BHE Options History — January 2023

In January 2023, BHE traded between $26.57 and $28.95. ATM implied volatility averaged 36.4%, placing in the 10.3% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded above realized volatility by 13.8% (HV 20d: 22.6%). Max pain ranged from $25.00 to $30.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.19.

Notable Days

2023-01-24: Highest Volume — 9 contracts
2023-01-26: Largest IV spike — 78.1% change
2023-01-30: Highest IV Rank — 25.6%
2023-01-30: Largest Expected Move — 15.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$28.03	$26.57	$28.95	$26.81	$28.02
Max Pain	$26.67	$25.00	$30.00	$25.00	$30.00
ATM IV	36.4%	23.7%	55.3%	35.4%	45.4%
Expected Move	9.8%	5.4%	15.8%	10.1%	13.0%
HV 20d	22.6%	19.2%	27.9%	20.4%	27.9%
HV 60d	29.1%	23.3%	31.5%	31.5%	25.2%
IV Rank	10.3%	0.0%	25.6%	9.3%	17.6%
IV Percentile	21.0%	0.0%	71.8%	11.5%	43.3%
Term Structure	-0.4%	-36.6%	22.4%	-19.9%	-8.1%
VWIV	36.9%	31.1%	49.0%	34.1%	49.0%
Skew 25d	4.9%	-25.2%	24.2%	-4.9%	12.9%
Skew 10d	5.7%	-25.2%	30.4%	-0.4%	7.8%
Call IV 25d	34.9%	18.9%	59.7%	37.5%	40.7%
Put IV 25d	39.8%	25.7%	56.1%	32.6%	53.6%
Bid-Ask Spread %	111.03	88.97	132.63	116.80	113.04
Gamma HHI	0.85	0.63	0.96	0.95	0.71
Net GEX	6.1K	1.6K	12.4K	5.1K	2.2K
Net DEX	-74.9K	-132.1K	-35.1K	-54.6K	-45.7K
Net VEX	-326	-401	-259	-323	-311
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.19	0.00	0.67	0.00	0.00
Total Volume	1.7	0	9	0	2
Total OI	109.7	50	138	133	67

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2023-01-03	$26.81	$25.00	35.4%	10.1%	20.4%	9.3%	0.0%	-4.9%	-19.9%	5.1K	-54.6K	-323	0.00	116.80	N/A	N/A	0	0	117	16
2023-01-04	$26.57	$25.00	38.9%	11.2%	20.1%	12.2%	34.1%	-25.2%	-17.0%	4.3K	-55.9K	-322	0.00	111.14	N/A	N/A	0	2	117	16
2023-01-05	$26.75	$0.00	33.7%	12.1%	19.6%	7.9%	0.0%	6.7%	-4.7%	4.4K	-50.9K	-306	0.00	112.47	N/A	N/A	0	0	117	16
2023-01-06	$27.55	$0.00	46.2%	5.4%	22.5%	18.1%	34.4%	13.4%	10.3%	7.0K	-70.6K	-331	0.00	111.54	N/A	N/A	0	4	117	16
2023-01-09	$27.99	$25.00	52.6%	9.1%	23.2%	23.3%	0.0%	-1.4%	2.3%	8.1K	-106.8K	-401	0.00	105.19	N/A	N/A	0	0	117	20
2023-01-10	$28.47	$25.00	33.3%	8.1%	24.0%	7.6%	0.0%	10.1%	3.3%	11.0K	-105.4K	-369	0.00	88.97	N/A	N/A	0	1	117	20
2023-01-11	$28.30	$25.00	24.2%	6.9%	24.1%	0.2%	0.0%	1.1%	11.9%	9.8K	-102.7K	-362	0.00	102.52	N/A	N/A	1	0	117	21
2023-01-12	$28.63	$25.00	35.2%	10.1%	23.7%	9.2%	0.0%	24.2%	-8.3%	9.5K	-130.5K	-393	0.00	128.12	N/A	N/A	0	0	116	21
2023-01-13	$28.79	$25.00	23.7%	6.8%	23.6%	0.0%	0.0%	5.9%	22.4%	10.5K	-132.1K	-376	0.00	132.63	N/A	N/A	0	0	116	21
2023-01-17	$28.59	$25.00	38.6%	11.1%	22.4%	12.1%	0.0%	-8.9%	1.1%	12.1K	-100.3K	-315	0.00	122.72	N/A	N/A	0	0	116	21
2023-01-18	$28.68	$25.00	25.5%	7.3%	22.4%	1.5%	0.0%	-6.4%	1.3%	12.4K	-113.9K	-313	0.00	113.20	N/A	N/A	0	0	115	21
2023-01-19	$28.61	$25.00	37.1%	10.6%	20.6%	10.9%	0.0%	21.2%	13.5%	10.3K	-112.3K	-307	0.00	123.73	N/A	N/A	0	0	115	21
2023-01-20	$28.59	$25.00	36.3%	10.4%	20.6%	10.2%	0.0%	7.3%	-2.7%	1.6K	-57.5K	-263	0.00	101.92	N/A	N/A	1	0	115	21
2023-01-23	$28.55	$25.00	24.9%	7.1%	20.6%	1.0%	35.6%	14.7%	16.6%	2.7K	-43.2K	-259	0.40	114.14	N/A	N/A	5	2	36	14
2023-01-24	$28.77	$30.00	28.6%	8.2%	19.2%	4.0%	31.1%	10.3%	2.9%	1.9K	-47.1K	-302	0.29	100.80	N/A	N/A	7	2	41	16
2023-01-25	$28.95	$30.00	26.4%	7.6%	19.2%	2.2%	49.0%	7.6%	12.2%	2.2K	-54.0K	-311	0.67	101.86	N/A	N/A	3	2	44	18
2023-01-26	$27.46	$30.00	47.0%	13.5%	27.5%	18.9%	0.0%	1.9%	-14.4%	1.8K	-35.1K	-305	0.00	100.27	N/A	N/A	2	0	45	18
2023-01-27	$27.44	$30.00	40.5%	11.6%	25.6%	13.6%	0.0%	-1.0%	5.0%	2.5K	-44.1K	-323	0.00	108.11	N/A	N/A	0	0	47	18
2023-01-30	$27.11	$30.00	55.3%	15.8%	25.4%	25.6%	0.0%	9.1%	-36.6%	1.6K	-35.1K	-319	0.00	111.43	N/A	N/A	0	0	49	18
2023-01-31	$28.02	$30.00	45.4%	13.0%	27.9%	17.6%	0.0%	12.9%	-8.1%	2.2K	-45.7K	-311	0.00	113.04	N/A	N/A	2	0	49	18