BDN Options History — July 2018

In July 2018, BDN traded between $16.00 and $17.09. ATM implied volatility averaged 17.6%, placing in the 8.8% IV rank vs the trailing year. The 30-day expected move averaged 5.2%. IV traded above realized volatility by 0.9% (HV 20d: 16.7%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.80.

Notable Days

2018-07-16: Highest Volume — 597 contracts
2018-07-23: Largest IV spike — 126.8% change
2018-07-23: Highest IV Rank — 56.1%
2018-07-23: Largest Expected Move — 19.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.58	$16.00	$17.09	$16.77	$16.53
Max Pain	$16.19	$15.00	$17.50	$17.50	$15.00
ATM IV	17.6%	10.6%	66.3%	16.9%	20.8%
Expected Move	5.2%	3.0%	19.0%	4.9%	6.0%
HV 20d	16.7%	14.0%	19.0%	18.7%	17.3%
HV 60d	16.9%	16.6%	17.9%	16.8%	17.9%
IV Rank	8.8%	1.9%	56.1%	8.1%	11.9%
IV Percentile	29.1%	2.4%	94.4%	40.9%	59.1%
Term Structure	-5.6%	-99.0%	5.3%	4.9%	-3.3%
VWIV	22.6%	10.2%	114.6%	31.7%	114.6%
Skew 25d	3.1%	-17.9%	95.7%	-2.7%	5.8%
Skew 10d	6.9%	-8.0%	121.5%	2.3%	-3.5%
Call IV 25d	18.3%	11.7%	34.8%	20.9%	14.4%
Put IV 25d	21.4%	12.6%	109.9%	18.2%	20.2%
Bid-Ask Spread %	38.28	17.24	87.42	23.19	38.72
Gamma HHI	0.87	0.61	1.00	0.91	0.81
Net GEX	44.3K	5.1K	92.0K	22.9K	41.7K
Net DEX	-188.1K	-365.6K	-36.4K	-242.0K	-251.3K
Net VEX	-1.1K	-1.6K	-435	-1.1K	-1.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.80	0.06	2.87	0.58	0.40
Total Volume	253.857	72	597	87	77
Total OI	868.095	587	1,196	587	882

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
2018-07-02	$16.77	$17.50	16.9%	4.9%	18.7%	8.1%	31.7%	-2.7%	4.9%	22.9K	-242.0K	-1.1K	0.58	23.19	55	32	506	81
2018-07-03	$16.94	$17.50	12.3%	3.5%	18.9%	3.6%	12.3%	-10.4%	3.4%	32.7K	-115.4K	-877	0.57	24.40	56	32	511	81
2018-07-05	$16.97	$17.50	11.0%	4.7%	18.9%	2.4%	16.4%	-0.2%	-0.7%	39.3K	-152.5K	-963	0.57	70.52	56	32	516	81
2018-07-06	$17.09	$17.50	11.4%	4.5%	18.9%	2.8%	15.8%	0.8%	-0.2%	50.2K	-198.5K	-1.0K	0.80	87.42	40	32	516	81
2018-07-09	$17.02	$17.50	13.4%	4.2%	19.0%	4.7%	14.8%	0.8%	1.0%	44.8K	-166.2K	-972	0.80	31.31	40	32	521	81
2018-07-10	$16.93	$17.50	12.9%	3.8%	18.8%	4.2%	15.7%	-1.1%	-0.0%	36.8K	-137.8K	-880	0.06	38.89	552	32	521	81
2018-07-11	$16.85	$17.50	13.8%	3.9%	18.8%	5.0%	14.4%	-2.0%	1.2%	85.1K	-279.7K	-1.6K	0.06	35.73	552	32	978	81
2018-07-12	$16.92	$17.50	13.7%	3.9%	16.0%	5.0%	13.9%	-0.8%	1.3%	91.7K	-302.7K	-1.6K	0.06	41.46	557	32	978	81
2018-07-13	$16.93	$17.50	14.0%	4.0%	16.0%	5.2%	14.1%	95.7%	1.2%	92.0K	-298.0K	-1.5K	0.06	33.71	559	33	986	81
2018-07-16	$16.79	$17.50	11.8%	3.4%	16.1%	3.1%	14.5%	-2.1%	0.7%	85.2K	-294.0K	-1.5K	0.06	19.43	564	33	986	85
2018-07-17	$16.55	$15.00	10.6%	3.0%	17.1%	1.9%	10.2%	2.7%	5.3%	47.8K	-125.8K	-891	0.06	23.09	564	33	991	85
2018-07-18	$16.47	$15.00	17.7%	5.1%	17.0%	8.8%	23.6%	0.3%	-5.8%	58.6K	-291.9K	-1.3K	0.56	30.73	63	35	991	42
2018-07-19	$16.68	$15.00	13.5%	3.9%	14.0%	4.7%	24.2%	3.4%	-1.6%	82.6K	-365.6K	-1.3K	2.47	30.43	68	168	998	42
2018-07-20	$16.28	$15.00	29.2%	8.4%	16.1%	20.1%	28.3%	-6.7%	-9.4%	32.9K	-209.5K	-1.2K	2.54	51.42	68	173	1,005	191
2018-07-23	$16.17	$15.00	66.3%	19.0%	15.3%	56.1%	18.5%	3.7%	-99.0%	26.1K	-214.0K	-1.4K	2.72	47.79	57	155	694	166
2018-07-24	$16.05	$15.00	24.9%	7.1%	15.4%	15.9%	14.8%	-2.7%	-18.3%	19.7K	-77.4K	-896	2.87	40.40	54	155	694	166
2018-07-25	$16.04	$15.00	12.6%	3.6%	15.0%	3.9%	14.3%	0.9%	4.2%	5.1K	-36.4K	-490	0.41	22.83	54	22	695	166
2018-07-26	$16.16	$15.00	13.3%	3.8%	15.2%	4.6%	15.3%	-0.7%	-0.2%	7.4K	-43.9K	-497	0.39	28.74	57	22	688	166
2018-07-27	$16.00	$15.00	15.0%	4.3%	14.1%	6.3%	31.1%	-17.9%	-5.2%	22.5K	-110.5K	-1.0K	0.42	66.37	53	22	687	166
2018-07-30	$16.10	$15.00	14.6%	4.2%	14.3%	5.9%	16.0%	-1.2%	2.6%	5.5K	-37.5K	-435	0.39	17.24	56	22	716	166
2018-07-31	$16.53	$15.00	20.8%	6.0%	17.3%	11.9%	114.6%	5.8%	-3.3%	41.7K	-251.3K	-1.2K	0.40	38.72	55	22	716	166