BDN Options History — January 2019

In January 2019, BDN traded between $12.47 and $15.22. ATM implied volatility averaged 27.5%, placing in the 18.6% IV rank vs the trailing year. The 30-day expected move averaged 6.9%. IV traded below realized volatility by 3.6% (HV 20d: 31.2%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 1.01.

Notable Days

2019-01-24: Highest Volume — 214 contracts
2019-01-16: Largest IV spike — 67.1% change
2019-01-08: Highest IV Rank — 62.1%
2019-01-16: Largest Expected Move — 10.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.02	$12.47	$15.22	$12.47	$15.03
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	27.5%	12.4%	72.3%	29.0%	17.9%
Expected Move	6.9%	3.6%	10.2%	8.3%	5.2%
HV 20d	31.2%	19.9%	37.6%	33.9%	19.9%
HV 60d	26.5%	25.7%	27.2%	25.7%	26.0%
IV Rank	18.6%	3.9%	62.1%	20.0%	9.3%
IV Percentile	57.5%	5.6%	97.2%	75.8%	29.0%
Term Structure	0.1%	-8.8%	8.0%	-3.3%	0.3%
VWIV	18.6%	18.0%	19.3%	19.3%	18.0%
Skew 25d	6.4%	-9.8%	38.0%	6.5%	1.9%
Skew 10d	13.0%	-14.9%	108.2%	6.2%	4.2%
Call IV 25d	22.2%	13.2%	37.1%	37.1%	21.0%
Put IV 25d	28.5%	18.0%	63.5%	43.5%	22.8%
Bid-Ask Spread %	110.70	56.07	131.69	107.12	104.58
Gamma HHI	0.82	0.50	0.98	0.51	0.98
Net GEX	8.1K	-380	25.2K	-380	25.2K
Net DEX	-84.8K	-295.9K	31.8K	31.8K	-270.0K
Net VEX	-512	-887	-229	-229	-886
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.01	0.00	4.00	0.00	0.03
Total Volume	40.905	0	214	1	105
Total OI	277.286	159	378	249	378

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
2019-01-02	$12.47	$15.00	29.0%	8.3%	33.9%	20.0%	0.0%	6.5%	-3.3%	-380	31.8K	-229	0.00	107.12	1	0	191	58
2019-01-03	$12.93	$0.00	27.8%	7.8%	36.5%	18.9%	0.0%	4.2%	-1.4%	117	16.7K	-275	0.05	110.33	21	1	192	58
2019-01-04	$13.18	$0.00	30.8%	7.7%	37.4%	21.8%	0.0%	38.0%	-1.1%	943	5.7K	-316	0.03	114.31	32	1	202	59
2019-01-07	$13.36	$0.00	47.4%	8.0%	36.7%	37.9%	0.0%	5.0%	-1.8%	2.6K	-15.3K	-385	3.00	115.85	1	3	211	59
2019-01-08	$13.52	$0.00	72.3%	6.4%	36.7%	62.1%	0.0%	8.3%	3.0%	3.5K	-32.8K	-412	3.00	116.61	1	3	211	60
2019-01-09	$13.68	$0.00	29.6%	8.5%	36.4%	20.6%	0.0%	9.9%	-6.2%	3.5K	-42.1K	-445	4.00	107.24	1	4	211	60
2019-01-10	$13.88	$0.00	27.6%	7.9%	36.7%	18.7%	0.0%	8.9%	7.6%	3.9K	-49.9K	-451	4.00	111.25	1	4	211	60
2019-01-11	$13.86	$0.00	32.3%	9.3%	36.7%	23.2%	0.0%	6.2%	0.1%	3.9K	-50.7K	-452	4.00	129.19	1	4	211	60
2019-01-14	$13.56	$0.00	25.8%	7.4%	37.6%	16.9%	0.0%	5.0%	-8.8%	3.6K	-35.6K	-408	0.17	114.46	30	5	210	60
2019-01-15	$13.61	$0.00	21.3%	6.1%	37.5%	12.6%	0.0%	5.9%	3.2%	3.3K	-30.1K	-409	0.17	124.48	30	5	210	64
2019-01-16	$13.86	$0.00	35.7%	10.2%	33.2%	26.5%	0.0%	9.4%	-2.3%	3.9K	-38.1K	-408	0.37	130.60	30	11	210	64
2019-01-17	$13.94	$0.00	23.3%	6.7%	31.6%	14.5%	0.0%	7.9%	0.4%	4.0K	-34.9K	-432	0.37	114.20	30	11	210	71
2019-01-18	$14.24	$0.00	32.5%	9.3%	31.8%	23.4%	0.0%	12.5%	0.3%	4.8K	-42.1K	-424	0.70	131.69	30	21	210	71
2019-01-22	$14.23	$0.00	17.9%	5.1%	27.7%	9.2%	0.0%	14.1%	5.0%	4.5K	-63.2K	-434	0.00	108.48	10	0	133	36
2019-01-23	$14.47	$0.00	12.4%	3.6%	28.0%	3.9%	0.0%	13.5%	8.0%	4.6K	-58.1K	-429	0.00	105.17	10	0	123	36
2019-01-24	$14.64	$0.00	18.2%	5.2%	24.4%	9.5%	0.0%	-3.2%	1.8%	4.3K	-67.8K	-446	0.00	109.03	214	0	123	36
2019-01-25	$14.86	$0.00	18.9%	5.4%	23.4%	10.2%	0.0%	2.3%	0.4%	21.6K	-224.8K	-887	0.00	106.43	214	0	327	36
2019-01-28	$14.88	$0.00	19.4%	5.6%	23.1%	10.7%	0.0%	-8.0%	-1.3%	23.6K	-227.3K	-863	0.00	103.17	0	0	327	36
2019-01-29	$15.05	$0.00	19.3%	5.5%	23.0%	10.6%	19.3%	-9.8%	-0.9%	23.8K	-256.4K	-864	0.10	104.51	10	1	327	36
2019-01-30	$15.22	$15.00	18.4%	5.3%	22.4%	9.8%	18.5%	-5.2%	-0.2%	24.1K	-295.9K	-887	0.18	56.07	11	2	337	38
2019-01-31	$15.03	$15.00	17.9%	5.2%	19.9%	9.3%	18.0%	1.9%	0.3%	25.2K	-270.0K	-886	0.03	104.58	102	3	339	39