BDN Options History — February 2020

In February 2020, BDN traded between $13.53 and $16.22. ATM implied volatility averaged 22.0%, placing in the 28.1% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded above realized volatility by 3.6% (HV 20d: 18.4%). Max pain ranged from $12.50 to $17.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 1.17.

Notable Days

2020-02-21: Highest Volume — 13 contracts
2020-02-25: Largest IV spike — 124.8% change
2020-02-28: Highest IV Rank — 96.7%
2020-02-28: Largest Expected Move — 16.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.63	$13.53	$16.22	$15.74	$13.53
Max Pain	$14.08	$12.50	$17.50	$15.00	$12.50
ATM IV	22.0%	12.4%	56.5%	14.3%	56.5%
Expected Move	6.0%	3.0%	16.2%	4.1%	16.2%
HV 20d	18.4%	15.2%	30.9%	18.5%	30.9%
HV 60d	18.7%	17.9%	24.3%	17.9%	24.3%
IV Rank	28.1%	9.0%	96.7%	12.8%	96.7%
IV Percentile	67.0%	8.3%	99.6%	26.2%	99.6%
Term Structure	-6.0%	-37.6%	7.8%	0.5%	-37.6%
VWIV	38.5%	12.1%	66.3%	48.3%	12.4%
Skew 25d	-6.1%	-29.8%	17.5%	0.4%	17.5%
Skew 10d	-6.3%	-39.5%	14.3%	-6.1%	14.3%
Call IV 25d	25.6%	14.2%	45.6%	19.5%	44.9%
Put IV 25d	19.5%	11.1%	62.4%	19.9%	62.4%
Bid-Ask Spread %	84.56	11.83	131.64	72.00	131.64
Gamma HHI	0.74	0.64	0.90	0.76	0.64
Net GEX	7.9K	3.5K	10.3K	7.7K	3.5K
Net DEX	-138.9K	-182.7K	-51.1K	-146.8K	-54.8K
Net VEX	-359	-410	-260	-410	-357
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.17	0.00	5.50	0.13	0.00
Total Volume	2.895	0	13	0	0
Total OI	215.105	189	236	211	197

Daily Data (19 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
2020-02-03	$15.74	$15.00	14.3%	4.1%	18.5%	12.8%	0.0%	0.4%	0.5%	7.7K	-146.8K	-410	0.00	72.00	0	0	181	30
2020-02-04	$15.86	$15.00	15.5%	4.4%	18.5%	15.1%	48.3%	5.0%	1.9%	7.6K	-153.1K	-408	0.00	63.64	0	10	181	30
2020-02-05	$15.88	$17.50	15.6%	4.5%	15.7%	15.4%	0.0%	-0.4%	2.4%	7.6K	-142.3K	-384	0.00	11.92	0	0	181	40
2020-02-06	$15.94	$15.00	14.8%	4.5%	15.6%	13.7%	0.0%	-3.3%	-1.5%	7.2K	-145.3K	-380	0.00	16.17	0	0	181	40
2020-02-07	$15.91	$15.00	24.5%	4.1%	15.5%	33.1%	0.0%	-3.8%	-0.0%	7.5K	-146.3K	-391	0.00	75.80	0	0	181	40
2020-02-10	$15.89	$15.00	16.7%	3.0%	15.5%	17.6%	0.0%	-2.2%	6.1%	7.7K	-144.4K	-366	0.00	57.32	0	0	181	40
2020-02-11	$15.85	$15.00	18.4%	4.1%	15.3%	21.0%	0.0%	-5.4%	-1.3%	7.6K	-140.1K	-359	0.00	11.83	0	0	181	40
2020-02-12	$15.91	$15.00	18.1%	5.2%	15.3%	20.4%	0.0%	-18.2%	-12.9%	10.0K	-152.0K	-334	0.00	107.28	0	0	181	40
2020-02-13	$15.93	$15.00	21.7%	6.2%	15.2%	27.4%	0.0%	-4.2%	-2.7%	7.6K	-143.4K	-373	0.00	109.80	0	0	181	40
2020-02-14	$16.13	$15.00	22.2%	6.4%	15.7%	28.5%	12.1%	-11.2%	-20.2%	6.6K	-146.4K	-368	0.13	96.73	8	1	181	40
2020-02-18	$16.22	$15.00	27.5%	7.9%	15.6%	39.0%	60.6%	-10.2%	-8.3%	8.6K	-182.7K	-260	0.00	103.72	7	0	189	40
2020-02-19	$15.86	$12.50	17.7%	5.1%	17.6%	19.4%	0.0%	-16.9%	-3.0%	9.0K	-165.2K	-338	0.00	111.19	0	0	196	40
2020-02-20	$16.01	$12.50	28.2%	8.1%	17.9%	40.5%	0.0%	-7.1%	-32.7%	8.6K	-172.6K	-308	0.00	95.54	0	0	196	40
2020-02-21	$15.90	$12.50	22.2%	6.4%	17.8%	28.4%	66.3%	-7.1%	-9.5%	8.4K	-161.8K	-345	5.50	106.46	2	11	196	40
2020-02-24	$15.77	$12.50	13.8%	4.0%	18.0%	11.8%	0.0%	-29.8%	4.1%	9.8K	-168.3K	-350	0.00	95.64	0	0	171	18
2020-02-25	$15.39	$12.50	31.1%	8.9%	19.7%	46.1%	31.1%	-7.3%	-3.3%	7.8K	-122.7K	-386	0.00	108.35	0	1	171	18
2020-02-26	$15.05	$12.50	12.4%	3.6%	21.0%	9.0%	12.4%	-18.6%	7.8%	10.3K	-98.9K	-371	0.22	113.18	9	2	171	18
2020-02-27	$14.11	$12.50	27.1%	7.8%	30.0%	38.2%	0.0%	6.8%	-3.1%	6.4K	-51.1K	-334	0.00	118.37	4	0	178	18
2020-02-28	$13.53	$12.50	56.5%	16.2%	30.9%	96.7%	0.0%	17.5%	-37.6%	3.5K	-54.8K	-357	0.00	131.64	0	0	179	18