BDN Options History — February 2021

In February 2021, BDN traded between $11.05 and $12.56. ATM implied volatility averaged 35.7%, placing in the 13.7% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded above realized volatility by 8.0% (HV 20d: 27.7%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 18 of 19 days. Put/call ratio averaged 2.23.

Notable Days

2021-02-09: Highest Volume — 2,018 contracts
2021-02-10: Largest IV spike — 61.5% change
2021-02-01: Highest IV Rank — 22.9%
2021-02-01: Largest Expected Move — 14.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.79	$11.05	$12.56	$11.10	$12.30
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	35.7%	28.3%	50.6%	50.6%	36.9%
Expected Move	10.5%	9.0%	14.5%	14.5%	10.6%
HV 20d	27.7%	23.7%	30.0%	30.0%	23.7%
HV 60d	32.2%	26.9%	44.1%	44.1%	27.3%
IV Rank	13.7%	9.5%	22.9%	22.9%	10.5%
IV Percentile	19.0%	6.0%	54.0%	54.0%	20.2%
Term Structure	3.1%	-8.1%	11.8%	6.5%	1.0%
VWIV	38.1%	30.9%	68.6%	34.6%	68.6%
Skew 25d	-0.9%	-26.0%	23.6%	23.6%	1.7%
Skew 10d	-9.0%	-41.6%	25.2%	25.2%	3.1%
Call IV 25d	39.0%	24.7%	56.4%	29.6%	35.2%
Put IV 25d	38.1%	27.9%	53.2%	53.2%	36.8%
Bid-Ask Spread %	90.67	72.06	103.03	103.03	86.40
Gamma HHI	0.62	0.45	0.82	0.56	0.51
Net GEX	71.2K	-10.9K	182.0K	34.4K	23.3K
Net DEX	509.6K	-186.5K	1.6M	1.0M	154.4K
Net VEX	-11.4K	-13.7K	-9.0K	-10.3K	-11.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.23	0.02	14.56	3.64	0.89
Total Volume	243.263	17	2,018	218	17
Total OI	7,692.632	5,665	9,383	7,268	5,789

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
2021-02-01	$11.10	$12.50	50.6%	14.5%	30.0%	22.9%	34.6%	23.6%	6.5%	34.4K	1.0M	-10.3K	3.64	103.03	47	171	3,841	3,427
2021-02-02	$11.05	$12.50	42.1%	12.1%	28.0%	17.8%	32.5%	16.2%	11.8%	17.5K	1.3M	-9.7K	0.27	92.32	77	21	3,873	3,555
2021-02-03	$11.18	$12.50	31.7%	9.1%	28.0%	11.5%	30.9%	3.3%	4.1%	-10.9K	1.6M	-9.0K	0.59	97.06	79	47	3,931	3,566
2021-02-04	$11.45	$12.50	33.0%	9.9%	28.2%	12.3%	37.8%	6.2%	4.2%	67.7K	926.6K	-10.9K	0.37	91.86	116	43	3,968	3,594
2021-02-05	$11.45	$12.50	32.6%	9.6%	27.6%	12.1%	47.3%	10.5%	4.6%	62.0K	1.0M	-10.4K	1.70	92.88	10	17	4,054	3,602
2021-02-08	$11.78	$12.50	29.3%	10.0%	29.3%	10.1%	35.0%	-5.3%	0.9%	125.1K	627.0K	-10.9K	2.32	91.88	34	79	4,061	3,579
2021-02-09	$11.76	$12.50	28.3%	10.5%	29.2%	9.5%	37.4%	-3.4%	3.6%	117.5K	734.2K	-10.5K	0.02	99.14	1,988	30	4,080	3,572
2021-02-10	$11.78	$12.50	45.7%	13.1%	29.1%	19.9%	48.2%	-26.0%	-8.1%	172.4K	-118.6K	-13.7K	0.19	72.06	166	32	5,791	3,568
2021-02-11	$11.86	$12.50	37.1%	10.6%	28.5%	14.8%	37.1%	-15.2%	1.3%	137.7K	290.6K	-13.1K	0.16	95.35	176	29	5,796	3,587
2021-02-12	$11.95	$12.50	35.1%	10.1%	27.6%	13.6%	34.6%	-8.3%	3.0%	161.6K	286.7K	-13.0K	0.11	94.50	102	11	5,644	3,613
2021-02-16	$11.86	$12.50	35.6%	10.2%	27.7%	13.9%	34.5%	7.0%	2.1%	182.0K	110.5K	-12.6K	14.56	95.74	9	131	5,651	3,620
2021-02-17	$11.85	$12.50	35.8%	10.3%	27.7%	14.0%	35.1%	-14.4%	3.7%	169.9K	194.8K	-12.1K	1.00	95.28	23	23	5,655	3,528
2021-02-18	$11.70	$12.50	31.5%	9.0%	28.0%	11.4%	35.4%	-9.1%	2.8%	9.8K	607.6K	-11.3K	0.11	86.97	111	12	5,658	3,515
2021-02-19	$11.82	$12.50	37.3%	10.7%	27.1%	14.9%	0.0%	-11.3%	0.1%	6.2K	520.7K	-11.0K	9.80	89.52	5	49	5,623	3,507
2021-02-22	$12.09	$12.50	33.9%	9.7%	26.8%	12.8%	33.9%	12.9%	5.5%	17.2K	264.9K	-11.7K	1.14	89.58	57	65	2,231	3,434
2021-02-23	$12.16	$12.50	35.1%	10.1%	26.8%	13.6%	35.1%	-12.3%	3.3%	18.9K	248.7K	-11.7K	5.31	78.04	39	207	2,261	3,424
2021-02-24	$12.56	$12.50	34.8%	10.0%	28.8%	13.4%	34.8%	8.9%	3.3%	22.6K	-186.5K	-11.4K	0.05	84.02	301	14	2,282	3,509
2021-02-25	$12.38	$12.50	32.4%	9.3%	24.2%	12.0%	32.4%	-1.2%	4.5%	18.6K	76.9K	-11.2K	0.08	87.17	263	21	2,253	3,518
2021-02-26	$12.30	$12.50	36.9%	10.6%	23.7%	10.5%	68.6%	1.7%	1.0%	23.3K	154.4K	-11.3K	0.89	86.40	9	8	2,281	3,508