%	-1.8%	16.6K	-98.8K	-962	3.58	15.53	24	86	415	84
2018-05-31	$16.25	$15.00	76.7%	22.0%	18.6%	66.2%	137.5%	-12.3%	-60.3%	15.9K	-77.5K	-896	2.61	32.98	33	86	409	84