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To: Ben Antanaitis who wrote (50275)	1/6/2000 10:33:00 AM
From: IceShark	Respond to of 53903

I don't know if you have investigated this, however, an SI poster from several months ago related a discussion he had with a CBOE operations guy (not a trader). This CBOE guy noted that they were happy as clams that they could now put out fairly accurate bid/ask prices, but reported OI was a snake pit. He said that the OI numbers could easily be off by factors of 2, as I recall. Responding to the poster's surprise and dismay, CBOE guy noted that no one seemed to care or complain much about this problem so it wasn't really a big issue to them. I haven't talked to CBOE about this as I have long ago given up on the predictive powers of max-pain (in any useful reasonable range). But if this indeed true, it is no wonder max-pain doesn't work very well. You may want to look into it.