BDN Options History — November 2018

In November 2018, BDN traded between $14.03 and $14.49. ATM implied volatility averaged 21.5%, placing in the 12.7% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded above realized volatility by 1.1% (HV 20d: 20.4%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.35.

Notable Days

2018-11-05: Highest Volume — 1,719 contracts
2018-11-14: Largest IV drop — 63.3% change
2018-11-13: Highest IV Rank — 36.9%
2018-11-26: Largest Expected Move — 7.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.25	$14.03	$14.49	$14.24	$14.27
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	21.5%	14.8%	46.4%	19.0%	17.4%
Expected Move	5.5%	4.2%	7.2%	5.4%	5.0%
HV 20d	20.4%	13.4%	25.3%	24.8%	14.6%
HV 60d	20.2%	19.4%	20.7%	20.3%	19.5%
IV Rank	12.7%	6.2%	36.9%	10.3%	8.8%
IV Percentile	46.0%	17.5%	86.9%	41.3%	30.6%
Term Structure	-0.3%	-5.3%	5.9%	4.4%	5.9%
VWIV	19.1%	13.9%	23.8%	19.0%	14.4%
Skew 25d	5.0%	-4.3%	117.3%	1.6%	-2.4%
Skew 10d	5.0%	-8.8%	145.3%	-6.7%	-3.7%
Call IV 25d	20.4%	15.0%	24.7%	21.8%	23.3%
Put IV 25d	25.4%	17.1%	136.7%	23.4%	20.9%
Bid-Ask Spread %	72.21	26.59	115.84	96.72	115.84
Gamma HHI	0.99	0.96	1.00	0.97	1.00
Net GEX	119.9K	28.7K	152.3K	32.3K	151.0K
Net DEX	-560.4K	-958.6K	-93.7K	-142.2K	-541.1K
Net VEX	-2.6K	-4.0K	-932	-1.0K	-2.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.35	0.03	0.55	0.08	0.21
Total Volume	252.095	104	1,719	585	182
Total OI	2,015.905	673	2,322	673	2,292

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
2018-11-01	$14.24	$15.00	19.0%	5.4%	24.8%	10.3%	19.0%	1.6%	4.4%	32.3K	-142.2K	-1.0K	0.08	96.72	542	43	615	58
2018-11-02	$14.12	$15.00	20.9%	6.0%	24.8%	12.2%	20.9%	4.2%	1.6%	28.7K	-93.7K	-932	0.08	35.71	542	43	615	58
2018-11-05	$14.39	$15.00	28.9%	6.3%	25.1%	20.0%	22.2%	-1.5%	-0.2%	33.9K	-204.1K	-1.1K	0.03	48.24	1,676	43	615	58
2018-11-06	$14.39	$15.00	19.2%	6.0%	25.1%	10.5%	21.1%	-2.0%	-0.7%	139.2K	-852.1K	-3.8K	0.48	41.06	87	42	2,140	58
2018-11-07	$14.49	$15.00	20.0%	6.1%	25.3%	11.2%	21.4%	-1.3%	-1.0%	145.9K	-946.1K	-4.0K	0.48	40.52	87	42	2,161	58
2018-11-08	$14.49	$15.00	19.6%	6.0%	22.1%	10.8%	21.2%	-3.0%	-0.6%	149.9K	-958.6K	-4.0K	0.55	105.81	77	42	2,161	58
2018-11-09	$14.43	$15.00	23.5%	5.7%	21.7%	14.6%	20.2%	-1.4%	0.0%	149.4K	-817.3K	-3.7K	0.55	47.13	77	42	2,172	58
2018-11-12	$14.35	$15.00	28.7%	4.8%	21.6%	19.7%	18.4%	-2.8%	-0.2%	150.4K	-762.3K	-3.5K	0.55	26.59	77	42	2,172	58
2018-11-13	$14.36	$15.00	46.4%	5.6%	21.4%	36.9%	19.9%	-1.3%	0.1%	152.3K	-742.0K	-3.4K	0.55	34.80	77	42	2,172	58
2018-11-14	$14.36	$15.00	17.0%	4.9%	21.2%	8.4%	18.2%	-2.0%	-0.6%	149.1K	-665.7K	-3.1K	0.55	31.11	77	42	2,172	57
2018-11-15	$14.10	$15.00	17.4%	5.0%	21.6%	8.8%	18.6%	-2.5%	-0.3%	131.5K	-545.6K	-2.9K	0.55	31.04	77	42	2,172	58
2018-11-16	$14.29	$15.00	17.3%	4.9%	22.2%	8.6%	19.3%	117.3%	0.7%	139.7K	-564.1K	-2.7K	0.38	109.54	77	29	2,172	58
2018-11-19	$14.17	$15.00	20.5%	5.9%	21.5%	11.8%	22.3%	-4.3%	-3.8%	133.7K	-696.6K	-2.9K	0.42	108.27	73	31	2,157	50
2018-11-20	$14.09	$15.00	16.8%	4.8%	21.5%	8.2%	17.2%	1.0%	2.3%	116.7K	-345.4K	-2.1K	0.41	110.43	76	31	2,157	61
2018-11-21	$14.11	$15.00	23.9%	6.9%	19.2%	15.1%	19.9%	4.5%	0.2%	111.5K	-683.8K	-2.9K	0.41	114.49	76	31	2,162	61
2018-11-23	$14.09	$15.00	22.5%	6.5%	18.2%	13.7%	23.8%	-3.8%	-4.5%	135.1K	-695.6K	-2.7K	0.29	108.75	108	31	2,162	60
2018-11-26	$14.17	$15.00	25.3%	7.2%	13.4%	16.4%	18.8%	7.9%	-5.2%	120.8K	-683.3K	-2.7K	0.24	114.61	131	31	2,192	60
2018-11-27	$14.03	$15.00	16.2%	4.6%	13.8%	7.5%	14.8%	1.6%	-3.5%	89.1K	-173.7K	-1.4K	0.22	42.59	141	31	2,222	60
2018-11-28	$14.23	$15.00	15.5%	4.4%	14.4%	6.9%	14.9%	-3.9%	-5.3%	142.8K	-391.0K	-2.2K	0.22	46.67	141	31	2,262	60
2018-11-29	$14.14	$15.00	14.8%	4.2%	14.5%	6.2%	13.9%	-0.2%	4.3%	115.5K	-264.6K	-1.7K	0.21	106.51	151	31	2,222	60
2018-11-30	$14.27	$15.00	17.4%	5.0%	14.6%	8.8%	14.4%	-2.4%	5.9%	151.0K	-541.1K	-2.4K	0.21	115.84	151	31	2,232	60