BHE Options History — January 2025

In January 2025, BHE traded between $42.62 and $49.04. ATM implied volatility averaged 53.7%, placing in the 37.1% IV rank vs the trailing year. The 30-day expected move averaged 12.3%. IV traded above realized volatility by 25.0% (HV 20d: 28.7%). Max pain ranged from $45.00 to $50.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 1.23.

Notable Days

2025-01-16: Highest Volume — 75 contracts
2025-01-03: Largest IV spike — 63.4% change
2025-01-10: Highest IV Rank — 84.5%
2025-01-03: Largest Expected Move — 19.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.94	$42.62	$49.04	$45.32	$42.77
Max Pain	$47.00	$45.00	$50.00	$45.00	$45.00
ATM IV	53.7%	28.4%	94.6%	41.7%	28.4%
Expected Move	12.3%	8.2%	19.5%	12.0%	8.2%
HV 20d	28.7%	22.0%	37.9%	25.8%	37.9%
HV 60d	36.9%	35.6%	39.7%	36.6%	36.8%
IV Rank	37.1%	7.7%	84.5%	23.1%	7.7%
IV Percentile	65.2%	14.3%	98.8%	59.1%	14.3%
Term Structure	-7.7%	-27.4%	7.8%	-4.6%	-5.2%
VWIV	52.0%	33.4%	122.3%	70.3%	33.4%
Skew 25d	-0.5%	-27.3%	33.2%	6.8%	5.6%
Skew 10d	-0.3%	-39.1%	26.5%	-9.5%	-14.4%
Call IV 25d	48.6%	31.8%	66.2%	35.3%	34.7%
Put IV 25d	48.1%	30.1%	70.9%	42.0%	40.4%
Bid-Ask Spread %	112.51	95.59	121.33	121.22	107.09
Gamma HHI	0.48	0.28	0.65	0.65	0.35
Net GEX	10.8K	3.0K	15.5K	15.2K	3.0K
Net DEX	-179.0K	-362.1K	32.8K	-185.5K	32.8K
Net VEX	-694	-896	-497	-816	-613
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.23	0.00	10.75	0.00	0.00
Total Volume	10.1	0	75	3	3
Total OI	180	108	261	238	170

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
2025-01-02	$45.32	$45.00	41.7%	12.0%	25.8%	23.1%	70.3%	6.8%	-4.6%	15.2K	-185.5K	-816	0.00	121.22	N/A	N/A	3	0	176	62
2025-01-03	$45.98	$45.00	68.1%	19.5%	26.5%	53.8%	122.3%	33.2%	-27.4%	10.6K	-243.1K	-896	0.00	121.33	N/A	N/A	23	0	178	62
2025-01-06	$46.17	$50.00	69.4%	13.8%	26.5%	55.3%	0.0%	-1.3%	-10.1%	11.6K	-140.6K	-794	2.00	116.89	N/A	N/A	1	2	155	62
2025-01-07	$45.99	$50.00	76.4%	13.9%	25.8%	63.4%	0.0%	-1.4%	-10.2%	11.4K	-131.0K	-858	0.00	118.94	N/A	N/A	0	0	155	64
2025-01-08	$46.08	$50.00	73.3%	13.5%	25.8%	59.8%	0.0%	1.8%	-15.2%	11.3K	-131.6K	-775	0.00	119.23	N/A	N/A	0	0	155	64
2025-01-10	$45.11	$50.00	94.6%	12.9%	26.7%	84.5%	0.0%	8.4%	-9.4%	10.6K	-87.8K	-719	0.00	114.70	N/A	N/A	0	0	155	64
2025-01-13	$45.59	$50.00	88.3%	12.8%	25.0%	77.2%	0.0%	7.0%	1.2%	14.5K	-91.8K	-624	0.00	116.86	N/A	N/A	13	0	155	64
2025-01-14	$46.58	$50.00	94.5%	14.0%	26.5%	84.4%	39.0%	8.1%	-9.0%	15.5K	-179.4K	-717	0.00	111.14	N/A	N/A	7	0	166	64
2025-01-15	$47.72	$50.00	38.8%	11.1%	27.8%	19.8%	39.2%	10.0%	-4.9%	10.8K	-240.4K	-694	0.00	113.40	N/A	N/A	0	2	162	64
2025-01-16	$47.67	$50.00	37.0%	10.6%	27.7%	17.6%	42.1%	-18.5%	-16.4%	11.3K	-244.3K	-650	0.00	118.24	N/A	N/A	75	0	162	64
2025-01-17	$47.86	$45.00	45.1%	12.9%	26.7%	27.0%	0.0%	-19.6%	-8.3%	9.7K	-362.1K	-723	0.00	115.24	N/A	N/A	0	0	197	64
2025-01-21	$49.04	$45.00	38.6%	11.1%	22.1%	19.5%	42.5%	-14.2%	1.0%	10.2K	-283.7K	-713	0.00	104.90	N/A	N/A	4	0	105	3
2025-01-22	$49.02	$45.00	49.5%	14.2%	22.0%	32.2%	0.0%	-27.3%	-12.7%	9.8K	-290.3K	-723	0.00	111.13	N/A	N/A	2	0	109	3
2025-01-23	$47.08	$45.00	37.5%	10.7%	26.8%	18.1%	46.6%	-5.3%	-12.7%	10.4K	-233.3K	-695	0.00	114.35	N/A	N/A	1	0	110	3
2025-01-24	$46.95	$45.00	44.9%	12.9%	25.9%	26.8%	44.9%	0.7%	-11.4%	10.7K	-228.4K	-694	3.00	107.92	N/A	N/A	1	3	110	3
2025-01-27	$43.50	$45.00	37.5%	10.7%	37.6%	18.1%	0.0%	3.6%	7.8%	9.9K	-145.2K	-572	0.00	113.75	N/A	N/A	0	0	111	2
2025-01-28	$43.84	$45.00	36.0%	10.3%	37.4%	16.4%	42.8%	-14.5%	-5.8%	9.5K	-141.7K	-541	0.50	107.28	N/A	N/A	2	1	111	2
2025-01-29	$43.99	$45.00	43.0%	12.3%	36.4%	24.6%	48.5%	8.7%	-3.1%	10.4K	-157.4K	-566	1.00	101.09	N/A	N/A	6	6	113	3
2025-01-30	$42.62	$45.00	32.4%	9.3%	37.9%	12.2%	33.4%	-1.8%	1.5%	10.2K	-95.1K	-497	10.75	95.59	N/A	N/A	4	43	119	9
2025-01-31	$42.77	$45.00	28.4%	8.2%	37.9%	7.7%	0.0%	5.6%	-5.2%	3.0K	32.8K	-613	0.00	107.09	N/A	N/A	3	0	120	50