BDN Options History — September 2025

In September 2025, BDN traded between $4.16 and $4.58. ATM implied volatility averaged 37.8%, placing in the 26.2% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded above realized volatility by 10.9% (HV 20d: 26.9%). Max pain ranged from $4.00 to $5.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 2.54.

Notable Days

  • 2025-09-29: Highest Volume — 768 contracts
  • 2025-09-24: Largest IV spike — 60.7% change
  • 2025-09-08: Highest IV Rank — 52.1%
  • 2025-09-24: Largest Expected Move — 13.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$4.40$4.16$4.58$4.22$4.16
Max Pain$4.90$4.00$5.00$4.00$5.00
ATM IV37.8%25.1%56.0%29.0%43.5%
Expected Move10.3%7.2%13.2%8.3%12.5%
HV 20d26.9%23.9%32.4%32.4%28.2%
HV 60d31.2%29.9%32.2%30.9%30.1%
IV Rank26.2%8.0%52.1%13.5%34.3%
IV Percentile60.8%7.9%94.4%24.6%84.1%
Term Structure2.9%-15.1%14.4%8.8%-8.0%
VWIV38.2%24.5%49.4%31.8%43.5%
Skew 25d3.1%-106.8%56.8%4.5%2.5%
Skew 10d45.2%-35.0%273.6%-8.0%3.3%
Call IV 25d38.6%22.8%131.4%34.3%41.0%
Put IV 25d41.7%24.6%87.5%38.7%43.5%
Bid-Ask Spread %89.4177.0999.7399.7377.92
Gamma HHI0.620.520.710.600.52
Net GEX65.2K20.2K94.7K49.6K20.2K
Net DEX-705.3K-1.6M416.1K-181.5K416.1K
Net VEX-14.1K-15.9K-11.3K-14.5K-11.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.540.0021.590.0012.27
Total Volume127.667376816544
Total OI24,343.1924,13825,13124,26725,131

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$4.22$4.0029.0%8.3%32.4%13.5%0.0%4.5%8.8%49.6K-181.5K-14.5K0.0099.7316017,8136,454
2025-09-03$4.29$4.0027.1%7.8%32.4%10.9%31.8%-5.7%9.7%52.8K-515.4K-15.4K0.0795.6183617,8136,454
2025-09-04$4.30$5.0027.6%11.1%28.2%11.5%38.6%56.8%0.2%59.7K-475.5K-15.1K0.5777.51704017,8376,459
2025-09-05$4.37$5.0043.5%8.8%28.0%34.2%24.5%9.4%14.4%64.6K-686.7K-15.6K0.0077.09155017,8456,419
2025-09-08$4.44$5.0056.0%9.6%27.8%52.1%27.1%10.3%8.7%69.6K-790.8K-14.8K0.0384.9031117,8916,419
2025-09-09$4.29$5.0050.1%10.0%27.0%43.8%43.2%-8.6%-2.8%46.9K-303.8K-14.1K0.0093.3443017,8986,418
2025-09-10$4.38$5.0035.7%10.2%26.3%23.2%29.9%12.9%8.7%74.6K-743.0K-15.4K0.2486.5317417,9296,418
2025-09-11$4.50$5.0037.0%10.6%26.0%25.0%34.1%14.5%-7.4%78.6K-970.3K-14.2K0.0095.0250017,9326,418
2025-09-12$4.54$5.0036.4%10.4%25.6%24.1%39.5%22.5%5.2%94.7K-1.5M-15.9K0.7383.60151117,9256,418
2025-09-15$4.58$5.0029.3%8.4%25.3%14.0%0.0%22.6%2.3%92.8K-1.6M-15.7K0.0490.9928117,9276,419
2025-09-16$4.46$5.0037.4%10.7%27.1%25.5%30.3%6.1%5.3%72.6K-806.0K-13.6K0.3285.82371217,9486,420
2025-09-17$4.49$5.0040.6%11.7%26.9%30.2%48.9%-106.8%6.3%61.9K-848.5K-13.6K0.1189.1528317,9826,430
2025-09-18$4.51$5.0025.1%7.2%26.9%8.0%37.2%22.9%4.8%88.7K-1.3M-15.6K0.0692.2199617,9876,429
2025-09-19$4.47$5.0039.1%11.2%25.7%28.0%43.1%-79.6%4.4%62.3K-633.5K-12.6K2.7595.6641118,0016,434
2025-09-22$4.50$5.0044.3%12.7%24.1%35.4%42.5%19.4%-15.1%86.1K-1.1M-14.6K1.2591.73162017,8936,245
2025-09-23$4.54$5.0028.7%8.2%23.9%13.2%42.0%22.0%-4.3%92.3K-1.3M-14.9K1.4494.33182617,9056,262
2025-09-24$4.50$5.0046.2%13.2%24.3%38.1%49.4%17.2%-3.6%85.7K-1.0M-14.0K9.0089.501210817,9186,286
2025-09-25$4.42$5.0041.3%11.8%24.8%31.1%37.8%10.7%14.2%57.3K-492.1K-12.3K0.5090.052117,9236,291
2025-09-26$4.33$5.0039.7%11.4%26.1%28.8%38.6%2.4%-3.8%25.3K-120.4K-11.3K2.3597.4611827717,9256,292
2025-09-29$4.21$5.0036.6%10.5%28.0%24.4%43.1%8.2%13.0%32.3K85.9K-12.0K21.5989.523473417,9926,407
2025-09-30$4.16$5.0043.5%12.5%28.2%34.3%43.5%2.5%-8.0%20.2K416.1K-11.8K12.2777.924150318,0217,110