BDN Options History — April 2020

In April 2020, BDN traded between $8.97 and $11.44. ATM implied volatility averaged 62.7%, placing in the 31.9% IV rank vs the trailing year. The 30-day expected move averaged 17.4%. IV traded below realized volatility by 42.8% (HV 20d: 105.4%). Max pain ranged from $7.50 to $15.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 8.18.

Notable Days

2020-04-22: Highest Volume — 295 contracts
2020-04-02: Largest IV spike — 63.4% change
2020-04-02: Highest IV Rank — 51.8%
2020-04-17: Largest Expected Move — 23.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.31	$8.97	$11.44	$9.20	$11.11
Max Pain	$9.05	$7.50	$15.00	$15.00	$10.00
ATM IV	62.7%	37.3%	96.7%	59.2%	78.8%
Expected Move	17.4%	10.7%	23.5%	17.0%	22.6%
HV 20d	105.4%	68.9%	135.6%	130.5%	68.9%
HV 60d	84.5%	79.1%	88.9%	79.3%	88.9%
IV Rank	31.9%	17.1%	51.8%	29.9%	41.3%
IV Percentile	90.7%	82.9%	96.4%	92.9%	94.4%
Term Structure	-9.6%	-45.3%	23.0%	-7.4%	-15.8%
VWIV	63.2%	29.4%	83.2%	82.7%	66.8%
Skew 25d	13.9%	-3.0%	43.7%	18.7%	43.7%
Skew 10d	15.6%	-26.5%	60.2%	-16.0%	42.1%
Call IV 25d	50.9%	30.5%	80.0%	49.9%	42.9%
Put IV 25d	64.9%	29.0%	86.6%	68.5%	86.6%
Bid-Ask Spread %	101.43	82.85	120.84	113.85	112.94
Gamma HHI	0.42	0.30	0.79	0.79	0.42
Net GEX	-357	-2.5K	988	540	223
Net DEX	79.3K	-81.8K	168.9K	168.9K	-58.0K
Net VEX	-415	-668	-208	-208	-466
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	8.18	0.00	58.00	0.00	0.00
Total Volume	41.619	0	295	0	1
Total OI	543.048	331	693	531	693

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
2020-04-01	$9.20	$15.00	59.2%	17.0%	130.5%	29.9%	0.0%	18.7%	-7.4%	540	168.9K	-208	0.00	113.85	0	0	248	283
2020-04-02	$9.15	$7.50	96.7%	18.2%	130.5%	51.8%	82.7%	16.0%	-26.4%	-671	165.0K	-276	0.00	99.51	0	1	248	283
2020-04-03	$8.97	$7.50	72.5%	18.3%	130.5%	37.7%	0.0%	5.1%	-16.9%	518	156.7K	-227	0.00	104.12	0	19	258	224
2020-04-06	$9.72	$7.50	63.6%	16.6%	133.6%	32.5%	59.9%	-3.0%	-25.0%	281	165.8K	-276	0.00	104.36	6	0	258	243
2020-04-07	$10.22	$7.50	50.1%	16.1%	135.6%	24.6%	0.0%	4.7%	0.5%	631	162.6K	-314	0.00	120.84	0	2	264	243
2020-04-08	$10.52	$7.50	42.6%	12.2%	135.6%	20.2%	0.0%	4.8%	3.4%	-132	156.9K	-320	0.00	120.54	0	3	264	245
2020-04-09	$11.43	$7.50	47.9%	13.7%	127.0%	23.3%	45.8%	7.8%	-2.9%	-2.3K	144.6K	-351	5.97	98.98	34	203	264	248
2020-04-13	$11.31	$7.50	76.3%	21.9%	124.3%	39.9%	0.0%	12.7%	-45.3%	-1.5K	118.9K	-414	0.00	107.50	32	0	274	250
2020-04-14	$11.36	$7.50	58.4%	16.7%	114.5%	29.4%	0.0%	19.8%	-8.3%	936	148.5K	-373	0.00	98.70	10	0	294	250
2020-04-15	$11.01	$7.50	68.5%	19.6%	114.5%	35.3%	0.0%	28.2%	2.2%	783	145.1K	-386	0.00	105.31	0	0	304	250
2020-04-16	$10.47	$7.50	75.6%	21.7%	100.9%	39.5%	76.8%	12.0%	-34.8%	602	146.8K	-335	35.25	86.87	4	141	304	250
2020-04-17	$10.61	$10.00	82.0%	23.5%	100.9%	43.2%	78.2%	19.1%	-38.8%	4	168.4K	-402	13.00	98.19	1	13	308	378
2020-04-20	$10.15	$10.00	67.6%	19.4%	96.4%	34.8%	67.6%	5.0%	20.1%	-1.2K	-9.7K	-483	0.08	94.96	12	1	151	180
2020-04-21	$9.44	$10.00	78.1%	22.4%	95.4%	41.0%	78.6%	6.2%	-5.1%	-762	12.5K	-555	0.00	84.54	0	19	163	179
2020-04-22	$9.73	$10.00	55.3%	15.8%	85.5%	27.6%	83.2%	27.2%	-12.4%	-979	-3.3K	-524	58.00	82.85	5	290	163	169
2020-04-23	$9.67	$10.00	46.5%	13.3%	77.5%	22.5%	69.3%	16.5%	23.0%	-1.7K	6.8K	-558	0.00	86.82	1	0	167	461
2020-04-24	$9.94	$10.00	44.2%	12.7%	76.8%	21.2%	44.2%	0.5%	3.1%	-2.5K	15.0K	-668	0.05	97.93	19	1	167	460
2020-04-27	$10.36	$10.00	53.9%	15.5%	77.4%	26.8%	38.4%	40.0%	7.4%	-580	-25.8K	-466	0.16	102.44	32	5	184	459
2020-04-28	$10.78	$10.00	37.3%	10.7%	77.8%	17.1%	29.4%	-1.5%	-17.9%	-765	-39.2K	-574	2.00	94.55	6	12	216	465
2020-04-29	$11.44	$10.00	60.9%	17.5%	80.1%	30.9%	0.0%	9.1%	-4.7%	988	-81.8K	-535	0.00	114.32	1	0	215	477
2020-04-30	$11.11	$10.00	78.8%	22.6%	68.9%	41.3%	66.8%	43.7%	-15.8%	223	-58.0K	-466	0.00	112.94	1	0	216	477