BHE Options History — February 2018

In February 2018, BHE traded between $27.68 and $30.43. ATM implied volatility averaged 28.6%, placing in the 20.9% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 1.8% (HV 20d: 26.8%). Max pain ranged from $25.00 to $30.00. Net GEX was positive for 14 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 1.41.

Notable Days

2018-02-09: Highest Volume — 246 contracts
2018-02-27: Largest IV spike — 21.7% change
2018-02-05: Highest IV Rank — 40.2%
2018-02-06: Largest Expected Move — 10.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$29.33	$27.68	$30.43	$29.15	$30.15
Max Pain	$27.89	$25.00	$30.00	$30.00	$30.00
ATM IV	28.6%	19.4%	42.2%	37.7%	22.5%
Expected Move	7.7%	5.6%	10.3%	8.3%	6.5%
HV 20d	26.8%	21.2%	29.9%	21.2%	25.9%
HV 60d	21.1%	19.1%	22.0%	19.1%	21.8%
IV Rank	20.9%	7.7%	40.2%	33.8%	12.2%
IV Percentile	59.1%	7.5%	94.4%	91.3%	31.7%
Term Structure	0.2%	-4.8%	5.6%	0.5%	-0.1%
VWIV	27.8%	19.7%	39.5%	29.4%	23.0%
Skew 25d	3.5%	-7.4%	27.8%	6.7%	-6.8%
Skew 10d	7.1%	-10.4%	42.4%	11.0%	-7.7%
Call IV 25d	27.2%	20.9%	35.6%	25.9%	32.2%
Put IV 25d	30.6%	20.8%	48.7%	32.6%	25.4%
Bid-Ask Spread %	72.52	52.85	95.31	69.54	80.20
Gamma HHI	0.51	0.40	0.61	0.46	0.61
Net GEX	6.8K	-14.9K	26.3K	-5.4K	20.6K
Net DEX	-191.4K	-433.4K	141.7K	-66.8K	-402.6K
Net VEX	-1.9K	-2.5K	-1.6K	-2.1K	-1.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.41	0.38	3.17	2.13	1.08
Total Volume	158.316	100	246	188	100
Total OI	691.526	636	783	707	669

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2018-02-01	$29.15	$30.00	37.7%	8.3%	21.2%	33.8%	29.4%	6.7%	0.5%	-5.4K	-66.8K	-2.1K	2.13	69.54	N/A	N/A	60	128	222	485
2018-02-02	$28.70	$30.00	38.9%	8.8%	21.7%	35.5%	31.6%	10.5%	-0.2%	-8.8K	-282	-2.2K	1.96	63.20	N/A	N/A	48	94	231	517
2018-02-05	$27.68	$30.00	42.2%	7.3%	24.6%	40.2%	27.7%	5.0%	5.6%	-14.9K	141.7K	-2.5K	1.67	82.25	N/A	N/A	64	107	227	516
2018-02-06	$27.83	$25.00	37.7%	10.3%	24.6%	33.8%	37.4%	3.1%	-4.8%	-12.7K	102.4K	-2.3K	2.30	80.17	N/A	N/A	64	147	241	487
2018-02-07	$28.00	$25.00	31.6%	9.1%	24.3%	25.2%	39.5%	7.8%	-2.5%	-8.6K	38.4K	-2.0K	0.92	59.07	N/A	N/A	100	92	241	395
2018-02-08	$29.33	$25.00	29.9%	8.6%	29.9%	22.8%	30.3%	12.8%	0.2%	10.2K	-165.4K	-1.8K	0.66	52.85	N/A	N/A	93	61	279	393
2018-02-09	$29.50	$25.00	29.5%	8.5%	29.8%	22.1%	33.1%	16.1%	-2.2%	3.0K	-146.2K	-1.7K	3.17	56.92	N/A	N/A	59	187	254	396
2018-02-12	$29.10	$25.00	29.3%	8.4%	29.5%	21.9%	29.2%	-2.2%	-0.0%	2.3K	-71.7K	-1.6K	1.07	70.91	N/A	N/A	59	63	245	405
2018-02-13	$28.88	$25.00	28.7%	8.2%	29.4%	21.0%	27.6%	-2.5%	-1.7%	787	-43.8K	-1.6K	0.38	70.94	N/A	N/A	162	62	250	404
2018-02-14	$29.15	$25.00	26.6%	7.6%	28.3%	18.0%	28.3%	10.7%	-1.3%	12.7K	-173.6K	-1.9K	0.77	78.13	N/A	N/A	86	66	348	402
2018-02-15	$29.70	$25.00	24.2%	6.9%	29.3%	14.6%	24.2%	27.8%	1.3%	26.3K	-303.6K	-1.9K	1.02	66.18	N/A	N/A	86	88	377	406
2018-02-16	$29.60	$30.00	26.9%	7.7%	29.3%	18.4%	27.6%	2.1%	-1.8%	9.5K	-281.0K	-1.9K	1.02	77.17	N/A	N/A	89	91	377	393
2018-02-20	$30.08	$30.00	25.4%	7.3%	28.0%	16.3%	25.5%	-0.9%	-0.3%	13.3K	-371.2K	-1.8K	1.12	63.03	N/A	N/A	51	57	314	352
2018-02-21	$29.83	$30.00	25.8%	7.4%	27.9%	16.8%	25.9%	-2.2%	-0.6%	13.2K	-340.6K	-1.8K	1.65	73.04	N/A	N/A	51	84	316	352
2018-02-22	$29.85	$30.00	22.5%	6.4%	27.1%	12.2%	22.8%	-4.5%	2.0%	15.1K	-363.4K	-1.7K	1.63	76.86	N/A	N/A	51	83	316	327
2018-02-23	$29.98	$30.00	22.1%	6.3%	26.0%	11.6%	22.3%	-3.9%	2.9%	15.3K	-345.8K	-1.8K	1.51	77.13	N/A	N/A	55	83	324	339
2018-02-26	$30.43	$30.00	19.4%	5.6%	26.3%	7.7%	19.7%	-6.1%	3.7%	19.4K	-433.4K	-1.6K	1.63	85.05	N/A	N/A	51	83	329	339
2018-02-27	$30.28	$30.00	23.6%	6.8%	26.3%	13.7%	23.9%	-7.4%	3.1%	18.0K	-410.0K	-1.6K	1.02	95.31	N/A	N/A	51	52	332	339
2018-02-28	$30.15	$30.00	22.5%	6.5%	25.9%	12.2%	23.0%	-6.8%	-0.1%	20.6K	-402.6K	-1.6K	1.08	80.20	N/A	N/A	48	52	332	337