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Technology Stocks : America On-Line (AOL)
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To: KeepItSimple who wrote (10970)4/16/1999 3:55:00 PM
From: Steve Robinett  Read Replies (2) of 41369
 
Simple,

You're passing along misinformation. You say, The largest concentration of calls and puts is at 145, so the market makers will manipulate the price to make sure it settles right at 145 today.
Check the CBOE. You'll find the largest open interest on April puts and calls at the 140 strike price, the next largest at 150 and, of the three strikes, the least at 145--not the most.
April Options...Calls Puts Total
140.............9806.........7906........17712
145.............4522.........6377........10899
150.............7815.........8141........15956

cboe.pcquote.com

The max pain theory looks through the wrong end of the telescope. More options trade at-the-money than elsewhere. The Maxpain point turns out to be the point at which the stock has recently traded, not where it will trade.
Best,
--Steve
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