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Technology Stocks : Dell Technologies Inc.
DELL 133.20+5.7%Nov 26 3:59 PM EST

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To: arthur pritchard who wrote (81450)11/20/1998 8:58:00 AM
From: Ben Antanaitis  Read Replies (3) of 176387
 
Mr. Pritchard, ***OT***

First: Let me help you put a stop to your inability to navigate my web site.

See: pipeline.com

This is the current Max-Pain™ graph for DELL and it is based on the CBOE data downloaded on Wednesday night 11/18/98. It even notes the date the data was collected. The date the web page was created is listed at the bottom of the page along with our Copyright and Trademark notices.

The most current Max-Pain Point™ graphs are always linked via the last line in the selection table.

Second: Laura's calculations are incorrect, if she is attempting to duplicate the Max-Pain Point™ calculation.
She states:
I totaled the OI values for calls and puts for Nov strike of 55, 57.5, 60, 62.5, 65 and 70.
This is only a subset of the open interest strike ranges. The Max-Pain calculation requires inclusion of all the strike prices that have open interest in them. In Dell's case there are contracts in the strike prices from 27.5 to 80:

Strike
Price CALL Vol PUT Vol
27.5 (.DLQKC) 4104 (.DLQWC) 57493
30 (.DLQKF) 8792 (.DLQWF) 12225
32.5 (.DLQKZ) 595 (.DLQWZ) 3304
35 (.DLQKG) 1260 (.DLQWG) 5591
37.5 (.DLQKU) 2316 (.DLQWU) 9135
40 (.DLQKH) 6391 (.DLQWH) 12309
42.5 (.DLQKV) 6906 (.DLQWV) 9197
45 (.DLQKI) 6921 (.DLQWI) 10925
47.5 (.DLQKW) 5406 (.DLQWW) 6891
50 (.DLQKJ) 18584 (.DLQWJ) 17357
52.5 (.DLQKX) 3628 (.DLQWX) 10979
55 (.DLQKK) 12707 (.DLQWK) 21617
57.5 (.DLQKY) 6302 (.DLQWY) 10403
60 (.DLQKL) 27385 (.DLQWL) 17979
62.5 (.DLQKB) 6571 (.DLQWB) 5584
65 (.DLQKM) 34237 (.DLQWM) 15065
70 (.DLQKN) 50204 (.DLQWN) 12267
75 (.DLQKO) 30383 (.DLQWO) 3775
80 (.DLQKP) 12211 (.DLQWP) 1508
BASED on CBOE data from 11/18/98


AS you can see, the actual range encompasses a much larger number of contracts than the subset Laura used. Of course, she is free to do anything she wishes, but she cannot call it a Max-Pain™ calculation.

Anyone wishing to see how a Max-Pain calculation must be done, and when it may and may not apply (esp. in DELL's case) should stop in at my web site and read the detailed explanation of the hypothesis and the technique.

Ben A.
ez-pnf.com
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