BDN Options History — November 2020

In November 2020, BDN traded between $8.62 and $11.64. ATM implied volatility averaged 45.4%, placing in the 21.2% IV rank vs the trailing year. The 30-day expected move averaged 13.1%. IV traded below realized volatility by 12.9% (HV 20d: 58.3%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 9 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 8.93.

Notable Days

2020-11-24: Highest Volume — 4,003 contracts
2020-11-18: Largest IV spike — 94.2% change
2020-11-16: Highest IV Rank — 28.3%
2020-11-16: Largest Expected Move — 16.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.40	$8.62	$11.64	$8.97	$11.26
Max Pain	$9.00	$7.50	$10.00	$10.00	$10.00
ATM IV	45.4%	28.7%	57.4%	43.8%	46.5%
Expected Move	13.1%	8.2%	16.5%	12.5%	13.3%
HV 20d	58.3%	31.5%	69.6%	31.5%	64.0%
HV 60d	45.5%	35.6%	49.6%	35.6%	49.1%
IV Rank	21.2%	11.4%	28.3%	20.3%	20.9%
IV Percentile	46.8%	24.6%	66.3%	42.9%	45.6%
Term Structure	-5.2%	-31.5%	12.4%	-8.4%	-6.4%
VWIV	47.9%	27.1%	73.8%	40.8%	47.6%
Skew 25d	-0.3%	-23.8%	24.6%	-4.8%	-21.4%
Skew 10d	-2.3%	-45.7%	29.9%	-8.1%	-11.6%
Call IV 25d	47.7%	32.7%	70.9%	47.1%	50.7%
Put IV 25d	47.4%	29.2%	58.8%	42.3%	29.2%
Bid-Ask Spread %	109.87	50.26	121.90	50.26	120.76
Gamma HHI	0.61	0.37	0.99	0.68	0.98
Net GEX	13.8K	-7.8K	108.0K	-3.8K	96.4K
Net DEX	-196.0K	-1.6M	193.3K	193.3K	-1.2M
Net VEX	-1.3K	-6.3K	-210	-291	-5.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	8.93	0.00	108.00	24.50	0.00
Total Volume	243.75	6	4,003	51	8
Total OI	1,184.95	453	4,177	767	4,177

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
2020-11-02	$8.97	$10.00	43.8%	12.5%	31.5%	20.3%	40.8%	-4.8%	-8.4%	-3.8K	193.3K	-291	24.50	50.26	2	49	252	515
2020-11-03	$9.24	$10.00	34.1%	9.8%	34.4%	14.7%	27.1%	-0.2%	-14.6%	-5.2K	166.7K	-404	0.00	89.94	0	11	252	515
2020-11-04	$8.89	$10.00	54.2%	15.5%	35.9%	26.4%	49.3%	-13.2%	-12.0%	-2.3K	148.2K	-324	8.67	96.98	3	26	252	476
2020-11-05	$9.05	$7.50	42.5%	15.1%	36.2%	19.6%	0.0%	-7.3%	-3.3%	-3.0K	147.2K	-357	108.00	101.62	2	216	254	484
2020-11-06	$8.62	$7.50	49.4%	15.0%	38.7%	23.6%	0.0%	17.5%	-0.1%	-1.4K	182.1K	-210	0.00	108.46	0	6	254	342
2020-11-09	$9.82	$7.50	52.7%	12.5%	63.3%	25.5%	46.2%	-22.4%	12.1%	-5.6K	77.2K	-450	5.85	120.36	20	117	254	278
2020-11-10	$10.11	$7.50	50.4%	14.1%	63.5%	24.2%	0.0%	10.6%	12.4%	-7.4K	47.8K	-573	0.50	116.40	6	3	253	393
2020-11-11	$10.02	$7.50	42.3%	12.1%	63.3%	19.4%	0.0%	-10.6%	3.5%	-7.8K	63.4K	-594	0.00	105.27	53	0	255	392
2020-11-12	$10.03	$7.50	41.6%	11.9%	63.1%	19.0%	44.6%	1.1%	4.3%	-7.8K	37.1K	-649	0.37	113.50	19	7	269	392
2020-11-13	$10.76	$7.50	53.0%	15.2%	68.0%	25.7%	73.8%	-10.4%	-31.5%	-3.4K	-74.8K	-544	0.00	119.45	13	0	275	387
2020-11-16	$11.19	$7.50	57.4%	16.5%	68.6%	28.3%	48.7%	9.8%	7.1%	-1.2K	-102.6K	-513	1.18	111.52	17	20	274	384
2020-11-17	$11.26	$10.00	29.1%	8.3%	68.6%	11.7%	0.0%	14.6%	0.7%	2.8K	-144.9K	-436	0.33	113.44	18	6	275	394
2020-11-18	$10.89	$10.00	56.5%	16.2%	69.4%	27.8%	54.9%	13.3%	0.9%	2.4K	-135.2K	-536	2.00	114.87	7	14	302	398
2020-11-19	$10.82	$10.00	55.0%	15.8%	69.6%	26.9%	0.0%	13.7%	-22.8%	1.9K	-111.5K	-514	9.00	121.90	1	9	303	426
2020-11-20	$10.99	$10.00	48.7%	14.0%	69.6%	23.2%	0.0%	-0.8%	-26.5%	2.0K	-126.8K	-464	0.00	121.83	7	0	302	433
2020-11-23	$11.34	$10.00	28.7%	8.2%	66.8%	11.4%	30.4%	24.6%	9.5%	2.9K	-92.6K	-500	0.25	117.55	75	19	249	204
2020-11-24	$11.64	$10.00	42.1%	12.1%	65.9%	19.3%	58.8%	4.9%	-13.2%	5.6K	-144.5K	-572	0.00	114.57	3,992	11	320	224
2020-11-25	$11.64	$10.00	33.2%	9.5%	62.9%	14.1%	0.0%	-0.8%	-0.4%	103.4K	-1.6M	-6.3K	0.00	121.11	28	0	3,899	234
2020-11-27	$11.55	$10.00	47.3%	13.6%	63.3%	21.4%	52.7%	-23.8%	-16.0%	108.0K	-1.3M	-5.6K	0.13	117.64	80	10	3,923	234
2020-11-30	$11.26	$10.00	46.5%	13.3%	64.0%	20.9%	47.6%	-21.4%	-6.4%	96.4K	-1.2M	-5.2K	0.00	120.76	8	0	3,941	236