BDN Options History — December 2019

In December 2019, BDN traded between $14.70 and $15.73. ATM implied volatility averaged 16.7%, placing in the 13.1% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded below realized volatility by 2.1% (HV 20d: 18.8%). 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 16 of 21 days. Put/call ratio averaged 1.21.

Notable Days

2019-12-19: Highest Volume — 13 contracts
2019-12-31: Largest IV spike — 88.5% change
2019-12-31: Highest IV Rank — 47.0%
2019-12-31: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.35	$14.70	$15.73	$15.22	$15.72
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	16.7%	12.8%	38.2%	18.2%	38.2%
Expected Move	4.9%	3.9%	11.0%	5.2%	11.0%
HV 20d	18.8%	14.4%	23.5%	15.8%	20.2%
HV 60d	15.9%	14.4%	17.4%	15.2%	16.0%
IV Rank	13.1%	6.5%	47.0%	13.4%	47.0%
IV Percentile	40.6%	11.5%	96.8%	61.9%	96.8%
Term Structure	-0.6%	-51.8%	7.2%	-2.2%	-51.8%
VWIV	14.5%	9.9%	18.6%	16.4%	18.6%
Skew 25d	16.3%	-20.2%	101.3%	-3.7%	-20.2%
Skew 10d	38.5%	-16.8%	143.4%	-1.3%	-11.0%
Call IV 25d	19.6%	12.9%	33.8%	24.9%	33.8%
Put IV 25d	35.9%	13.6%	119.0%	21.2%	13.6%
Bid-Ask Spread %	68.77	31.65	113.17	31.99	106.74
Gamma HHI	0.94	0.87	0.98	0.94	0.87
Net GEX	10.6K	9.2K	12.7K	9.5K	9.8K
Net DEX	-129.9K	-195.9K	-51.0K	-115.4K	-158.2K
Net VEX	-515	-562	-471	-559	-491
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.21	0.00	10.00	0.00	0.00
Total Volume	3.429	0	13	0	0
Total OI	214.952	204	237	204	223

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
2019-12-02	$15.22	$15.00	18.2%	5.2%	15.8%	13.4%	0.0%	-3.7%	-2.2%	9.5K	-115.4K	-559	0.00	31.99	0	0	176	28
2019-12-03	$15.36	$15.00	15.5%	4.4%	15.9%	9.9%	0.0%	-9.5%	3.9%	9.8K	-128.6K	-545	0.00	109.95	0	0	176	28
2019-12-04	$15.34	$15.00	14.8%	4.2%	14.4%	9.0%	0.0%	-11.5%	3.3%	9.7K	-128.4K	-542	0.00	113.17	0	0	176	28
2019-12-05	$15.32	$15.00	13.2%	4.4%	14.4%	6.9%	0.0%	49.3%	2.3%	10.3K	-127.1K	-535	0.00	104.02	0	0	176	28
2019-12-06	$15.44	$15.00	14.9%	4.7%	14.5%	9.2%	16.4%	29.8%	1.0%	9.8K	-141.0K	-530	0.00	103.96	12	0	177	28
2019-12-09	$15.43	$15.00	12.8%	4.5%	14.5%	6.5%	15.5%	21.1%	1.0%	10.9K	-145.0K	-514	0.00	50.86	3	0	179	28
2019-12-10	$15.39	$15.00	14.0%	4.2%	14.4%	8.0%	0.0%	22.8%	2.5%	10.9K	-141.4K	-513	0.00	39.55	0	0	179	28
2019-12-11	$15.05	$15.00	14.6%	4.2%	16.6%	10.5%	0.0%	-2.5%	2.6%	12.2K	-98.6K	-530	0.00	104.72	0	0	179	28
2019-12-12	$14.74	$15.00	17.0%	4.9%	18.0%	14.2%	0.0%	-1.3%	-0.1%	9.9K	-63.7K	-497	0.00	106.45	0	2	179	28
2019-12-13	$14.70	$15.00	13.5%	3.9%	17.9%	8.7%	0.0%	2.1%	4.3%	9.8K	-51.0K	-471	0.00	104.29	0	10	179	30
2019-12-16	$15.12	$15.00	14.4%	4.1%	20.8%	10.2%	0.0%	76.0%	1.6%	12.7K	-96.7K	-547	10.00	48.23	1	10	179	40
2019-12-17	$14.91	$15.00	14.8%	4.3%	21.4%	10.8%	0.0%	101.3%	1.9%	12.0K	-68.5K	-538	0.00	38.13	5	0	180	40
2019-12-18	$15.14	$15.00	17.1%	4.9%	22.2%	14.3%	17.1%	77.4%	0.4%	12.0K	-107.4K	-562	2.00	55.52	1	2	185	40
2019-12-19	$15.47	$15.00	14.7%	4.2%	23.5%	10.6%	12.1%	0.8%	5.0%	10.8K	-151.8K	-515	0.08	45.48	12	1	185	40
2019-12-20	$15.73	$15.00	13.7%	3.9%	22.4%	9.1%	9.9%	1.6%	7.2%	11.0K	-195.9K	-484	0.00	33.37	3	0	197	40
2019-12-23	$15.64	$15.00	14.3%	4.1%	22.0%	9.9%	11.7%	-0.5%	5.5%	11.0K	-165.9K	-479	0.00	34.44	4	0	182	37
2019-12-24	$15.66	$15.00	14.4%	4.1%	21.6%	10.1%	0.0%	0.3%	6.4%	10.3K	-163.6K	-482	0.00	97.09	4	0	182	37
2019-12-26	$15.65	$15.00	20.1%	5.8%	21.5%	18.9%	18.6%	1.5%	-5.8%	10.6K	-163.7K	-486	0.00	44.38	2	0	186	37
2019-12-27	$15.61	$15.00	20.0%	5.7%	21.4%	18.9%	0.0%	4.3%	-3.7%	9.2K	-154.3K	-518	0.00	31.65	0	0	186	37
2019-12-30	$15.66	$15.00	20.3%	5.8%	21.2%	19.2%	0.0%	3.3%	2.3%	10.2K	-160.9K	-487	0.00	40.14	0	0	186	37
2019-12-31	$15.72	$15.00	38.2%	11.0%	20.2%	47.0%	0.0%	-20.2%	-51.8%	9.8K	-158.2K	-491	0.00	106.74	0	0	186	37