BDN Options History — January 2025

In January 2025, BDN traded between $4.92 and $5.69. ATM implied volatility averaged 34.5%, placing in the 21.0% IV rank vs the trailing year. The 30-day expected move averaged 10.2%. IV traded below realized volatility by 5.7% (HV 20d: 40.2%). Max pain ranged from $2.00 to $6.00. Net GEX was positive for 9 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.94.

Notable Days

2025-01-07: Highest Volume — 1,921 contracts
2025-01-13: Largest IV spike — 66.9% change
2025-01-13: Highest IV Rank — 58.1%
2025-01-06: Largest Expected Move — 15.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.32	$4.92	$5.69	$5.59	$5.46
Max Pain	$4.65	$2.00	$6.00	$5.00	$5.00
ATM IV	34.5%	22.2%	60.0%	31.5%	38.0%
Expected Move	10.2%	6.4%	15.5%	9.0%	10.9%
HV 20d	40.2%	35.6%	45.7%	38.3%	39.2%
HV 60d	41.8%	35.0%	46.8%	45.5%	35.8%
IV Rank	21.0%	3.1%	58.1%	16.6%	26.0%
IV Percentile	42.5%	1.2%	94.8%	30.2%	65.9%
Term Structure	7.5%	-11.0%	108.8%	14.3%	2.8%
VWIV	38.5%	23.9%	48.7%	32.0%	35.7%
Skew 25d	13.5%	-14.3%	82.6%	15.2%	13.0%
Skew 10d	50.4%	-11.8%	276.4%	15.2%	29.9%
Call IV 25d	26.5%	19.7%	50.9%	23.9%	23.4%
Put IV 25d	40.0%	22.0%	115.3%	39.1%	36.4%
Bid-Ask Spread %	93.32	34.47	116.77	34.47	87.70
Gamma HHI	0.55	0.43	0.79	0.51	0.46
Net GEX	-13.8K	-71.8K	24.0K	18.1K	4.3K
Net DEX	224.0K	-380.9K	947.1K	-275.5K	37.2K
Net VEX	-6.0K	-6.6K	-4.3K	-4.7K	-6.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.94	0.00	5.32	1.10	0.40
Total Volume	253.75	11	1,921	42	21
Total OI	7,987.8	6,308	9,470	8,383	7,181

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
2025-01-02	$5.59	$5.00	31.5%	9.0%	38.3%	16.6%	32.0%	15.2%	14.3%	18.1K	-275.5K	-4.7K	1.10	34.47	20	22	4,217	4,166
2025-01-03	$5.69	$5.00	32.1%	9.2%	38.7%	17.5%	42.5%	21.2%	14.4%	24.0K	-380.9K	-4.7K	2.38	48.09	8	19	4,226	4,185
2025-01-06	$5.58	$6.00	27.4%	15.5%	39.4%	10.7%	37.4%	4.8%	-2.9%	16.1K	-248.3K	-4.6K	0.12	116.77	122	15	4,233	4,190
2025-01-07	$5.36	$5.00	36.1%	11.9%	41.9%	23.4%	41.3%	82.6%	1.2%	4.5K	-21.2K	-4.3K	0.02	104.95	1,879	42	4,178	4,209
2025-01-08	$5.17	$5.00	29.0%	11.5%	41.8%	13.0%	48.7%	17.2%	-4.2%	-40.5K	326.4K	-5.1K	5.32	110.44	188	1,000	4,035	4,219
2025-01-10	$4.92	$5.00	35.9%	11.0%	43.8%	23.1%	45.9%	-14.3%	0.9%	-55.5K	947.1K	-6.2K	0.11	96.39	192	22	4,018	5,182
2025-01-13	$5.00	$4.00	60.0%	12.0%	43.4%	58.1%	48.2%	9.8%	-3.5%	-58.8K	836.3K	-6.2K	0.54	96.97	156	84	4,087	5,198
2025-01-14	$5.01	$4.00	42.1%	11.0%	43.5%	32.0%	0.0%	8.6%	0.1%	-71.8K	785.3K	-6.4K	0.11	97.38	19	2	4,199	5,246
2025-01-15	$5.13	$4.00	33.2%	9.5%	44.4%	19.1%	33.7%	13.2%	8.5%	-57.8K	542.8K	-6.4K	0.71	97.54	17	12	4,199	5,247
2025-01-16	$5.17	$4.00	40.1%	11.5%	43.0%	29.1%	0.0%	16.3%	108.8%	-52.2K	477.1K	-6.4K	0.00	102.13	20	0	4,203	5,260
2025-01-17	$5.37	$4.00	32.9%	9.4%	45.7%	18.7%	33.5%	12.2%	-2.8%	376	180.7K	-6.5K	0.27	110.02	67	18	4,210	5,260
2025-01-21	$5.36	$2.00	30.8%	8.8%	38.2%	15.5%	29.9%	8.7%	11.8%	-107	164.3K	-6.4K	0.61	91.89	141	86	2,987	3,321
2025-01-22	$5.42	$5.00	25.2%	7.2%	38.3%	7.5%	23.9%	-2.2%	4.6%	803	84.1K	-6.6K	0.03	92.60	238	6	3,094	3,363
2025-01-23	$5.31	$5.00	39.9%	11.5%	38.7%	28.9%	39.9%	18.4%	-8.4%	871	179.4K	-6.5K	3.03	87.94	70	212	3,322	3,369
2025-01-24	$5.37	$5.00	22.2%	6.4%	38.7%	3.1%	0.0%	3.5%	20.8%	-2.4K	124.0K	-6.6K	0.13	92.40	38	5	3,391	3,581
2025-01-27	$5.41	$5.00	30.6%	8.8%	35.6%	15.4%	0.0%	11.1%	-7.2%	-85	139.2K	-6.4K	0.00	105.70	117	0	3,389	3,586
2025-01-28	$5.36	$5.00	29.8%	8.5%	35.6%	14.1%	0.0%	6.9%	-0.2%	-1.1K	159.3K	-6.5K	3.00	101.21	5	15	3,400	3,587
2025-01-29	$5.21	$5.00	35.6%	10.2%	36.5%	22.7%	42.1%	15.4%	-11.0%	-6.3K	335.8K	-6.3K	0.83	104.87	6	5	3,405	3,602
2025-01-30	$5.42	$5.00	37.9%	10.9%	39.5%	25.9%	43.0%	7.9%	1.0%	629	86.1K	-6.6K	0.06	86.86	176	10	3,406	3,605
2025-01-31	$5.46	$5.00	38.0%	10.9%	39.2%	26.0%	35.7%	13.0%	2.8%	4.3K	37.2K	-6.5K	0.40	87.70	15	6	3,573	3,608