BDN Options History — November 2025

In November 2025, BDN traded between $3.27 and $3.50. ATM implied volatility averaged 98.7%, placing in the 79.0% IV rank vs the trailing year. The 30-day expected move averaged 27.2%. IV traded above realized volatility by 63.6% (HV 20d: 35.2%). Max pain ranged from $4.00 to $4.00. Net GEX was positive for 5 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 1.78.

Notable Days

2025-11-21: Highest Volume — 360 contracts
2025-11-06: Largest IV spike — 114.9% change
2025-11-10: Highest IV Rank — 100.0%
2025-11-17: Largest Expected Move — 38.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.40	$3.27	$3.50	$3.33	$3.41
Max Pain	$4.00	$4.00	$4.00	$4.00	$4.00
ATM IV	98.7%	34.8%	135.5%	75.3%	116.4%
Expected Move	27.2%	10.0%	38.8%	21.6%	33.4%
HV 20d	35.2%	31.0%	38.3%	37.1%	33.5%
HV 60d	31.7%	30.3%	32.9%	32.5%	32.9%
IV Rank	79.0%	21.8%	100.0%	79.7%	83.6%
IV Percentile	95.9%	48.4%	100.0%	98.8%	98.4%
Term Structure	-17.9%	-60.9%	21.3%	-60.9%	-4.1%
VWIV	57.0%	31.7%	84.5%	49.6%	84.5%
Skew 25d	67.2%	-32.9%	130.1%	-22.9%	120.8%
Skew 10d	127.2%	-9.2%	192.1%	135.3%	171.3%
Call IV 25d	45.4%	31.1%	62.7%	53.5%	34.0%
Put IV 25d	112.6%	29.2%	175.4%	30.5%	154.8%
Bid-Ask Spread %	122.54	94.50	145.76	110.71	119.68
Gamma HHI	0.54	0.49	0.77	0.49	0.56
Net GEX	-2.1K	-10.7K	12.9K	-1.4K	-8.7K
Net DEX	1.3M	-335.1K	1.7M	1.4M	1.6M
Net VEX	-6.2K	-10.9K	-4.2K	-6.2K	-5.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.78	0.00	9.14	1.29	0.71
Total Volume	103.053	5	360	110	36
Total OI	18,588.316	18,332	18,870	18,463	18,674

Daily Data (19 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
2025-11-03	$3.33	$4.00	75.3%	21.6%	37.1%	79.7%	0.0%	-22.9%	-60.9%	-1.4K	1.4M	-6.2K	1.29	110.71	48	62	11,745	6,718
2025-11-04	$3.33	$4.00	67.8%	19.4%	37.2%	68.9%	49.6%	-21.8%	-46.9%	2.2K	1.3M	-6.8K	1.50	114.20	10	15	11,774	6,729
2025-11-05	$3.31	$4.00	34.8%	10.0%	37.1%	21.8%	39.0%	-0.9%	21.3%	2.6K	1.3M	-6.7K	0.90	94.50	10	9	11,784	6,722
2025-11-06	$3.27	$4.00	74.7%	11.9%	34.2%	78.8%	59.6%	-8.8%	5.2%	-2.1K	1.4M	-5.5K	0.75	112.08	4	3	11,785	6,731
2025-11-07	$3.38	$4.00	61.6%	10.3%	35.8%	60.1%	62.2%	-32.9%	-5.8%	-4.7K	1.5M	-5.6K	0.08	123.41	62	5	11,788	6,733
2025-11-10	$3.41	$4.00	112.3%	30.3%	35.4%	100.0%	62.5%	90.6%	10.7%	-3.5K	1.4M	-5.8K	0.00	119.29	5	0	11,843	6,736
2025-11-11	$3.42	$4.00	104.7%	27.6%	35.4%	91.8%	31.7%	83.3%	-13.9%	-3.9K	1.5M	-5.5K	0.20	125.32	41	8	11,848	6,736
2025-11-12	$3.50	$4.00	92.1%	26.4%	36.2%	78.3%	61.6%	80.4%	-0.9%	-310	1.3M	-6.8K	0.00	118.43	23	0	11,850	6,742
2025-11-13	$3.48	$4.00	100.7%	28.9%	35.5%	87.5%	0.0%	81.4%	-15.3%	-3.4K	1.4M	-6.2K	0.00	137.55	0	100	11,872	6,742
2025-11-14	$3.49	$4.00	126.1%	36.1%	35.6%	100.0%	0.0%	127.0%	-29.1%	12.9K	-335.1K	-10.9K	0.00	145.76	12	0	11,872	6,792
2025-11-17	$3.37	$4.00	135.5%	38.8%	37.4%	100.0%	0.0%	130.1%	-40.4%	-2.0K	1.3M	-6.2K	2.91	135.54	11	32	11,884	6,724
2025-11-18	$3.45	$4.00	116.6%	33.4%	38.3%	83.7%	0.0%	91.2%	-39.2%	-10.7K	1.6M	-4.8K	0.20	138.73	5	1	11,885	6,754
2025-11-19	$3.38	$4.00	109.5%	31.4%	33.6%	77.6%	0.0%	95.7%	-23.8%	-9.0K	1.5M	-5.3K	1.50	133.07	2	3	11,885	6,755
2025-11-20	$3.38	$4.00	111.4%	31.9%	31.0%	79.3%	0.0%	96.9%	-16.0%	-8.0K	1.6M	-4.8K	0.62	120.49	201	125	11,887	6,757
2025-11-21	$3.46	$4.00	107.2%	30.7%	32.5%	75.6%	62.2%	69.8%	-12.2%	5.3K	1.1M	-7.3K	8.47	122.46	38	322	12,082	6,788
2025-11-24	$3.33	$4.00	109.4%	31.4%	34.4%	77.5%	0.0%	97.3%	-27.6%	-6.8K	1.7M	-4.2K	2.98	118.75	62	185	11,542	6,790
2025-11-25	$3.38	$4.00	118.4%	33.9%	34.4%	85.3%	0.0%	115.1%	-24.5%	-8.4K	1.7M	-4.4K	9.14	122.20	29	265	11,543	6,975
2025-11-26	$3.45	$4.00	101.8%	29.2%	33.9%	70.9%	84.5%	85.3%	-17.5%	10.5K	521.5K	-9.1K	0.87	116.06	120	104	11,571	7,140
2025-11-28	$3.41	$4.00	116.4%	33.4%	33.5%	83.6%	0.0%	120.8%	-4.1%	-8.7K	1.6M	-5.5K	0.71	119.68	21	15	11,480	7,194