BDN Options History — January 2021

In January 2021, BDN traded between $10.98 and $11.93. ATM implied volatility averaged 38.5%, placing in the 15.9% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded above realized volatility by 10.5% (HV 20d: 27.9%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 14 of 19 trading days. Term structure was in contango for 17 of 19 days. Put/call ratio averaged 34.89.

Notable Days

2021-01-19: Highest Volume — 3,258 contracts
2021-01-06: Largest IV spike — 49.1% change
2021-01-12: Highest IV Rank — 26.4%
2021-01-27: Largest Expected Move — 14.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.50	$10.98	$11.93	$11.51	$10.98
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	38.5%	28.8%	55.8%	33.0%	41.8%
Expected Move	10.4%	9.2%	14.2%	10.7%	12.0%
HV 20d	27.9%	22.7%	31.5%	31.5%	30.9%
HV 60d	45.4%	43.3%	46.4%	46.3%	44.4%
IV Rank	15.9%	10.4%	26.4%	12.9%	17.6%
IV Percentile	28.3%	14.7%	62.7%	21.0%	31.0%
Term Structure	3.2%	-13.1%	10.6%	1.5%	10.4%
VWIV	37.4%	27.0%	49.5%	36.4%	42.4%
Skew 25d	4.3%	-12.4%	14.3%	8.0%	6.1%
Skew 10d	8.9%	-29.4%	37.7%	36.0%	37.7%
Call IV 25d	37.4%	32.6%	44.3%	36.6%	42.7%
Put IV 25d	41.7%	27.9%	51.7%	44.6%	48.8%
Bid-Ask Spread %	90.62	69.50	107.44	99.94	90.55
Gamma HHI	0.89	0.75	0.99	0.98	0.75
Net GEX	51.1K	-28.4K	132.9K	92.8K	41.5K
Net DEX	436.8K	-386.0K	1.2M	-386.0K	801.7K
Net VEX	-7.0K	-10.4K	-1.9K	-2.0K	-7.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	34.89	0.00	308.00	0.14	7.39
Total Volume	406.474	28	3,258	40	931
Total OI	5,775.526	2,611	6,611	4,605	6,198

Daily Data (19 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
2021-01-04	$11.51	$12.50	33.0%	10.7%	31.5%	12.9%	36.4%	8.0%	1.5%	92.8K	-386.0K	-2.0K	0.14	99.94	35	5	4,182	423
2021-01-05	$11.34	$12.50	28.8%	10.3%	29.4%	10.4%	27.0%	11.4%	10.6%	78.1K	-311.7K	-1.9K	7.60	107.44	121	920	4,189	424
2021-01-06	$11.59	$12.50	43.0%	10.2%	30.1%	18.8%	36.1%	8.8%	3.0%	132.9K	-247.3K	-5.8K	16.68	95.65	25	417	4,190	1,362
2021-01-07	$11.40	$12.50	32.1%	9.2%	30.4%	12.3%	36.3%	-8.3%	3.1%	55.0K	626.9K	-5.6K	23.63	92.23	8	189	4,178	1,716
2021-01-08	$11.41	$12.50	36.6%	9.9%	30.0%	15.0%	43.7%	6.0%	-13.1%	74.9K	634.6K	-6.1K	0.00	70.23	0	126	4,182	1,883
2021-01-11	$11.35	$12.50	54.0%	10.0%	30.0%	25.4%	34.8%	-6.0%	5.2%	64.0K	753.9K	-6.3K	204.00	80.25	1	204	4,179	2,009
2021-01-12	$11.47	$12.50	55.8%	9.4%	29.8%	26.4%	32.7%	-1.9%	6.5%	-20.5K	1.0M	-6.2K	5.64	91.32	14	79	4,179	2,177
2021-01-13	$11.68	$12.50	34.4%	9.9%	29.4%	13.7%	0.0%	8.8%	4.6%	-22.8K	1.1M	-6.4K	308.00	90.40	1	308	4,176	2,241
2021-01-14	$11.93	$12.50	33.9%	9.7%	27.0%	13.4%	30.1%	-5.8%	6.4%	-28.4K	1.2M	-7.1K	3.27	69.50	22	72	4,177	2,434
2021-01-15	$11.91	$12.50	34.5%	9.9%	26.9%	13.8%	34.5%	-12.4%	2.7%	-26.2K	1.1M	-7.1K	3.77	98.23	61	230	4,170	2,401
2021-01-19	$11.88	$12.50	35.1%	10.1%	26.6%	14.1%	35.6%	8.8%	7.2%	-22.4K	927.2K	-6.6K	0.00	94.77	3,249	9	482	2,129
2021-01-20	$11.86	$12.50	36.2%	10.4%	22.7%	14.3%	35.3%	-1.5%	2.5%	109.6K	-315.9K	-10.4K	11.88	93.32	8	95	3,716	2,123
2021-01-21	$11.60	$12.50	33.2%	9.5%	23.9%	12.4%	35.5%	10.2%	2.9%	96.7K	-7.2K	-9.5K	14.10	94.86	10	141	3,719	2,089
2021-01-22	$11.36	$12.50	42.6%	12.2%	24.8%	18.1%	44.0%	9.1%	-1.4%	68.0K	299.9K	-9.0K	6.60	91.85	15	99	3,722	2,209
2021-01-25	$11.43	$12.50	37.1%	10.6%	24.8%	14.8%	38.0%	14.3%	1.8%	75.9K	194.4K	-9.2K	2.38	93.65	34	81	3,730	2,283
2021-01-26	$11.48	$12.50	37.1%	10.6%	24.8%	14.8%	38.0%	8.8%	0.5%	84.6K	165.2K	-9.5K	2.83	85.66	29	82	3,756	2,344
2021-01-27	$11.01	$12.50	49.7%	14.2%	28.4%	22.3%	49.5%	6.3%	4.2%	56.4K	507.1K	-8.4K	9.57	88.12	7	67	3,758	2,422
2021-01-28	$11.27	$12.50	32.4%	9.3%	29.7%	12.0%	43.8%	11.4%	1.5%	61.2K	328.2K	-8.8K	0.56	93.82	18	10	3,759	2,424
2021-01-29	$10.98	$12.50	41.8%	12.0%	30.9%	17.6%	42.4%	6.1%	10.4%	41.5K	801.7K	-7.5K	7.39	90.55	111	820	3,764	2,434