BHE Options History — July 2025

In July 2025, BHE traded between $38.41 and $40.64. ATM implied volatility averaged 60.7%, placing in the 35.4% IV rank vs the trailing year. The 30-day expected move averaged 16.3%. IV traded above realized volatility by 34.8% (HV 20d: 25.9%). Max pain ranged from $35.00 to $45.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 1 of 22 days. Put/call ratio averaged 0.08.

Notable Days

2025-07-30: Highest Volume — 10 contracts
2025-07-09: Largest IV drop — 33.6% change
2025-07-08: Highest IV Rank — 60.7%
2025-07-02: Largest Expected Move — 19.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$39.56	$38.41	$40.64	$38.59	$38.41
Max Pain	$41.82	$35.00	$45.00	$35.00	$35.00
ATM IV	60.7%	46.2%	86.8%	63.4%	46.2%
Expected Move	16.3%	13.2%	19.0%	18.2%	13.2%
HV 20d	25.9%	22.8%	31.0%	25.0%	29.2%
HV 60d	41.0%	25.8%	50.5%	50.5%	26.2%
IV Rank	35.4%	21.3%	60.7%	38.0%	21.3%
IV Percentile	71.8%	44.8%	93.7%	79.8%	44.8%
Term Structure	-18.1%	-30.4%	10.1%	-14.8%	10.1%
VWIV	55.0%	29.4%	70.4%	70.4%	29.4%
Skew 25d	1.5%	-60.8%	55.7%	-60.3%	55.7%
Skew 10d	12.8%	-82.7%	86.6%	-82.7%	86.6%
Call IV 25d	70.2%	25.8%	108.7%	94.5%	25.8%
Put IV 25d	71.7%	32.9%	125.9%	34.2%	81.5%
Bid-Ask Spread %	115.45	100.60	123.72	100.60	103.67
Gamma HHI	0.60	0.50	0.74	0.52	0.74
Net GEX	3.0K	2.3K	4.0K	3.1K	4.0K
Net DEX	-83.4K	-100.1K	-62.7K	-87.6K	-71.6K
Net VEX	-356	-406	-317	-388	-324
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.08	0.00	0.50	0.00	0.25
Total Volume	1.591	0	10	0	5
Total OI	62.955	43	76	75	54

Daily Data (22 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
2025-07-01	$38.59	$35.00	63.4%	18.2%	25.0%	38.0%	0.0%	-60.3%	-14.8%	3.1K	-87.6K	-388	0.00	100.60	N/A	N/A	0	0	69	6
2025-07-02	$39.80	$35.00	66.3%	19.0%	24.3%	40.8%	0.0%	-60.8%	-19.3%	3.2K	-92.4K	-390	0.00	101.55	N/A	N/A	4	0	69	6
2025-07-03	$40.17	$45.00	72.2%	13.3%	23.8%	46.5%	0.0%	19.4%	-9.6%	3.4K	-99.9K	-406	0.00	121.75	N/A	N/A	0	0	70	6
2025-07-07	$39.42	$45.00	77.0%	14.8%	25.0%	51.2%	0.0%	-2.3%	-15.5%	3.2K	-95.3K	-388	0.00	117.62	N/A	N/A	0	0	70	6
2025-07-08	$40.11	$45.00	86.8%	15.8%	25.5%	60.7%	0.0%	3.9%	-24.5%	3.2K	-99.8K	-395	0.00	121.92	N/A	N/A	0	0	70	6
2025-07-09	$40.08	$45.00	57.7%	16.5%	24.9%	32.4%	0.0%	1.9%	-20.6%	3.3K	-99.7K	-386	0.00	118.19	N/A	N/A	0	0	70	6
2025-07-10	$40.64	$45.00	55.4%	15.9%	25.2%	30.2%	0.0%	3.9%	-19.7%	3.8K	-100.1K	-379	0.00	113.73	N/A	N/A	1	0	70	6
2025-07-11	$39.83	$45.00	54.5%	15.6%	26.5%	29.4%	0.0%	6.1%	-19.1%	3.4K	-94.4K	-374	0.00	119.14	N/A	N/A	0	0	69	6
2025-07-14	$39.55	$45.00	57.1%	16.4%	26.5%	31.9%	0.0%	-1.1%	-26.1%	3.9K	-87.1K	-352	0.00	113.17	N/A	N/A	0	0	69	6
2025-07-15	$39.12	$45.00	47.7%	13.7%	25.6%	22.7%	0.0%	26.9%	-8.3%	3.5K	-83.4K	-349	0.00	121.90	N/A	N/A	0	0	69	6
2025-07-16	$39.23	$45.00	53.2%	15.2%	24.4%	28.1%	0.0%	19.5%	-13.0%	3.4K	-82.1K	-351	0.00	117.48	N/A	N/A	2	0	69	6
2025-07-17	$40.05	$45.00	49.0%	14.1%	25.4%	24.1%	0.0%	0.9%	-14.8%	3.6K	-88.3K	-357	0.00	120.60	N/A	N/A	1	0	69	6
2025-07-18	$39.38	$45.00	53.7%	15.4%	25.8%	28.6%	0.0%	-27.7%	-9.3%	2.3K	-78.2K	-342	0.00	123.72	N/A	N/A	0	0	69	6
2025-07-21	$39.78	$45.00	63.8%	18.3%	25.1%	38.4%	70.4%	14.4%	-22.7%	2.5K	-68.9K	-332	0.50	118.47	N/A	N/A	2	1	37	6
2025-07-22	$39.70	$40.00	62.6%	18.0%	25.1%	37.3%	0.0%	-1.1%	-25.5%	2.4K	-71.8K	-349	0.00	110.59	N/A	N/A	0	0	39	7
2025-07-23	$40.39	$40.00	65.3%	18.7%	22.8%	39.8%	0.0%	-3.9%	-21.8%	2.3K	-76.9K	-362	0.00	120.58	N/A	N/A	0	3	39	7
2025-07-24	$38.83	$40.00	57.8%	16.6%	27.1%	32.6%	65.8%	4.6%	-30.4%	2.5K	-72.9K	-324	0.00	118.75	N/A	N/A	1	0	39	4
2025-07-25	$38.88	$40.00	65.0%	18.6%	26.5%	39.5%	0.0%	-7.0%	-19.5%	2.5K	-62.7K	-325	0.00	115.40	N/A	N/A	0	0	39	4
2025-07-28	$39.17	$40.00	54.9%	15.7%	26.5%	29.8%	0.0%	-5.4%	-19.0%	2.8K	-63.6K	-317	0.00	118.01	N/A	N/A	0	0	39	4
2025-07-29	$40.32	$40.00	61.9%	17.7%	28.2%	36.6%	45.6%	28.5%	-26.9%	2.5K	-78.0K	-327	0.00	106.99	N/A	N/A	5	0	39	4
2025-07-30	$38.94	$35.00	64.6%	18.5%	31.0%	39.2%	63.9%	17.2%	-27.5%	2.3K	-79.7K	-323	0.00	116.00	N/A	N/A	10	0	40	4
2025-07-31	$38.41	$35.00	46.2%	13.2%	29.2%	21.3%	29.4%	55.7%	10.1%	4.0K	-71.6K	-324	0.25	103.67	N/A	N/A	4	1	50	4