BDN Options History — May 2020

In May 2020, BDN traded between $8.36 and $10.55. ATM implied volatility averaged 65.0%, placing in the 33.3% IV rank vs the trailing year. The 30-day expected move averaged 16.0%. IV traded below realized volatility by 6.0% (HV 20d: 71.0%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 4 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 10.99.

Notable Days

2020-05-28: Highest Volume — 1,090 contracts
2020-05-12: Largest IV spike — 55.9% change
2020-05-12: Highest IV Rank — 69.4%
2020-05-15: Largest Expected Move — 25.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.66	$8.36	$10.55	$10.55	$9.68
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	65.0%	37.6%	126.9%	77.0%	65.8%
Expected Move	16.0%	10.8%	25.8%	22.1%	18.9%
HV 20d	71.0%	57.2%	81.6%	72.1%	77.3%
HV 60d	93.1%	89.3%	97.4%	89.3%	96.9%
IV Rank	33.3%	17.3%	69.4%	40.3%	33.8%
IV Percentile	86.5%	76.2%	97.6%	92.5%	86.5%
Term Structure	-2.9%	-48.2%	39.1%	-48.2%	-7.2%
VWIV	56.1%	26.7%	87.2%	87.2%	61.8%
Skew 25d	5.1%	-18.2%	29.7%	25.0%	-16.4%
Skew 10d	3.1%	-33.6%	69.1%	69.1%	-24.3%
Call IV 25d	57.1%	27.4%	95.3%	56.4%	78.2%
Put IV 25d	62.2%	38.9%	89.7%	81.4%	61.8%
Bid-Ask Spread %	108.51	96.20	124.48	119.77	103.69
Gamma HHI	0.45	0.28	0.67	0.28	0.48
Net GEX	-1.2K	-4.3K	8.4K	-1.5K	8.4K
Net DEX	8.1K	-166.6K	161.2K	-18.7K	-166.6K
Net VEX	-691	-1.4K	-480	-689	-1.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	10.99	0.00	153.00	0.00	0.60
Total Volume	88.75	0	1,090	12	8
Total OI	844.05	696	1,900	696	1,900

Daily Data (20 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
2020-05-01	$10.55	$10.00	77.0%	22.1%	72.1%	40.3%	87.2%	25.0%	-48.2%	-1.5K	-18.7K	-689	0.00	119.77	12	0	216	480
2020-05-04	$10.39	$10.00	58.5%	13.4%	71.9%	29.5%	32.3%	29.7%	-13.1%	-2.0K	-20.6K	-523	0.00	116.38	0	3	224	480
2020-05-05	$10.14	$10.00	73.7%	15.4%	67.2%	38.3%	0.0%	-9.2%	-12.9%	-1.1K	-18.1K	-480	0.00	124.48	2	0	224	477
2020-05-06	$9.95	$10.00	51.7%	16.5%	65.1%	25.6%	57.0%	23.1%	-11.2%	-2.5K	4.1K	-571	153.00	101.16	1	153	222	477
2020-05-07	$10.14	$10.00	78.1%	14.5%	64.6%	40.9%	0.0%	19.1%	-6.4%	-4.3K	12.7K	-608	0.00	110.30	0	0	227	629
2020-05-08	$10.36	$10.00	80.5%	15.4%	57.2%	42.4%	74.6%	11.4%	-4.1%	-3.6K	-5.8K	-605	0.22	120.57	9	2	227	629
2020-05-11	$9.94	$10.00	81.4%	15.3%	58.6%	42.9%	53.9%	-8.5%	2.3%	-3.5K	47.4K	-695	13.00	109.81	1	13	228	630
2020-05-12	$9.12	$10.00	126.9%	15.5%	64.8%	69.4%	54.5%	19.4%	-19.0%	-2.9K	94.7K	-631	1.00	102.24	11	11	229	633
2020-05-13	$8.36	$10.00	56.8%	16.3%	70.0%	28.5%	58.1%	-12.5%	8.9%	-4.1K	161.2K	-790	1.31	109.91	42	55	230	622
2020-05-14	$8.81	$10.00	68.0%	19.5%	72.3%	35.0%	69.5%	-5.5%	-30.3%	-2.4K	102.6K	-738	4.30	108.27	10	43	245	573
2020-05-15	$8.61	$10.00	89.9%	25.8%	72.0%	47.8%	74.9%	8.2%	-39.6%	-3.8K	101.6K	-696	0.00	100.80	0	4	245	569
2020-05-18	$9.28	$10.00	50.2%	14.4%	76.8%	24.7%	0.0%	19.3%	18.6%	-2.6K	44.9K	-749	0.00	96.20	0	0	196	512
2020-05-19	$9.16	$10.00	49.3%	14.1%	72.6%	24.1%	51.6%	-11.6%	15.5%	-2.1K	50.3K	-677	0.00	101.99	12	0	196	512
2020-05-20	$9.39	$10.00	47.8%	13.7%	72.3%	23.3%	46.8%	-9.0%	36.2%	-1.5K	36.0K	-674	0.00	108.28	122	0	206	512
2020-05-21	$9.56	$10.00	51.0%	14.6%	72.7%	25.2%	51.0%	-18.1%	5.0%	-755	-32.0K	-711	2.40	102.29	5	12	300	521
2020-05-22	$9.19	$10.00	37.6%	10.8%	73.1%	17.3%	26.7%	25.3%	39.1%	-104	23.9K	-775	0.00	101.75	57	0	295	530
2020-05-26	$10.22	$10.00	38.7%	11.1%	81.6%	18.0%	38.5%	-18.2%	22.9%	2.8K	-75.5K	-684	0.06	110.38	18	1	301	530
2020-05-27	$10.23	$10.00	58.0%	16.6%	80.2%	29.2%	58.0%	15.3%	-9.3%	1.7K	-96.0K	-491	0.03	108.52	76	2	284	530
2020-05-28	$10.06	$10.00	58.0%	16.6%	76.8%	29.2%	58.2%	15.9%	-5.6%	864	-83.7K	-585	0.00	113.36	1,087	3	308	532
2020-05-29	$9.68	$10.00	65.8%	18.9%	77.3%	33.8%	61.8%	-16.4%	-7.2%	8.4K	-166.6K	-1.4K	0.60	103.69	5	3	1,365	535