BHE Options History — September 2025

In September 2025, BHE traded between $38.05 and $40.80. ATM implied volatility averaged 49.2%, placing in the 20.1% IV rank vs the trailing year. The 30-day expected move averaged 13.5%. IV traded above realized volatility by 17.0% (HV 20d: 32.3%). Max pain ranged from $35.00 to $40.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.27.

Notable Days

2025-09-10: Highest Volume — 5 contracts
2025-09-03: Largest IV spike — 80.7% change
2025-09-03: Highest IV Rank — 43.0%
2025-09-03: Largest Expected Move — 21.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$39.57	$38.05	$40.80	$40.22	$38.33
Max Pain	$38.10	$35.00	$40.00	$40.00	$35.00
ATM IV	49.2%	28.3%	75.8%	42.0%	45.8%
Expected Move	13.5%	8.1%	21.7%	12.0%	13.1%
HV 20d	32.3%	26.0%	37.5%	34.6%	28.6%
HV 60d	32.6%	31.6%	33.3%	31.6%	32.6%
IV Rank	20.1%	2.1%	43.0%	14.1%	17.1%
IV Percentile	47.9%	2.0%	88.9%	37.7%	39.7%
Term Structure	-7.8%	-38.2%	13.6%	-3.7%	11.9%
VWIV	34.1%	26.8%	44.4%	26.8%	44.4%
Skew 25d	-17.2%	-48.4%	21.2%	21.2%	-7.0%
Skew 10d	-27.7%	-86.4%	40.8%	40.8%	-60.3%
Call IV 25d	53.2%	30.2%	85.6%	35.2%	39.7%
Put IV 25d	36.0%	25.9%	56.4%	56.4%	32.7%
Bid-Ask Spread %	108.32	100.40	123.15	119.74	113.95
Gamma HHI	0.34	0.28	0.41	0.34	0.37
Net GEX	3.9K	2.9K	4.9K	3.4K	3.9K
Net DEX	-79.2K	-111.1K	-48.1K	-78.5K	-48.1K
Net VEX	-684	-717	-612	-660	-612
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.27	0.00	2.00	0.00	2.00
Total Volume	1.714	0	5	2	3
Total OI	113.905	103	121	103	117

Daily Data (21 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
2025-09-02	$40.22	$40.00	42.0%	12.0%	34.6%	14.1%	26.8%	21.2%	-3.7%	3.4K	-78.5K	-660	0.00	119.74	N/A	N/A	2	0	70	33
2025-09-03	$39.09	$40.00	75.8%	21.7%	35.5%	43.0%	0.0%	-36.4%	-38.2%	2.9K	-65.8K	-685	0.33	123.15	N/A	N/A	3	1	71	33
2025-09-04	$40.08	$40.00	51.7%	9.3%	36.3%	22.2%	0.0%	-9.2%	1.1%	4.3K	-80.3K	-676	1.00	111.71	N/A	N/A	1	1	74	34
2025-09-05	$40.30	$40.00	65.9%	14.0%	36.2%	34.2%	0.0%	-21.9%	-14.2%	3.4K	-87.6K	-712	0.00	102.93	N/A	N/A	2	0	75	35
2025-09-08	$40.09	$40.00	67.9%	13.4%	36.3%	36.0%	0.0%	-0.5%	-6.0%	3.9K	-86.6K	-717	0.00	107.27	N/A	N/A	0	0	77	35
2025-09-09	$38.97	$40.00	40.1%	14.8%	37.5%	12.2%	0.0%	-12.4%	-15.7%	3.2K	-69.8K	-674	0.50	101.19	N/A	N/A	2	1	77	35
2025-09-10	$39.76	$40.00	28.3%	8.1%	34.3%	2.1%	30.6%	0.9%	2.8%	4.5K	-73.5K	-672	0.00	113.40	N/A	N/A	5	0	79	36
2025-09-11	$40.13	$40.00	42.1%	12.1%	34.0%	13.9%	0.0%	-1.5%	-6.9%	4.2K	-80.7K	-687	0.00	105.69	N/A	N/A	4	0	79	36
2025-09-12	$39.34	$40.00	39.3%	11.3%	34.5%	11.6%	0.0%	-10.2%	1.4%	4.4K	-78.9K	-714	0.00	100.40	N/A	N/A	0	0	83	36
2025-09-15	$39.52	$40.00	46.1%	13.2%	33.4%	17.3%	0.0%	-27.7%	-18.9%	3.7K	-78.7K	-702	0.00	110.94	N/A	N/A	0	0	83	36
2025-09-16	$39.59	$40.00	50.7%	14.5%	32.8%	21.3%	0.0%	-29.6%	-19.4%	3.7K	-80.9K	-705	0.00	104.74	N/A	N/A	0	0	83	36
2025-09-17	$39.34	$40.00	51.3%	14.7%	32.2%	21.8%	0.0%	-17.3%	-15.2%	3.8K	-80.7K	-689	0.00	102.16	N/A	N/A	0	0	83	36
2025-09-18	$40.80	$40.00	50.5%	14.5%	33.6%	21.1%	0.0%	-0.8%	-8.0%	4.5K	-111.1K	-696	0.00	115.57	N/A	N/A	1	0	83	36
2025-09-19	$40.29	$35.00	53.8%	15.4%	34.1%	24.0%	0.0%	-17.1%	-10.1%	4.9K	-107.7K	-700	0.00	106.69	N/A	N/A	2	0	85	36
2025-09-22	$40.23	$35.00	50.1%	14.4%	26.1%	20.7%	37.8%	-9.3%	-17.1%	3.6K	-89.7K	-683	0.00	107.08	N/A	N/A	2	0	75	34
2025-09-23	$40.29	$35.00	56.7%	16.3%	26.0%	26.4%	0.0%	-43.0%	-19.2%	3.4K	-90.6K	-703	0.00	103.88	N/A	N/A	1	0	77	34
2025-09-24	$39.53	$35.00	30.7%	8.8%	26.8%	4.2%	30.9%	-31.5%	13.6%	4.7K	-74.7K	-664	0.00	102.80	N/A	N/A	3	0	78	34
2025-09-25	$38.41	$35.00	34.0%	9.7%	28.3%	7.0%	44.4%	-25.1%	11.9%	4.1K	-71.9K	-666	0.00	104.15	N/A	N/A	0	1	81	34
2025-09-26	$38.67	$35.00	55.5%	15.9%	28.5%	25.4%	0.0%	-48.4%	-6.1%	3.5K	-67.6K	-672	0.00	107.82	N/A	N/A	1	0	81	35
2025-09-29	$38.05	$35.00	55.8%	16.0%	28.4%	25.7%	0.0%	-34.9%	-7.0%	3.4K	-59.0K	-684	0.00	109.48	N/A	N/A	0	0	82	35
2025-09-30	$38.33	$35.00	45.8%	13.1%	28.6%	17.1%	0.0%	-7.0%	11.9%	3.9K	-48.1K	-612	2.00	113.95	N/A	N/A	1	2	82	35