BDN Options History — January 2020

In January 2020, BDN traded between $15.45 and $16.12. ATM implied volatility averaged 20.4%, placing in the 23.2% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded above realized volatility by 2.2% (HV 20d: 18.2%). 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 11 of 21 days. Put/call ratio averaged 0.28.

Notable Days

2020-01-06: Highest Volume — 31 contracts
2020-01-29: Largest IV spike — 162.0% change
2020-01-29: Highest IV Rank — 64.2%
2020-01-29: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.76	$15.45	$16.12	$15.53	$15.55
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	20.4%	11.3%	40.2%	31.7%	20.0%
Expected Move	5.5%	3.3%	11.5%	9.1%	5.7%
HV 20d	18.2%	13.8%	23.4%	20.6%	18.6%
HV 60d	17.0%	16.2%	18.2%	16.2%	18.2%
IV Rank	23.2%	6.9%	64.2%	36.9%	24.1%
IV Percentile	62.5%	5.2%	97.6%	94.8%	83.7%
Term Structure	-3.7%	-51.0%	6.2%	-16.3%	-6.5%
VWIV	19.5%	15.1%	33.5%	33.5%	17.6%
Skew 25d	4.1%	-4.5%	38.6%	3.0%	0.4%
Skew 10d	19.4%	-9.6%	117.3%	20.2%	4.4%
Call IV 25d	16.7%	13.6%	27.3%	27.3%	20.6%
Put IV 25d	20.8%	11.9%	55.1%	30.3%	21.0%
Bid-Ask Spread %	63.31	13.96	104.60	104.11	34.09
Gamma HHI	0.78	0.64	0.93	0.90	0.74
Net GEX	7.8K	6.1K	10.8K	9.6K	7.1K
Net DEX	-161.4K	-193.2K	-127.0K	-147.1K	-127.0K
Net VEX	-476	-574	-396	-497	-457
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.28	0.00	2.00	0.00	0.25
Total Volume	8.429	0	31	8	0
Total OI	216.952	181	266	223	211

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
2020-01-02	$15.53	$15.00	31.7%	9.1%	20.6%	36.9%	33.5%	3.0%	-16.3%	9.6K	-147.1K	-497	0.00	104.11	8	0	186	37
2020-01-03	$15.74	$15.00	21.1%	6.0%	21.0%	20.5%	0.0%	-4.5%	-18.2%	9.2K	-186.2K	-408	0.00	95.42	8	0	186	37
2020-01-06	$15.86	$15.00	23.7%	5.5%	21.1%	24.6%	0.0%	8.0%	2.9%	7.0K	-193.2K	-412	0.03	48.75	30	1	188	37
2020-01-07	$15.45	$15.00	24.2%	5.5%	23.2%	25.3%	19.2%	38.6%	-0.2%	10.8K	-168.8K	-560	2.00	100.85	9	18	208	37
2020-01-08	$15.55	$15.00	15.4%	5.8%	23.3%	11.7%	0.0%	5.3%	-1.4%	9.3K	-188.1K	-541	0.00	97.76	24	0	209	46
2020-01-09	$15.47	$15.00	22.6%	5.2%	23.4%	29.2%	17.9%	3.5%	1.5%	9.8K	-175.8K	-574	0.00	104.60	1	0	219	46
2020-01-10	$15.51	$15.00	14.3%	5.4%	21.8%	12.9%	0.0%	5.2%	0.3%	9.5K	-189.4K	-550	0.00	48.45	4	0	220	46
2020-01-13	$15.64	$15.00	27.7%	5.5%	20.2%	39.4%	0.0%	4.6%	-0.4%	6.6K	-139.7K	-521	0.00	19.80	0	0	179	46
2020-01-14	$15.59	$15.00	30.7%	5.5%	20.2%	45.3%	0.0%	2.9%	0.1%	6.1K	-136.5K	-534	0.00	45.00	0	0	179	46
2020-01-15	$15.68	$15.00	17.4%	5.0%	18.0%	18.9%	0.0%	2.0%	0.3%	7.1K	-142.6K	-505	0.00	61.59	0	0	179	46
2020-01-16	$15.76	$15.00	18.3%	5.3%	17.0%	20.7%	0.0%	3.7%	0.7%	6.3K	-149.4K	-502	0.00	68.30	0	0	179	46
2020-01-17	$15.88	$15.00	11.3%	3.3%	16.4%	6.9%	0.0%	0.5%	6.2%	8.1K	-164.0K	-474	0.50	38.04	2	1	179	46
2020-01-21	$15.94	$15.00	12.3%	3.5%	14.8%	8.9%	0.0%	-0.8%	-1.5%	7.9K	-175.0K	-465	0.00	99.18	5	0	172	24
2020-01-22	$15.88	$15.00	14.4%	4.1%	13.8%	12.9%	0.0%	-1.9%	-5.8%	8.2K	-172.6K	-484	0.00	27.93	20	0	177	24
2020-01-23	$16.02	$15.00	17.8%	5.1%	13.9%	19.6%	0.0%	8.2%	4.4%	6.5K	-154.4K	-426	0.00	15.07	0	0	157	24
2020-01-24	$16.05	$15.00	17.7%	5.1%	13.9%	19.5%	17.7%	9.2%	5.5%	7.0K	-156.4K	-421	1.00	13.96	1	1	157	24
2020-01-27	$16.09	$15.00	13.9%	4.0%	13.9%	11.9%	15.1%	0.5%	4.9%	7.1K	-159.1K	-402	0.00	97.48	7	0	156	25
2020-01-28	$16.09	$15.00	15.3%	4.4%	13.8%	14.8%	0.0%	-1.1%	2.3%	7.1K	-166.2K	-412	0.00	97.09	6	0	163	25
2020-01-29	$16.12	$15.00	40.2%	11.5%	13.8%	64.2%	15.3%	-3.4%	-51.0%	6.8K	-168.2K	-396	0.45	32.50	11	5	162	25
2020-01-30	$15.55	$15.00	17.6%	5.1%	19.1%	19.4%	17.6%	2.0%	-5.2%	7.8K	-128.9K	-446	0.25	79.60	12	3	173	30
2020-01-31	$15.55	$15.00	20.0%	5.7%	18.6%	24.1%	0.0%	0.4%	-6.5%	7.1K	-127.0K	-457	0.00	34.09	0	0	181	30