BDN Options History — December 2018

In December 2018, BDN traded between $12.43 and $14.35. ATM implied volatility averaged 32.7%, placing in the 23.6% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 8.7% (HV 20d: 24.1%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 1.31.

Notable Days

2018-12-20: Highest Volume — 46 contracts
2018-12-10: Largest IV spike — 271.1% change
2018-12-10: Highest IV Rank — 73.9%
2018-12-06: Largest Expected Move — 14.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.40	$12.43	$14.35	$14.35	$12.81
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	32.7%	15.1%	84.5%	15.1%	31.6%
Expected Move	8.6%	4.3%	14.7%	4.3%	9.1%
HV 20d	24.1%	14.3%	33.8%	14.3%	33.3%
HV 60d	22.2%	19.4%	25.3%	19.4%	25.2%
IV Rank	23.6%	6.6%	73.9%	6.6%	22.6%
IV Percentile	71.5%	19.4%	98.0%	19.4%	81.0%
Term Structure	-4.4%	-35.1%	7.3%	4.5%	-3.8%
VWIV	36.8%	22.6%	52.5%	52.5%	32.5%
Skew 25d	-0.3%	-20.1%	12.3%	3.7%	3.5%
Skew 10d	5.3%	-19.6%	12.7%	2.2%	9.8%
Call IV 25d	30.2%	16.5%	54.3%	17.5%	37.3%
Put IV 25d	29.9%	19.7%	40.8%	21.2%	40.8%
Bid-Ask Spread %	108.12	101.22	116.57	106.15	106.87
Gamma HHI	0.81	0.50	1.00	1.00	0.50
Net GEX	46.7K	31	162.4K	162.4K	171
Net DEX	-259.5K	-1.2M	35.4K	-333.6K	22.8K
Net VEX	-1.0K	-2.8K	-240	-1.8K	-262
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.31	1.00	1.88	1.00	1.05
Total Volume	13.65	0	46	0	0
Total OI	1,778.6	249	2,316	2,291	249

Daily Data (20 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
2018-12-03	$14.35	$15.00	15.1%	4.3%	14.3%	6.6%	0.0%	3.7%	4.5%	162.4K	-333.6K	-1.8K	0.00	106.15	0	0	2,232	59
2018-12-04	$14.00	$15.00	22.4%	6.4%	15.3%	13.6%	0.0%	-3.2%	4.0%	104.8K	-616.0K	-2.3K	0.00	110.25	0	0	2,232	59
2018-12-05	$13.99	$15.00	21.7%	6.2%	15.3%	12.9%	0.0%	-20.1%	-0.8%	106.8K	-448.2K	-2.0K	0.00	114.24	0	0	2,232	59
2018-12-06	$14.30	$15.00	62.3%	14.7%	17.2%	52.4%	52.5%	-16.4%	-5.8%	85.3K	-1.2M	-2.8K	0.00	116.57	0	1	2,232	59
2018-12-07	$14.05	$15.00	22.8%	4.9%	18.2%	14.0%	22.6%	-5.3%	7.3%	114.5K	-490.4K	-1.9K	0.00	105.92	0	1	2,232	59
2018-12-10	$13.77	$15.00	84.5%	12.2%	19.4%	73.9%	0.0%	12.3%	5.6%	68.3K	-891.6K	-2.2K	0.00	107.70	0	10	2,232	59
2018-12-11	$13.72	$15.00	22.7%	8.3%	19.4%	13.9%	0.0%	12.2%	-1.8%	83.2K	-506.6K	-1.7K	1.00	112.52	10	10	2,232	49
2018-12-12	$13.72	$15.00	24.4%	7.0%	19.3%	15.5%	0.0%	-3.0%	-7.5%	82.2K	-562.8K	-1.6K	1.00	112.66	10	10	2,232	49
2018-12-13	$13.74	$15.00	32.7%	9.4%	19.4%	23.6%	37.9%	-6.2%	-24.0%	28.0K	-30.6K	-505	1.00	113.03	11	11	2,233	50
2018-12-14	$13.62	$15.00	41.9%	12.0%	18.6%	32.5%	51.7%	-3.6%	-35.1%	23.0K	-27.5K	-476	1.00	107.52	11	11	2,233	49
2018-12-17	$12.97	$15.00	29.4%	8.4%	24.2%	20.4%	0.0%	4.0%	-3.7%	10.1K	5.4K	-347	1.50	101.22	6	9	2,233	49
2018-12-18	$13.38	$15.00	27.7%	7.9%	27.3%	18.8%	0.0%	2.3%	-1.7%	60.6K	-315.4K	-796	1.50	104.45	6	9	2,227	58
2018-12-19	$13.22	$15.00	27.2%	7.8%	27.5%	18.3%	0.0%	0.7%	-2.4%	2.1K	24.4K	-267	1.50	109.04	6	9	2,227	58
2018-12-20	$12.72	$15.00	31.1%	8.9%	30.1%	22.1%	31.4%	4.2%	-4.8%	751	35.4K	-240	1.88	104.43	16	30	2,227	59
2018-12-21	$12.82	$15.00	29.3%	8.4%	30.5%	20.3%	29.0%	3.3%	-2.8%	609	33.6K	-307	1.69	104.40	16	27	2,237	79
2018-12-24	$12.43	$15.00	32.4%	9.3%	31.5%	23.3%	32.5%	-3.3%	-3.8%	31	29.7K	-249	1.05	107.27	21	22	191	58
2018-12-26	$12.78	$15.00	32.4%	9.3%	33.8%	23.3%	0.0%	3.5%	-4.7%	527	20.0K	-298	0.00	106.55	0	0	191	58
2018-12-27	$12.72	$15.00	34.1%	9.8%	33.0%	25.0%	0.0%	4.3%	-5.2%	380	23.3K	-271	0.00	106.35	0	0	191	58
2018-12-28	$12.89	$15.00	28.9%	8.3%	33.7%	19.9%	0.0%	1.9%	-0.5%	450	17.2K	-286	0.00	105.36	0	0	191	58
2018-12-31	$12.81	$15.00	31.6%	9.1%	33.3%	22.6%	0.0%	3.5%	-3.8%	171	22.8K	-262	0.00	106.87	0	0	191	58