BDN Options History — September 2023

In September 2023, BDN traded between $4.28 and $5.11. ATM implied volatility averaged 32.5%, placing in the 6.9% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded below realized volatility by 9.4% (HV 20d: 41.9%). Max pain ranged from $2.50 to $5.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 15 of 20 days. Put/call ratio averaged 0.99.

Notable Days

2023-09-19: Highest Volume — 1,065 contracts
2023-09-05: Largest IV spike — 57.5% change
2023-09-22: Highest IV Rank — 12.4%
2023-09-05: Largest Expected Move — 12.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$4.75	$4.28	$5.11	$5.11	$4.51
Max Pain	$4.88	$2.50	$5.00	$2.50	$5.00
ATM IV	32.5%	21.3%	41.5%	21.3%	29.5%
Expected Move	9.9%	6.1%	12.2%	6.1%	8.5%
HV 20d	41.9%	31.3%	54.6%	32.3%	53.1%
HV 60d	46.2%	43.6%	48.3%	44.3%	46.1%
IV Rank	6.9%	0.0%	12.4%	0.0%	5.1%
IV Percentile	14.6%	0.0%	35.7%	0.0%	9.1%
Term Structure	6.0%	-6.1%	15.6%	13.7%	13.0%
VWIV	41.5%	23.2%	120.4%	23.2%	120.4%
Skew 25d	17.5%	-19.6%	37.3%	25.9%	22.2%
Skew 10d	30.3%	-16.7%	46.0%	45.1%	45.4%
Call IV 25d	52.1%	37.2%	96.5%	37.2%	48.6%
Put IV 25d	69.6%	54.5%	116.5%	63.1%	70.8%
Bid-Ask Spread %	26.21	6.13	55.94	35.60	13.38
Gamma HHI	0.99	0.98	1.00	1.00	0.99
Net GEX	66.4K	18.9K	212.1K	86.1K	34.2K
Net DEX	-684.8K	-1.8M	156.6K	-1.8M	68.0K
Net VEX	-4.5K	-5.9K	-2.2K	-5.9K	-3.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.99	0.00	3.64	0.88	0.00
Total Volume	240.85	7	1,065	120	183
Total OI	11,668.25	10,600	12,557	11,283	12,557

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
2023-09-01	$5.11	$2.50	21.3%	6.1%	32.3%	0.0%	23.2%	25.9%	13.7%	86.1K	-1.8M	-5.9K	0.88	35.60	64	56	7,387	3,896
2023-09-05	$4.94	$5.00	33.5%	12.2%	33.8%	7.5%	42.5%	37.3%	4.1%	24.3K	-359.6K	-2.8K	1.45	40.56	40	58	7,409	3,948
2023-09-06	$5.03	$5.00	31.3%	10.4%	34.1%	6.2%	36.1%	29.8%	2.6%	90.0K	-1.5M	-5.8K	0.57	48.25	23	13	7,412	4,005
2023-09-07	$4.97	$5.00	29.4%	11.6%	31.3%	5.0%	40.3%	13.6%	2.5%	74.8K	-1.4M	-5.8K	1.33	28.01	3	4	7,435	4,015
2023-09-08	$4.96	$5.00	31.1%	11.4%	31.3%	6.1%	39.7%	26.6%	-0.6%	80.3K	-1.3M	-5.7K	0.00	16.17	62	0	7,434	4,019
2023-09-11	$4.79	$5.00	37.3%	10.7%	33.1%	9.8%	37.6%	16.6%	6.9%	68.3K	-863.6K	-5.1K	1.03	55.94	78	80	7,470	4,019
2023-09-12	$4.86	$5.00	31.2%	10.9%	33.0%	6.1%	38.3%	30.1%	4.1%	80.2K	-891.3K	-5.1K	1.09	30.71	33	36	7,492	4,099
2023-09-13	$4.72	$5.00	39.5%	11.3%	33.7%	11.2%	40.7%	1.6%	4.2%	19.4K	8.3K	-2.2K	3.57	22.64	49	175	7,499	4,081
2023-09-14	$5.01	$5.00	36.2%	10.4%	39.8%	9.2%	36.2%	28.7%	4.7%	133.8K	-1.5M	-5.4K	0.28	18.45	562	158	7,511	3,830
2023-09-15	$4.99	$5.00	32.3%	9.3%	39.5%	6.8%	32.3%	31.2%	14.6%	212.1K	-1.4M	-5.2K	0.09	41.17	116	11	7,729	3,846
2023-09-18	$4.89	$5.00	28.5%	8.2%	40.3%	4.5%	28.5%	16.9%	-6.1%	95.5K	-751.3K	-4.9K	1.22	7.58	64	78	6,766	3,834
2023-09-19	$4.95	$5.00	35.9%	10.3%	40.4%	9.0%	35.9%	18.4%	-0.0%	82.2K	-1.1M	-5.4K	0.31	21.74	813	252	6,808	3,912
2023-09-20	$4.91	$5.00	38.7%	11.1%	40.3%	10.8%	38.7%	27.8%	-4.5%	83.8K	-1.1M	-5.9K	0.46	22.74	50	23	7,434	4,281
2023-09-21	$4.41	$5.00	27.9%	8.0%	54.6%	4.1%	25.7%	17.3%	15.6%	26.1K	7.9K	-3.1K	2.27	12.40	142	323	7,448	4,289
2023-09-22	$4.38	$5.00	41.5%	11.9%	54.6%	12.4%	47.9%	5.3%	8.3%	35.4K	-104.5K	-3.9K	0.44	17.65	587	259	7,396	4,465
2023-09-25	$4.38	$5.00	32.8%	9.4%	54.5%	7.1%	0.0%	19.2%	15.5%	26.8K	75.6K	-3.4K	3.64	6.13	22	80	7,765	4,531
2023-09-26	$4.28	$5.00	32.3%	9.2%	53.5%	6.8%	0.0%	-14.4%	-4.8%	18.9K	156.6K	-3.1K	1.00	28.89	70	70	7,769	4,601
2023-09-27	$4.39	$5.00	30.4%	8.7%	51.7%	5.6%	120.4%	15.2%	15.4%	23.6K	134.4K	-3.3K	0.02	7.62	140	3	7,802	4,631
2023-09-28	$4.51	$5.00	28.9%	8.3%	53.1%	4.7%	0.0%	-19.6%	11.6%	32.5K	175	-3.9K	0.12	48.52	33	4	7,908	4,632
2023-09-29	$4.51	$5.00	29.5%	8.5%	53.1%	5.1%	0.0%	22.2%	13.0%	34.2K	68.0K	-3.7K	0.00	13.38	183	0	7,925	4,632