BDN Options History — March 2020

In March 2020, BDN traded between $7.67 and $14.61. ATM implied volatility averaged 96.7%, placing in the 65.1% IV rank vs the trailing year. The 30-day expected move averaged 25.3%. IV traded above realized volatility by 15.1% (HV 20d: 81.7%). Max pain ranged from $12.50 to $15.00. Net GEX was positive for 14 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 1.45.

Notable Days

2020-03-27: Highest Volume — 125 contracts
2020-03-12: Largest IV spike — 158.1% change
2020-03-06: Highest IV Rank — 100.0%
2020-03-20: Largest Expected Move — 51.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.18	$7.67	$14.61	$14.03	$10.28
Max Pain	$12.73	$12.50	$15.00	$12.50	$15.00
ATM IV	96.7%	24.9%	179.4%	28.5%	78.2%
Expected Move	25.3%	7.1%	51.4%	8.2%	22.4%
HV 20d	81.7%	34.4%	128.4%	34.4%	127.5%
HV 60d	51.5%	25.4%	76.4%	25.4%	76.4%
IV Rank	65.1%	33.8%	100.0%	41.1%	41.0%
IV Percentile	97.6%	90.5%	100.0%	94.0%	94.8%
Term Structure	-14.1%	-113.4%	49.2%	4.5%	-35.5%
VWIV	88.2%	59.1%	120.5%	63.3%	120.5%
Skew 25d	14.4%	-25.9%	45.2%	10.9%	-19.5%
Skew 10d	5.8%	-36.3%	60.6%	-16.1%	-9.6%
Call IV 25d	82.6%	20.2%	158.7%	20.2%	84.7%
Put IV 25d	97.0%	22.9%	191.8%	31.1%	65.2%
Bid-Ask Spread %	124.28	104.57	147.65	105.51	115.82
Gamma HHI	0.51	0.30	0.89	0.79	0.46
Net GEX	1.8K	-769	8.0K	5.3K	-421
Net DEX	13.0K	-88.1K	159.4K	-41.0K	156.9K
Net VEX	-278	-383	-142	-285	-299
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.45	0.00	6.00	0.00	4.00
Total Volume	22.5	0	125	2	60
Total OI	286.591	197	531	197	531

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
2020-03-02	$14.03	$12.50	28.5%	8.2%	34.4%	41.1%	0.0%	10.9%	4.5%	5.3K	-41.0K	-285	0.00	105.51	0	2	179	18
2020-03-03	$14.19	$12.50	38.0%	10.9%	34.4%	59.9%	0.0%	11.3%	-9.7%	4.2K	-79.6K	-377	0.00	120.74	0	0	179	18
2020-03-04	$14.61	$12.50	24.9%	7.1%	36.3%	33.8%	0.0%	-9.9%	-2.1%	8.0K	-69.3K	-332	0.00	104.57	1	0	179	18
2020-03-05	$14.55	$12.50	54.6%	12.6%	36.2%	93.0%	0.0%	20.2%	-16.2%	5.3K	-88.1K	-381	0.00	119.05	0	0	180	18
2020-03-06	$14.19	$12.50	113.0%	10.6%	36.8%	100.0%	0.0%	13.1%	16.7%	5.4K	-72.4K	-383	0.00	125.25	0	0	180	18
2020-03-09	$13.11	$12.50	134.4%	20.9%	45.0%	100.0%	63.3%	27.4%	15.1%	3.0K	-59.8K	-346	0.10	139.83	10	1	180	18
2020-03-10	$13.11	$12.50	95.3%	16.8%	45.0%	69.1%	59.1%	14.2%	-6.4%	3.1K	-42.0K	-314	0.00	128.66	0	2	190	19
2020-03-11	$12.48	$12.50	63.0%	18.1%	47.1%	43.6%	0.0%	9.5%	8.7%	2.8K	-46.2K	-326	0.00	122.85	0	1	190	19
2020-03-12	$10.65	$12.50	162.7%	46.6%	69.7%	100.0%	0.0%	43.9%	-87.1%	1.1K	-51.7K	-296	0.00	147.65	0	0	190	20
2020-03-13	$11.47	$12.50	69.0%	19.8%	77.1%	39.5%	0.0%	4.0%	-19.1%	1.6K	-5.9K	-165	0.00	141.97	0	0	190	20
2020-03-16	$10.07	$12.50	123.8%	35.5%	86.1%	74.9%	0.0%	4.5%	-30.2%	948	-34.4K	-245	0.00	128.75	0	0	190	19
2020-03-17	$10.47	$12.50	78.6%	22.5%	88.4%	45.7%	95.3%	45.2%	-20.3%	1.1K	-3.4K	-142	0.00	128.56	0	110	190	19
2020-03-18	$8.98	$12.50	108.6%	31.1%	100.0%	65.1%	86.0%	40.0%	26.6%	-268	75.5K	-208	0.05	133.41	20	1	190	129
2020-03-19	$9.09	$12.50	96.3%	27.6%	100.1%	57.1%	0.0%	10.3%	-11.9%	-245	87.3K	-164	0.00	123.81	0	0	190	129
2020-03-20	$8.32	$12.50	179.4%	51.4%	102.0%	100.0%	0.0%	33.1%	-113.4%	-103	77.4K	-146	0.00	122.75	0	2	190	129
2020-03-23	$7.67	$12.50	166.4%	47.7%	103.0%	92.4%	109.5%	33.5%	0.0%	20	54.4K	-196	0.00	122.52	60	0	183	128
2020-03-24	$8.70	$12.50	155.6%	44.6%	118.0%	86.1%	0.0%	31.6%	49.2%	39	58.6K	-265	0.00	121.23	0	0	223	128
2020-03-25	$9.64	$12.50	130.5%	37.4%	126.8%	71.5%	0.0%	36.3%	-21.3%	-128	67.4K	-252	6.00	132.89	10	60	223	128
2020-03-26	$10.02	$12.50	69.4%	19.9%	127.6%	35.9%	84.0%	-20.0%	-8.4%	-769	75.1K	-313	0.00	120.98	30	0	223	188
2020-03-27	$10.36	$12.50	80.7%	23.1%	128.4%	42.4%	120.5%	-25.9%	-6.3%	-692	68.3K	-343	4.00	113.57	25	100	233	188
2020-03-30	$10.07	$15.00	77.6%	22.2%	127.2%	40.6%	0.0%	3.8%	-30.1%	-651	159.4K	-348	0.00	113.78	0	0	248	283
2020-03-31	$10.28	$15.00	78.2%	22.4%	127.5%	41.0%	0.0%	-19.5%	-35.5%	-421	156.9K	-299	0.00	115.82	0	60	248	283