BRCC Options History — February 2023

In February 2023, BRCC traded between $6.47 and $8.03. ATM implied volatility averaged 66.6%, placing in the 6.9% IV rank vs the trailing year. The 30-day expected move averaged 19.0%. IV traded below realized volatility by 0.1% (HV 20d: 66.7%). Max pain ranged from $6.00 to $7.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 15 of 19 days. Put/call ratio averaged 1.36.

Notable Days

2023-02-15: Highest Volume — 844 contracts
2023-02-02: Largest IV spike — 22.5% change
2023-02-28: Highest IV Rank — 11.1%
2023-02-27: Largest Expected Move — 20.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$7.08	$6.47	$8.03	$6.47	$6.64
Max Pain	$6.95	$6.00	$7.00	$6.00	$7.00
ATM IV	66.6%	52.1%	73.7%	52.1%	68.2%
Expected Move	19.0%	14.9%	20.5%	14.9%	19.5%
HV 20d	66.7%	56.3%	80.1%	56.3%	78.2%
HV 60d	62.4%	58.4%	66.8%	58.4%	66.8%
IV Rank	6.9%	0.0%	11.1%	0.0%	11.1%
IV Percentile	8.1%	0.0%	16.7%	0.0%	10.7%
Term Structure	3.1%	-8.9%	18.1%	18.1%	6.0%
VWIV	65.4%	45.1%	75.0%	59.0%	75.0%
Skew 25d	5.6%	-10.7%	25.7%	-2.9%	6.9%
Skew 10d	15.2%	-6.7%	39.7%	3.9%	-6.7%
Call IV 25d	64.2%	45.2%	81.2%	61.0%	75.2%
Put IV 25d	69.8%	58.1%	82.2%	58.1%	82.2%
Bid-Ask Spread %	87.34	77.65	100.34	82.29	86.24
Gamma HHI	0.29	0.21	0.39	0.29	0.22
Net GEX	19.9K	5.1K	42.6K	17.3K	5.1K
Net DEX	-469.6K	-1.4M	68.9K	-263.5K	68.9K
Net VEX	-7.4K	-8.9K	-6.1K	-6.1K	-7.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.36	0.05	7.44	0.18	3.35
Total Volume	285.895	29	844	84	100
Total OI	7,089.211	6,246	7,802	6,246	7,360

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 Vol	Put Vol	Call OI	Put OI
2023-02-01	$6.47	$6.00	52.1%	14.9%	56.3%	0.0%	59.0%	-2.9%	18.1%	17.3K	-263.5K	-6.1K	0.18	82.29	71	13	4,472	1,774
2023-02-02	$7.05	$7.00	63.8%	20.1%	63.9%	5.4%	71.6%	-1.5%	0.1%	25.7K	-651.1K	-6.6K	0.20	98.19	362	73	4,528	1,787
2023-02-03	$6.99	$7.00	72.8%	18.7%	59.0%	9.5%	63.3%	13.4%	5.6%	24.5K	-573.9K	-6.7K	2.81	99.33	104	292	4,658	1,824
2023-02-06	$7.38	$7.00	73.7%	18.8%	61.3%	9.9%	45.1%	25.7%	-2.8%	28.7K	-886.2K	-7.4K	0.57	92.34	103	59	4,745	2,063
2023-02-07	$7.05	$7.00	67.2%	19.0%	64.2%	7.0%	65.0%	5.8%	1.5%	29.0K	-643.7K	-7.2K	1.56	86.19	57	89	4,783	2,084
2023-02-08	$7.04	$7.00	66.1%	19.0%	60.5%	6.4%	64.0%	14.1%	10.2%	28.2K	-530.8K	-7.0K	0.73	84.50	45	33	4,809	2,161
2023-02-09	$6.87	$7.00	70.3%	20.2%	60.9%	8.4%	62.5%	-5.5%	6.0%	25.8K	-407.2K	-6.8K	7.44	100.34	72	536	4,822	2,188
2023-02-10	$6.87	$7.00	66.8%	19.2%	60.9%	6.8%	61.9%	2.1%	0.8%	26.5K	-357.9K	-7.3K	0.21	78.82	24	5	4,845	2,680
2023-02-13	$6.97	$7.00	67.9%	19.5%	60.8%	7.3%	61.2%	12.4%	-0.5%	34.5K	-365.8K	-7.0K	0.84	83.72	201	169	4,857	2,683
2023-02-14	$7.55	$7.00	57.8%	16.6%	66.8%	2.6%	71.8%	3.3%	-8.9%	42.6K	-1.0M	-8.2K	0.15	84.35	568	83	4,993	2,720
2023-02-15	$8.03	$7.00	65.8%	18.9%	63.3%	6.3%	62.2%	-0.9%	5.5%	22.5K	-1.4M	-8.5K	0.43	86.39	589	255	4,834	2,732
2023-02-16	$7.78	$7.00	66.5%	19.1%	62.8%	6.6%	72.3%	11.2%	2.1%	23.0K	-974.2K	-8.9K	0.78	85.22	119	93	4,810	2,933
2023-02-17	$7.36	$7.00	60.1%	17.2%	66.9%	3.7%	61.5%	2.8%	6.7%	11.4K	-681.7K	-8.2K	0.84	91.58	153	129	4,850	2,952
2023-02-21	$6.79	$7.00	70.1%	20.1%	73.9%	8.3%	68.1%	-1.3%	4.3%	5.6K	47.0K	-7.2K	1.34	85.16	122	164	4,051	2,491
2023-02-22	$6.83	$7.00	67.4%	19.3%	73.9%	7.0%	66.7%	4.2%	1.5%	5.9K	10.3K	-7.4K	0.64	85.00	113	72	4,142	2,630
2023-02-23	$7.25	$7.00	67.3%	19.3%	75.8%	7.0%	68.7%	3.3%	3.4%	8.9K	-210.2K	-7.9K	0.05	86.47	349	16	4,236	2,701
2023-02-24	$6.79	$7.00	70.9%	20.3%	80.1%	8.6%	74.9%	-10.7%	-0.7%	6.9K	-23.3K	-7.8K	2.18	77.65	28	61	4,478	2,715
2023-02-27	$6.75	$7.00	71.7%	20.5%	78.0%	9.0%	68.6%	24.2%	0.5%	6.5K	-24.6K	-7.8K	1.44	85.66	45	65	4,522	2,782
2023-02-28	$6.64	$7.00	68.2%	19.5%	78.2%	11.1%	75.0%	6.9%	6.0%	5.1K	68.9K	-7.5K	3.35	86.24	23	77	4,547	2,813