BDN Options History — December 2023

In December 2023, BDN traded between $4.71 and $5.50. ATM implied volatility averaged 42.0%, placing in the 16.7% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded below realized volatility by 14.0% (HV 20d: 56.0%). 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 0.29.

Notable Days

2023-12-20: Highest Volume — 1,598 contracts
2023-12-11: Largest IV spike — 62.1% change
2023-12-04: Highest IV Rank — 30.3%
2023-12-14: Largest Expected Move — 14.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.14	$4.71	$5.50	$4.76	$5.46
Max Pain	$4.88	$2.50	$5.00	$2.50	$5.00
ATM IV	42.0%	27.2%	59.0%	44.0%	39.4%
Expected Move	12.1%	10.3%	14.9%	12.6%	11.3%
HV 20d	56.0%	46.3%	70.1%	70.1%	46.3%
HV 60d	60.1%	53.7%	63.5%	62.1%	53.7%
IV Rank	16.7%	4.7%	30.3%	18.2%	14.6%
IV Percentile	40.1%	3.6%	73.4%	47.6%	31.3%
Term Structure	21.5%	-10.9%	369.6%	12.1%	17.3%
VWIV	39.9%	25.4%	52.1%	25.4%	27.4%
Bid-Ask Spread %	38.47	18.94	89.22	89.22	18.94
Gamma HHI	0.83	0.50	1.00	1.00	0.50
Net GEX	42.9K	15.3K	62.7K	39.6K	15.3K
Net DEX	-1.2M	-1.9M	-487.2K	-542.3K	-1.8M
Net VEX	-4.5K	-5.6K	-3.7K	-3.9K	-4.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.29	0.00	3.20	0.04	0.00
Total Volume	417.35	59	1,598	869	1,062
Total OI	9,432.6	8,237	10,464	8,237	10,353

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
2023-12-01	$4.76	$2.50	44.0%	12.6%	70.1%	18.2%	25.4%	0.0%	12.1%	39.6K	-542.3K	-3.9K	0.04	89.22	838	31	4,666	3,571
2023-12-04	$4.80	$5.00	59.0%	12.2%	67.6%	30.3%	42.6%	0.0%	-1.1%	42.2K	-548.8K	-3.9K	0.13	61.93	52	7	4,832	3,592
2023-12-05	$4.74	$5.00	51.7%	13.1%	66.8%	24.4%	47.9%	0.0%	-10.9%	37.6K	-487.2K	-3.7K	0.01	68.78	277	2	4,834	3,589
2023-12-06	$4.71	$5.00	31.5%	12.9%	64.3%	8.2%	46.2%	0.0%	1.0%	35.5K	-565.9K	-4.2K	0.20	50.59	206	41	5,110	3,590
2023-12-07	$4.92	$5.00	36.3%	11.0%	65.2%	12.1%	38.4%	0.0%	1.7%	53.0K	-803.0K	-4.4K	0.05	30.37	122	6	5,131	3,551
2023-12-08	$5.00	$5.00	27.2%	10.4%	62.5%	4.7%	36.2%	0.0%	2.3%	62.7K	-958.7K	-4.5K	0.07	36.80	200	13	5,208	3,557
2023-12-11	$4.92	$5.00	44.0%	10.3%	63.4%	18.3%	0.0%	0.0%	4.7%	62.2K	-832.8K	-4.4K	0.01	36.62	196	1	5,364	3,568
2023-12-12	$4.86	$5.00	31.2%	11.5%	61.9%	8.0%	40.0%	0.0%	1.7%	54.5K	-760.5K	-4.4K	0.03	31.74	189	5	5,416	3,549
2023-12-13	$5.24	$5.00	42.5%	12.2%	50.0%	17.0%	42.5%	0.0%	0.1%	61.6K	-1.5M	-4.6K	0.08	25.98	714	59	5,509	3,555
2023-12-14	$5.50	$5.00	52.1%	14.9%	51.8%	24.8%	52.1%	0.0%	369.6%	46.1K	-1.9M	-5.1K	0.04	39.47	1,002	45	5,970	3,513
2023-12-15	$5.34	$5.00	45.4%	13.0%	50.5%	19.4%	45.5%	0.0%	-6.4%	51.1K	-1.7M	-5.2K	0.03	32.08	834	28	6,282	3,505
2023-12-18	$5.22	$5.00	41.6%	11.9%	52.0%	16.3%	41.9%	0.0%	0.6%	54.7K	-1.3M	-4.9K	1.05	26.22	96	101	5,899	3,503
2023-12-19	$5.26	$5.00	41.5%	11.9%	51.6%	16.3%	41.7%	0.0%	0.1%	52.1K	-1.3M	-4.7K	3.20	26.69	40	128	5,918	3,654
2023-12-20	$5.22	$5.00	43.0%	12.3%	50.1%	17.4%	42.8%	0.0%	-5.3%	50.6K	-1.3M	-5.1K	0.17	37.87	1,361	237	5,932	3,777
2023-12-21	$5.26	$5.00	47.6%	13.6%	50.0%	21.1%	47.9%	0.0%	-1.8%	40.2K	-1.2M	-5.6K	0.09	27.95	77	7	6,462	4,002
2023-12-22	$5.29	$5.00	44.9%	12.9%	49.9%	19.0%	45.1%	0.0%	0.2%	40.2K	-1.3M	-5.5K	0.19	37.93	69	13	6,445	4,015
2023-12-26	$5.44	$5.00	38.7%	11.1%	50.1%	14.0%	30.8%	0.0%	14.3%	16.0K	-1.9M	-4.3K	0.03	27.07	152	5	6,447	4,009
2023-12-27	$5.42	$5.00	40.4%	11.6%	48.4%	15.4%	31.3%	0.0%	15.1%	17.3K	-1.9M	-4.1K	0.07	25.07	61	4	6,376	4,010
2023-12-28	$5.49	$5.00	38.1%	10.9%	46.7%	13.5%	31.7%	0.0%	15.7%	25.8K	-1.9M	-4.3K	0.32	38.01	50	16	6,374	4,014
2023-12-29	$5.46	$5.00	39.4%	11.3%	46.3%	14.6%	27.4%	0.0%	17.3%	15.3K	-1.8M	-4.0K	0.00	18.94	1,058	4	6,335	4,018