BHE Options History — November 2025

In November 2025, BHE traded between $42.13 and $46.83. ATM implied volatility averaged 54.1%, placing in the 19.7% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded above realized volatility by 12.7% (HV 20d: 41.4%). Max pain ranged from $40.00 to $40.00. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 1 of 19 days. Put/call ratio averaged 3.49.

Notable Days

2025-11-06: Highest Volume — 42 contracts
2025-11-25: Largest IV spike — 58.8% change
2025-11-11: Highest IV Rank — 38.2%
2025-11-05: Largest Expected Move — 19.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.23	$42.13	$46.83	$44.14	$44.93
Max Pain	$40.00	$40.00	$40.00	$40.00	$40.00
ATM IV	54.1%	28.4%	80.8%	62.1%	45.3%
Expected Move	13.7%	8.2%	19.0%	17.8%	13.0%
HV 20d	41.4%	33.7%	44.3%	36.0%	43.3%
HV 60d	35.6%	33.1%	37.4%	33.1%	35.7%
IV Rank	19.7%	1.9%	38.2%	25.2%	13.5%
IV Percentile	51.9%	2.4%	90.9%	71.8%	32.5%
Term Structure	-11.6%	-27.6%	8.7%	-24.8%	-5.8%
VWIV	36.8%	27.6%	43.3%	32.4%	35.5%
Skew 25d	32.3%	3.7%	123.0%	3.7%	115.1%
Skew 10d	49.7%	-15.0%	166.2%	68.1%	166.2%
Call IV 25d	45.3%	21.5%	90.0%	86.5%	41.1%
Put IV 25d	77.6%	47.9%	156.2%	90.2%	156.2%
Bid-Ask Spread %	120.61	110.80	126.54	126.17	114.42
Gamma HHI	0.25	0.21	0.38	0.22	0.26
Net GEX	5.6K	-1.8K	10.6K	5.2K	5.7K
Net DEX	-237.0K	-366.1K	-86.0K	-219.9K	-275.3K
Net VEX	-1.9K	-2.4K	-1.4K	-1.4K	-2.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.49	0.00	36.00	0.50	0.11
Total Volume	11.947	0	42	1	0
Total OI	326.842	216	406	216	406

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
2025-11-03	$44.14	$40.00	62.1%	17.8%	36.0%	25.2%	0.0%	3.7%	-24.8%	5.2K	-219.9K	-1.4K	0.00	126.17	N/A	N/A	0	1	120	96
2025-11-04	$43.59	$40.00	62.7%	18.0%	33.7%	25.7%	0.0%	5.4%	-27.6%	4.5K	-193.2K	-1.4K	0.50	126.54	N/A	N/A	2	1	120	97
2025-11-05	$46.83	$40.00	66.1%	19.0%	40.5%	28.0%	0.0%	34.6%	-16.3%	8.4K	-351.5K	-1.4K	0.09	124.16	N/A	N/A	22	2	138	98
2025-11-06	$45.86	$40.00	66.0%	12.8%	41.6%	27.9%	32.4%	9.9%	-18.0%	6.9K	-366.1K	-1.4K	0.17	114.75	N/A	N/A	36	6	142	100
2025-11-07	$44.01	$40.00	69.0%	11.8%	42.1%	30.0%	0.0%	13.9%	-9.4%	9.4K	-327.6K	-1.5K	0.00	120.60	N/A	N/A	0	0	168	106
2025-11-10	$44.94	$40.00	77.3%	12.4%	42.2%	35.8%	43.2%	25.8%	-11.1%	10.6K	-334.8K	-1.6K	4.50	119.90	N/A	N/A	4	18	168	106
2025-11-11	$45.17	$40.00	80.8%	11.9%	42.0%	38.2%	0.0%	24.4%	-7.5%	9.9K	-324.8K	-1.6K	0.00	123.00	N/A	N/A	0	28	171	124
2025-11-12	$45.78	$40.00	40.7%	11.7%	37.5%	10.4%	38.5%	21.3%	-6.1%	9.0K	-359.4K	-1.6K	0.00	113.56	N/A	N/A	5	0	171	152
2025-11-13	$43.23	$40.00	47.0%	13.5%	42.2%	14.7%	0.0%	23.6%	-25.4%	5.8K	-255.1K	-1.9K	36.00	122.67	N/A	N/A	1	36	173	152
2025-11-14	$43.38	$40.00	44.2%	12.7%	42.1%	12.8%	0.0%	18.5%	-12.6%	4.3K	-172.8K	-2.3K	0.00	121.63	N/A	N/A	3	0	174	188
2025-11-17	$42.62	$40.00	46.2%	13.2%	42.0%	14.2%	0.0%	16.6%	-15.1%	3.8K	-132.3K	-2.2K	0.00	122.28	N/A	N/A	5	0	176	188
2025-11-18	$42.84	$40.00	47.4%	13.6%	42.0%	15.1%	0.0%	18.5%	-15.3%	3.7K	-128.2K	-2.2K	0.00	120.39	N/A	N/A	0	0	173	188
2025-11-19	$43.06	$40.00	47.8%	13.7%	42.0%	15.3%	0.0%	18.8%	-15.6%	3.0K	-140.3K	-2.2K	0.00	123.58	N/A	N/A	0	26	173	188
2025-11-20	$42.13	$40.00	52.3%	15.0%	42.5%	18.4%	0.0%	27.5%	-1.1%	2.4K	-86.0K	-2.4K	1.00	124.19	N/A	N/A	2	2	173	214
2025-11-21	$43.20	$40.00	51.3%	14.7%	43.3%	17.7%	0.0%	51.3%	-6.3%	2.7K	-155.5K	-2.2K	2.50	123.69	N/A	N/A	2	5	175	216
2025-11-24	$44.17	$40.00	28.4%	8.2%	43.9%	1.9%	27.6%	123.0%	8.7%	-1.8K	-156.2K	-2.1K	0.20	124.67	N/A	N/A	5	1	169	218
2025-11-25	$44.97	$40.00	45.2%	12.9%	44.3%	13.5%	43.3%	25.8%	-4.9%	6.3K	-236.0K	-2.1K	0.33	114.60	N/A	N/A	3	1	174	219
2025-11-26	$45.53	$40.00	48.3%	13.8%	43.1%	15.6%	35.5%	35.1%	-6.8%	7.0K	-287.7K	-2.0K	0.11	110.80	N/A	N/A	9	1	176	220
2025-11-28	$44.93	$40.00	45.3%	13.0%	43.3%	13.5%	0.0%	115.1%	-5.8%	5.7K	-275.3K	-2.0K	0.00	114.42	N/A	N/A	0	0	185	221