BDN Options History — January 2023

In January 2023, BDN traded between $5.99 and $6.58. ATM implied volatility averaged 50.6%, placing in the 20.6% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded above realized volatility by 12.6% (HV 20d: 38.0%). Max pain ranged from $7.50 to $7.50. Net GEX was positive for 1 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 5.00.

Notable Days

2023-01-20: Highest Volume — 2,027 contracts
2023-01-04: Largest IV spike — 85.6% change
2023-01-04: Highest IV Rank — 35.1%
2023-01-04: Largest Expected Move — 21.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.29	$5.99	$6.58	$6.26	$6.54
Max Pain	$7.50	$7.50	$7.50	$7.50	$7.50
ATM IV	50.6%	27.1%	74.9%	40.4%	41.5%
Expected Move	13.6%	7.8%	21.5%	11.6%	11.9%
HV 20d	38.0%	33.9%	41.5%	40.3%	34.7%
HV 60d	37.6%	36.3%	38.8%	38.3%	37.9%
IV Rank	20.6%	6.6%	35.1%	14.5%	15.2%
IV Percentile	50.6%	4.0%	85.7%	33.3%	32.5%
Term Structure	-6.0%	-62.0%	35.5%	-14.6%	-2.8%
VWIV	56.8%	23.3%	125.3%	60.4%	125.3%
Skew 25d	8.3%	-62.1%	59.5%	-62.1%	21.4%
Skew 10d	11.2%	-62.9%	62.0%	-62.9%	26.5%
Call IV 25d	47.2%	24.9%	232.3%	232.3%	41.9%
Put IV 25d	55.5%	25.2%	170.2%	170.2%	63.4%
Bid-Ask Spread %	79.74	33.83	108.00	59.29	73.90
Gamma HHI	0.87	0.63	0.98	0.84	0.87
Net GEX	-11.2K	-19.3K	3.4K	-4.8K	-15.3K
Net DEX	176.8K	-282.2K	724.6K	549.7K	-264.8K
Net VEX	-2.9K	-4.3K	-365	-365	-2.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	5.00	0.00	35.50	0.20	0.29
Total Volume	195.75	2	2,027	90	9
Total OI	4,666.55	4,079	5,300	4,331	4,773

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
2023-01-03	$6.26	$7.50	40.4%	11.6%	40.3%	14.5%	60.4%	-62.1%	-14.6%	-4.8K	549.7K	-365	0.20	59.29	75	15	982	3,349
2023-01-04	$6.17	$7.50	74.9%	21.5%	37.8%	35.1%	90.6%	-9.1%	-47.6%	-15.5K	724.6K	-2.5K	0.29	65.93	14	4	926	3,360
2023-01-05	$6.08	$7.50	54.3%	9.3%	36.2%	22.8%	0.0%	2.0%	16.1%	-14.0K	669.5K	-2.5K	22.67	80.44	3	68	932	3,147
2023-01-06	$6.20	$7.50	59.1%	12.2%	37.0%	25.6%	52.7%	2.0%	-6.5%	-16.3K	625.7K	-2.2K	0.09	84.85	11	1	933	3,181
2023-01-09	$5.99	$7.50	55.4%	9.0%	38.7%	23.5%	0.0%	-29.4%	14.7%	-15.3K	706.5K	-2.6K	0.29	80.66	7	2	944	3,181
2023-01-10	$6.08	$7.50	63.1%	17.6%	39.2%	28.1%	0.0%	33.8%	-4.8%	-14.2K	687.8K	-2.7K	0.00	103.28	0	25	945	3,173
2023-01-11	$6.29	$7.50	43.0%	12.3%	41.2%	16.1%	0.0%	16.8%	18.3%	-18.4K	593.4K	-2.4K	0.00	59.21	1,004	0	945	3,196
2023-01-12	$6.53	$7.50	42.2%	12.1%	41.5%	15.6%	23.3%	57.1%	9.1%	-9.6K	547	-2.8K	0.04	108.00	23	1	1,944	3,196
2023-01-13	$6.58	$7.50	45.2%	13.0%	41.3%	17.4%	0.0%	13.7%	9.4%	3.4K	-78.5K	-2.1K	12.50	33.83	2	25	1,959	3,197
2023-01-17	$6.49	$7.50	53.9%	15.5%	41.5%	22.6%	0.0%	59.5%	31.0%	-3.6K	116.6K	-3.8K	0.16	103.56	64	10	1,959	3,182
2023-01-18	$6.42	$7.50	40.1%	11.5%	36.9%	14.4%	0.0%	44.6%	1.8%	-5.8K	61.3K	-3.4K	0.00	70.46	106	0	2,019	3,176
2023-01-19	$6.33	$7.50	27.1%	7.8%	37.4%	6.6%	0.0%	39.5%	35.5%	-11.1K	-20.1K	-2.9K	0.30	104.53	10	3	2,115	3,176
2023-01-20	$6.25	$7.50	38.5%	11.0%	37.7%	13.4%	40.1%	4.0%	28.4%	-8.5K	93.7K	-3.6K	1.02	83.70	1,001	1,026	2,122	3,178
2023-01-23	$6.25	$7.50	60.0%	17.2%	37.6%	26.2%	0.0%	-3.1%	-31.1%	-14.1K	-207.2K	-3.2K	35.50	89.04	2	71	1,572	3,041
2023-01-24	$6.21	$7.50	72.3%	20.7%	37.7%	33.6%	32.6%	-8.9%	-60.2%	-8.6K	-67.8K	-4.3K	20.33	71.39	3	61	1,574	3,082
2023-01-25	$6.17	$7.50	64.9%	18.6%	37.5%	29.1%	47.1%	-5.1%	-62.0%	-7.4K	-93.3K	-4.0K	0.01	71.34	151	2	1,615	3,143
2023-01-26	$6.13	$7.50	70.2%	20.1%	36.8%	32.3%	0.0%	-10.1%	-46.8%	-10.7K	-15.6K	-4.1K	0.00	90.71	2	0	1,529	3,142
2023-01-27	$6.44	$7.50	29.9%	8.6%	35.3%	8.2%	39.5%	-4.3%	-5.1%	-15.5K	-282.2K	-2.5K	1.00	85.41	53	53	1,530	3,142
2023-01-30	$6.37	$7.50	35.7%	10.2%	33.9%	11.7%	0.0%	4.0%	-3.1%	-19.3K	-263.6K	-2.7K	0.33	75.32	6	2	1,578	3,193
2023-01-31	$6.54	$7.50	41.5%	11.9%	34.7%	15.2%	125.3%	21.4%	-2.8%	-15.3K	-264.8K	-2.8K	0.29	73.90	7	2	1,579	3,194