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To: mishedlo who wrote (223300)	2/21/2003 5:55:06 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

mish, I'd be interested what you know if it starts from a consistent pt -- I mean, it only makes sense that as options trade -- as you move toward expiry that any net bias is going to start to be removed, right? But of you take a fixed amount of time prior to expiry -- not something like -- well, 7-10 days -- but a set time or even an average price over a set time prior to expiry and you say that if there is a net bias -- that this net bias will be resolved to ~0 based on the bias as seen then (@ the time of the opening of the trade). If you can be statistically successful -- then you have something, but to simply observe that biases tend to be removed -- I'm not sure you have anything that can be traded, because the "0" point moves. You see what I am trying to say here? I may not be putting it very well, but I think you have to have more before executing a sucessful trading strategy based on this idea.