BDN Options History — March 2019

In March 2019, BDN traded between $15.43 and $15.91. ATM implied volatility averaged 22.0%, placing in the 15.5% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded above realized volatility by 7.4% (HV 20d: 14.7%). Max pain ranged from $12.50 to $20.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 3.86.

Notable Days

2019-03-07: Highest Volume — 121 contracts
2019-03-05: Largest IV spike — 216.1% change
2019-03-05: Highest IV Rank — 45.7%
2019-03-05: Largest Expected Move — 15.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.61	$15.43	$15.91	$15.59	$15.85
Max Pain	$15.18	$12.50	$20.00	$15.00	$20.00
ATM IV	22.0%	17.5%	55.5%	19.6%	25.1%
Expected Move	5.8%	4.9%	15.9%	5.6%	5.1%
HV 20d	14.7%	10.9%	19.9%	19.8%	11.2%
HV 60d	23.2%	18.2%	27.2%	27.2%	18.2%
IV Rank	15.5%	8.9%	45.7%	10.9%	20.0%
IV Percentile	49.6%	31.7%	93.3%	42.9%	73.0%
Term Structure	-3.2%	-34.9%	2.0%	2.0%	-14.6%
VWIV	28.8%	16.6%	48.6%	30.6%	48.6%
Skew 25d	-0.8%	-17.7%	6.9%	-4.4%	-8.9%
Skew 10d	6.3%	-8.0%	9.2%	-8.0%	5.8%
Call IV 25d	22.1%	17.8%	33.9%	27.5%	27.6%
Put IV 25d	21.3%	16.3%	26.9%	23.1%	18.7%
Bid-Ask Spread %	103.54	83.83	122.38	97.78	113.48
Gamma HHI	0.75	0.61	0.91	0.91	0.63
Net GEX	12.9K	6.7K	26.4K	26.4K	7.2K
Net DEX	-299.4K	-486.2K	-137.0K	-409.7K	-164.8K
Net VEX	-743	-985	-640	-973	-640
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.86	0.00	17.50	8.75	17.50
Total Volume	19.857	0	121	39	37
Total OI	441.81	309	599	584	323

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
2019-03-01	$15.59	$15.00	19.6%	5.6%	19.8%	10.9%	30.6%	-4.4%	2.0%	26.4K	-409.7K	-973	8.75	97.78	4	35	479	105
2019-03-04	$15.78	$15.00	17.5%	5.0%	19.9%	8.9%	17.2%	1.9%	-0.5%	13.4K	-486.2K	-832	0.00	98.30	0	11	479	119
2019-03-05	$15.77	$15.00	55.5%	15.9%	17.9%	45.7%	17.9%	1.2%	-0.5%	18.4K	-408.5K	-985	0.00	109.38	0	11	479	110
2019-03-06	$15.61	$15.00	17.6%	5.1%	17.6%	10.1%	16.6%	2.1%	-0.4%	19.5K	-458.8K	-866	1.10	98.92	10	11	479	110
2019-03-07	$15.55	$15.00	18.1%	5.2%	17.6%	10.6%	16.6%	2.6%	-2.0%	23.0K	-448.7K	-881	0.10	101.18	110	11	489	110
2019-03-08	$15.57	$15.00	19.0%	5.4%	16.0%	11.6%	18.1%	1.6%	-0.2%	19.2K	-425.4K	-743	0.16	98.60	70	11	420	110
2019-03-11	$15.53	$12.50	20.9%	5.2%	16.0%	15.1%	0.0%	1.5%	-0.9%	17.7K	-426.1K	-725	0.00	87.41	0	0	419	110
2019-03-12	$15.64	$12.50	19.7%	5.4%	16.1%	13.6%	0.0%	0.9%	-1.0%	12.4K	-443.8K	-710	0.00	83.83	0	0	419	110
2019-03-13	$15.62	$12.50	20.4%	5.3%	15.8%	14.4%	0.0%	0.9%	-1.9%	23.3K	-411.3K	-738	0.00	96.87	0	0	419	110
2019-03-14	$15.60	$12.50	19.2%	5.4%	15.0%	13.0%	0.0%	0.6%	-0.2%	17.2K	-433.0K	-684	0.00	104.81	10	0	419	110
2019-03-15	$15.57	$12.50	21.0%	5.4%	14.8%	15.1%	0.0%	6.9%	2.0%	7.1K	-448.7K	-725	1.00	103.25	10	10	429	110
2019-03-18	$15.53	$0.00	18.2%	5.1%	14.7%	11.8%	0.0%	1.9%	1.7%	7.0K	-149.1K	-690	0.00	122.38	0	0	225	84
2019-03-19	$15.45	$0.00	18.0%	5.2%	13.7%	11.5%	0.0%	-0.2%	0.3%	7.8K	-139.4K	-705	0.00	114.82	0	0	225	84
2019-03-20	$15.47	$0.00	18.3%	4.9%	12.3%	11.9%	0.0%	-0.1%	-0.9%	7.6K	-138.7K	-682	0.00	111.84	0	0	225	84
2019-03-21	$15.64	$0.00	19.9%	5.2%	12.2%	13.8%	0.0%	0.2%	-1.6%	7.4K	-159.0K	-678	0.00	106.67	2	0	225	84
2019-03-22	$15.47	$0.00	20.7%	5.4%	11.6%	14.7%	0.0%	-0.2%	-2.3%	7.5K	-143.9K	-699	0.00	103.79	2	0	227	84
2019-03-25	$15.43	$0.00	19.7%	5.3%	11.5%	13.5%	0.0%	-0.3%	-1.3%	8.1K	-137.0K	-682	0.00	105.04	0	0	227	84
2019-03-26	$15.57	$0.00	18.4%	5.0%	10.9%	12.1%	46.9%	-0.3%	1.3%	7.7K	-151.6K	-655	0.00	107.25	0	20	227	84
2019-03-27	$15.69	$20.00	31.1%	5.2%	11.3%	27.3%	44.5%	-17.7%	-34.9%	6.7K	-137.7K	-676	0.00	105.79	0	20	227	94
2019-03-28	$15.91	$20.00	25.0%	5.8%	12.0%	19.9%	31.2%	-7.5%	-11.8%	7.0K	-166.3K	-644	10.00	102.83	2	20	227	94
2019-03-29	$15.85	$20.00	25.1%	5.1%	11.2%	20.0%	48.6%	-8.9%	-14.6%	7.2K	-164.8K	-640	17.50	113.48	2	35	229	94