BHE Options History — November 2008

In November 2008, BHE traded between $9.98 and $12.68. ATM implied volatility averaged 71.3%, placing in the 54.1% IV rank vs the trailing year. The 30-day expected move averaged 20.6%. IV traded below realized volatility by 7.7% (HV 20d: 79.0%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 11 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 0.27.

Notable Days

  • 2008-11-24: Highest Volume — 107 contracts
  • 2008-11-14: Largest IV spike — 22.5% change
  • 2008-11-20: Highest IV Rank — 89.2%
  • 2008-11-20: Largest Expected Move — 28.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.44$9.98$12.68$12.13$12.68
Max Pain$11.58$10.00$12.50$10.00$10.00
ATM IV71.3%60.5%97.6%64.8%62.6%
Expected Move20.6%17.4%28.0%18.6%18.0%
HV 20d79.0%71.0%93.3%93.3%76.7%
HV 60d67.6%63.4%73.7%63.8%73.7%
IV Rank54.1%39.7%89.2%45.4%42.5%
IV Percentile92.3%86.1%98.8%92.5%86.1%
Term Structure1.3%-13.7%8.3%-0.9%5.2%
VWIV67.0%43.0%88.9%46.6%62.6%
Skew 25d14.0%-7.2%35.8%24.3%24.9%
Skew 10d31.7%6.7%58.1%39.2%38.3%
Call IV 25d62.3%44.4%86.0%47.8%46.3%
Put IV 25d76.3%46.9%96.8%72.2%71.2%
Bid-Ask Spread %58.0735.6178.8735.6162.06
Gamma HHI0.190.160.270.190.20
Net GEX379-5071.6K-4011.4K
Net DEX144.3K15.0K219.8K101.9K15.0K
Net VEX-3.1K-3.5K-2.5K-3.4K-3.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.270.001.250.000.26
Total Volume27.63201071253
Total OI1,756.7371,6621,8121,7011,812

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-11-03$12.13$10.0064.8%18.6%93.3%45.4%0.0%24.3%-0.9%-401101.9K-3.4K0.0035.61N/AN/A0121,053648
2008-11-04$12.17$10.0065.3%18.7%80.0%46.1%46.6%1.0%1.6%-50791.9K-3.5K0.0044.40N/AN/A1601,053658
2008-11-05$11.75$10.0060.8%17.4%80.4%40.1%43.0%-7.2%6.8%-118113.0K-3.4K0.0042.59N/AN/A2801,063658
2008-11-06$11.70$10.0064.7%18.5%74.8%45.2%75.5%14.3%-0.5%-401144.5K-3.2K0.2537.85N/AN/A40101,064658
2008-11-07$11.83$12.5062.4%19.0%74.6%42.2%0.0%30.1%-2.3%-108130.6K-3.2K0.0062.66N/AN/A1001,094668
2008-11-10$11.80$12.5068.7%19.0%72.2%50.6%66.5%13.2%-1.8%-200118.2K-3.3K0.1060.70N/AN/A1011,091668
2008-11-11$11.79$12.5066.8%19.4%71.0%48.0%0.0%11.8%-0.5%-9109.0K-3.3K0.0046.27N/AN/A001,101669
2008-11-12$10.85$12.5064.7%21.1%71.5%45.3%0.0%8.3%4.8%232183.6K-2.9K0.0069.22N/AN/A0351,101669
2008-11-13$11.65$12.5060.5%17.4%75.2%39.7%59.0%35.8%2.1%-195187.8K-3.1K0.0058.40N/AN/A0201,101684
2008-11-14$10.97$12.5074.2%21.3%79.1%57.9%0.0%10.3%2.0%497162.1K-3.0K0.0063.52N/AN/A001,101669
2008-11-17$11.02$12.5082.8%23.7%78.7%69.4%71.7%24.3%3.4%421194.5K-2.9K1.2571.58N/AN/A451,101669
2008-11-18$11.19$12.5076.4%21.9%76.6%60.9%0.0%6.0%4.1%445165.5K-3.1K0.0074.45N/AN/A1001,103674
2008-11-19$10.28$12.5085.4%24.5%82.7%72.9%0.0%6.7%-4.2%862205.7K-2.8K0.0044.76N/AN/A1001,104674
2008-11-20$9.98$12.5097.6%28.0%83.4%89.2%88.9%10.8%-13.7%1.0K188.0K-2.8K0.1759.60N/AN/A4881,114664
2008-11-21$10.69$12.5078.1%22.4%85.4%63.1%77.4%8.4%3.2%1.6K219.8K-2.5K0.7566.12N/AN/A20151,140664
2008-11-24$11.19$12.5083.2%23.9%86.5%69.9%79.6%12.5%3.6%219196.2K-2.8K0.3557.47N/AN/A79281,032630
2008-11-25$11.48$10.0068.9%19.8%78.3%50.9%0.0%9.2%4.2%1.1K141.5K-3.1K0.0078.87N/AN/A0101,100658
2008-11-26$12.20$10.0066.9%19.2%80.1%48.2%66.1%21.5%8.3%1.3K72.4K-3.3K0.3367.28N/AN/A40131,100668
2008-11-28$12.68$10.0062.6%18.0%76.7%42.5%62.6%24.9%5.2%1.4K15.0K-3.5K0.2662.06N/AN/A42111,134678