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To: Jorj X Mckie who wrote (73459)	5/10/2003 11:20:48 PM
From: mishedlo	Read Replies (1) \| Respond to of 209892

as far as the QQQ, does it make sense to have a maxpain that doesn't land on an actual strike price? Yes. If max pain is a tossup between 26 and 27 what do you call it? I call it 26.5 I lean towards the strike with the most options on it if they are equally placed and or against the one with the highest single number on one side, but that is fine tuning. If something is really lopsided say 50K calls on MSFT at strike 25 and 5 K puts at thit price and no significant puts or calls at any lower strike (max pian might be 25 but in my reality world max pain is ANYTHINY below 25 with no real target. Cups and calls acts as blocks (but if it rises/sinks thru that block delta hedging kicks in). Sometime you look at options and say xyz is unlikely to close above/below some price with no real target. M