BDN Options History — August 2020

In August 2020, BDN traded between $10.72 and $11.77. ATM implied volatility averaged 47.6%, placing in the 23.2% IV rank vs the trailing year. The 30-day expected move averaged 13.1%. IV traded above realized volatility by 13.4% (HV 20d: 34.2%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.21.

Notable Days

2020-08-25: Highest Volume — 2,826 contracts
2020-08-06: Largest IV spike — 99.8% change
2020-08-31: Highest IV Rank — 40.0%
2020-08-31: Largest Expected Move — 21.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.20	$10.72	$11.77	$10.72	$11.15
Max Pain	$10.36	$10.00	$12.50	$12.50	$10.00
ATM IV	47.6%	31.5%	76.5%	45.2%	76.5%
Expected Move	13.1%	9.0%	21.9%	13.0%	21.9%
HV 20d	34.2%	28.4%	48.0%	48.0%	30.4%
HV 60d	57.4%	51.0%	66.5%	66.4%	51.0%
IV Rank	23.2%	13.7%	40.0%	21.8%	40.0%
IV Percentile	62.9%	50.4%	85.3%	62.3%	85.3%
Term Structure	0.7%	-23.5%	31.1%	-11.1%	-12.6%
VWIV	40.2%	22.2%	70.9%	70.9%	45.5%
Skew 25d	8.0%	-17.6%	32.2%	-2.1%	32.2%
Skew 10d	3.6%	-33.7%	43.5%	43.5%	7.6%
Call IV 25d	36.1%	22.9%	53.1%	42.2%	47.1%
Put IV 25d	44.2%	28.2%	79.3%	40.1%	79.3%
Bid-Ask Spread %	108.76	96.43	119.01	108.16	99.97
Gamma HHI	0.55	0.37	0.96	0.37	0.95
Net GEX	16.9K	2.3K	85.4K	2.3K	67.0K
Net DEX	-259.7K	-989.8K	-63.2K	-63.2K	-889.8K
Net VEX	-1.2K	-4.3K	-472	-536	-3.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.21	0.00	1.25	0.00	0.00
Total Volume	152.714	0	2,826	4	114
Total OI	1,096	491	3,409	525	3,408

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
2020-08-03	$10.72	$12.50	45.2%	13.0%	48.0%	21.8%	70.9%	-2.1%	-11.1%	2.3K	-63.2K	-536	0.00	108.16	4	0	285	240
2020-08-04	$11.02	$12.50	34.4%	9.8%	40.1%	15.4%	0.0%	9.0%	18.4%	2.6K	-82.2K	-496	0.00	102.46	0	0	289	240
2020-08-05	$11.06	$12.50	32.8%	9.4%	40.0%	14.5%	32.4%	2.5%	9.5%	2.5K	-84.2K	-485	1.00	113.30	1	1	289	240
2020-08-06	$11.22	$10.00	65.5%	18.5%	39.2%	33.6%	0.0%	13.8%	-8.2%	2.5K	-102.6K	-581	0.00	108.80	1	0	288	240
2020-08-07	$11.44	$10.00	47.6%	9.4%	36.8%	23.2%	28.7%	-3.7%	13.2%	3.3K	-111.3K	-494	1.25	116.11	8	10	288	240
2020-08-10	$11.77	$10.00	48.4%	9.9%	36.9%	23.7%	49.8%	1.0%	1.6%	3.4K	-145.6K	-472	0.00	106.96	31	0	288	250
2020-08-11	$11.52	$10.00	46.9%	10.8%	38.0%	22.8%	0.0%	9.8%	7.9%	3.1K	-129.5K	-599	0.00	105.50	20	0	314	250
2020-08-12	$11.49	$10.00	39.3%	11.3%	38.0%	18.3%	39.7%	-8.7%	4.6%	3.6K	-128.3K	-589	0.00	105.04	22	0	325	250
2020-08-13	$11.26	$10.00	44.8%	12.9%	36.0%	21.5%	0.0%	-17.6%	-7.6%	3.9K	-126.7K	-624	0.00	114.57	0	0	345	250
2020-08-14	$11.24	$10.00	52.1%	14.9%	35.2%	25.8%	0.0%	7.1%	-10.2%	4.1K	-117.0K	-569	0.00	102.24	0	0	345	250
2020-08-17	$11.16	$10.00	41.2%	11.8%	31.4%	19.4%	0.0%	8.2%	-5.7%	4.1K	-107.9K	-539	1.00	96.43	1	1	344	250
2020-08-18	$10.97	$10.00	44.4%	12.7%	31.7%	21.3%	42.7%	13.1%	28.3%	3.6K	-94.8K	-553	0.13	103.32	15	2	344	251
2020-08-19	$10.78	$10.00	62.3%	17.8%	30.8%	31.7%	0.0%	25.5%	-23.5%	3.2K	-93.5K	-553	0.00	109.01	0	0	348	251
2020-08-20	$10.90	$10.00	52.3%	15.0%	30.4%	25.9%	0.0%	8.3%	-17.6%	4.1K	-100.5K	-513	0.00	112.61	0	0	348	251
2020-08-21	$10.85	$10.00	49.5%	14.2%	28.4%	24.3%	0.0%	22.1%	1.7%	3.2K	-100.2K	-575	0.00	112.88	1	0	348	251
2020-08-24	$11.31	$10.00	39.9%	11.4%	31.8%	18.7%	22.2%	17.2%	31.1%	3.6K	-140.6K	-560	0.00	113.40	1	0	294	197
2020-08-25	$11.35	$10.00	31.5%	9.0%	28.4%	13.7%	0.0%	14.7%	16.8%	4.1K	-147.7K	-512	0.00	119.01	2,826	0	294	197
2020-08-26	$11.18	$10.00	44.8%	12.8%	28.7%	21.5%	0.0%	-2.7%	-11.2%	65.8K	-782.9K	-3.8K	0.00	111.23	141	0	3,120	197
2020-08-27	$11.48	$10.00	44.3%	12.7%	29.4%	21.2%	29.6%	6.6%	11.1%	85.4K	-989.8K	-4.3K	0.00	109.61	6	0	3,211	197
2020-08-28	$11.39	$10.00	56.6%	16.2%	29.2%	28.4%	0.0%	12.4%	-22.2%	79.6K	-916.1K	-4.2K	0.00	113.42	1	0	3,212	197
2020-08-31	$11.15	$10.00	76.5%	21.9%	30.4%	40.0%	45.5%	32.2%	-12.6%	67.0K	-889.8K	-3.9K	0.00	99.97	114	0	3,211	197