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To: Nancy who wrote (32967)	10/14/2000 5:10:53 PM
From: donald sew	Read Replies (3) \| Respond to of 42787

Nancy, >>>> do you have max pain for NDX? <<<< There is very little volume with NDX options due to their expense, but the QQQ's have high volume of options. I really dont calculate MAX-PAIN that well, but heres some info: QQQ closed at 81.25, so I added the open interest of all puts and calls for 8 strikeprices below and above 81. This is where the strong majority of options are. STRIKEPRICES from 80 - 72: CALLs - 74069 PUTs - 54839 STRIKEPRICES from 82 - 90: CALLs - 78484 PUTs - 85398 STRIKEPRICE at 81: CALLs - 5713 PUTs - 4661 So for the above strikeprices(OCT) - there were a total of: CALLs - 152553 PUTs - 144898 So there are 7655 more calls than puts outstanding. From what I could gather, it appears that 81 is already close to the MAX-PAIN for the QQQ. Again Im no expert in calculatin MAX-PAINs, but from what I can see, it appears that the MAX-PAIN may be around 80 or even below 80. Then theres the question of open interest. If anyone can give a better explanation, please feel free to do so, since I stink at it.