BDN Options History — August 2019

In August 2019, BDN traded between $14.11 and $14.95. ATM implied volatility averaged 17.3%, placing in the 11.7% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded below realized volatility by 2.7% (HV 20d: 19.9%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 0.71.

Notable Days

2019-08-30: Highest Volume — 131 contracts
2019-08-12: Largest IV spike — 115.7% change
2019-08-13: Highest IV Rank — 61.7%
2019-08-14: Largest Expected Move — 5.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.43	$14.11	$14.95	$14.76	$14.35
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	17.3%	10.2%	55.3%	12.6%	11.8%
Expected Move	4.2%	2.9%	5.4%	3.6%	3.4%
HV 20d	19.9%	16.0%	22.7%	16.0%	20.1%
HV 60d	19.0%	17.2%	19.9%	17.2%	18.3%
IV Rank	11.7%	2.4%	61.7%	5.6%	4.5%
IV Percentile	26.4%	1.2%	97.6%	5.2%	4.4%
Term Structure	3.8%	-0.4%	8.2%	4.0%	4.8%
VWIV	15.9%	12.2%	18.3%	13.4%	12.2%
Skew 25d	0.8%	-16.0%	10.3%	-16.0%	-6.7%
Skew 10d	-4.5%	-65.3%	8.6%	-65.3%	6.4%
Call IV 25d	18.1%	10.1%	30.9%	30.9%	25.2%
Put IV 25d	18.8%	12.6%	23.6%	15.0%	18.5%
Bid-Ask Spread %	92.98	19.86	108.25	98.17	98.75
Gamma HHI	0.68	0.37	0.84	0.84	0.77
Net GEX	1.7K	-2.9K	4.0K	-2.6K	4.0K
Net DEX	-9.4K	-35.3K	45.9K	21.8K	-26.2K
Net VEX	-330	-398	-262	-320	-367
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.00	3.00	3.00	0.15
Total Volume	13.955	0	131	20	131
Total OI	204.727	176	243	182	211

Daily Data (22 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
2019-08-01	$14.76	$15.00	12.6%	3.6%	16.0%	5.6%	13.4%	-16.0%	4.0%	-2.6K	21.8K	-320	3.00	98.17	5	15	87	95
2019-08-02	$14.64	$15.00	11.4%	3.3%	16.3%	3.9%	0.0%	2.5%	6.3%	-2.3K	36.3K	-295	0.00	99.71	0	0	87	95
2019-08-05	$14.32	$0.00	18.9%	5.2%	17.5%	13.8%	0.0%	-1.5%	-0.4%	-619	45.9K	-262	1.20	101.50	20	24	87	95
2019-08-06	$14.55	$0.00	13.8%	5.1%	18.4%	7.1%	17.7%	2.2%	0.5%	144	-121	-280	0.00	102.00	0	6	107	78
2019-08-07	$14.77	$15.00	21.3%	5.1%	19.2%	17.0%	0.0%	-0.4%	0.8%	-1.2K	-16.8K	-312	0.00	98.28	0	0	107	84
2019-08-08	$14.95	$15.00	16.7%	4.7%	19.0%	11.0%	0.0%	-0.6%	0.8%	-2.9K	-26.7K	-309	0.00	97.82	20	0	107	84
2019-08-09	$14.68	$15.00	14.8%	4.3%	20.2%	8.4%	0.0%	-1.0%	2.6%	-709	-11.1K	-339	0.00	102.13	20	0	127	84
2019-08-12	$14.48	$15.00	31.9%	5.2%	20.4%	30.9%	17.9%	4.2%	0.8%	2.7K	-6.7K	-330	0.00	62.49	0	4	147	84
2019-08-13	$14.51	$15.00	55.3%	4.3%	20.4%	61.7%	0.0%	3.6%	3.0%	2.5K	-13.2K	-342	0.00	103.36	10	0	147	86
2019-08-14	$14.15	$15.00	18.9%	5.4%	22.2%	13.8%	18.3%	-3.7%	-0.3%	2.3K	12.1K	-307	0.00	104.31	0	8	157	86
2019-08-15	$14.12	$15.00	12.3%	3.5%	21.9%	5.2%	0.0%	-3.8%	5.8%	2.6K	9.7K	-303	0.00	103.35	0	0	157	80
2019-08-16	$14.39	$15.00	13.7%	3.9%	22.7%	7.0%	0.0%	-1.7%	2.4%	3.2K	1.8K	-306	0.00	98.39	1	0	157	80
2019-08-19	$14.49	$15.00	12.9%	3.7%	22.7%	6.0%	0.0%	2.4%	2.4%	3.6K	-35.3K	-298	1.00	96.06	6	6	126	50
2019-08-20	$14.40	$15.00	10.2%	2.9%	22.3%	2.4%	0.0%	2.6%	6.5%	3.4K	-26.2K	-331	0.00	19.86	0	0	132	56
2019-08-21	$14.39	$15.00	14.0%	4.0%	20.6%	7.4%	0.0%	10.3%	8.2%	3.4K	-26.6K	-323	1.00	100.62	4	4	132	56
2019-08-22	$14.45	$15.00	13.0%	3.7%	19.7%	6.1%	0.0%	6.7%	7.1%	3.3K	-25.3K	-341	0.00	55.59	0	0	136	60
2019-08-23	$14.30	$15.00	15.2%	4.4%	19.8%	9.0%	0.0%	-0.1%	5.4%	3.1K	-18.6K	-337	0.15	100.78	20	3	136	60
2019-08-26	$14.28	$15.00	16.3%	4.7%	19.7%	10.4%	0.0%	-3.0%	3.2%	3.5K	-26.1K	-393	0.00	105.85	0	0	151	60
2019-08-27	$14.18	$15.00	13.5%	3.9%	19.6%	6.7%	0.0%	5.8%	8.1%	3.3K	-25.3K	-393	0.00	93.97	0	0	151	60
2019-08-28	$14.11	$15.00	14.0%	4.0%	19.6%	7.4%	0.0%	5.3%	5.9%	3.2K	-24.8K	-398	0.00	94.32	0	0	151	60
2019-08-29	$14.27	$15.00	17.0%	4.9%	20.1%	11.3%	0.0%	9.6%	6.0%	3.5K	-25.0K	-376	0.00	108.25	0	0	151	60
2019-08-30	$14.35	$15.00	11.8%	3.4%	20.1%	4.5%	12.2%	-6.7%	4.8%	4.0K	-26.2K	-367	0.00	98.75	0	131	151	60