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To: Ben Antanaitis who wrote (10086)	6/6/1998 6:21:00 PM
From: Sonki	Read Replies (1) \| Respond to of 64865

ben, i m sorry for being unclear. this is just a thought or a hunch on my side. I m not suggesting it's correct. once a company reports for. e.g sunw in july. we start studying oct OI. for dell we study aug OI. (next earning after May). while doing sunw oct, does not give us any idea of aug, sept we will establish a trend of oct(next earning for sunw) oi. infact i was thinking of doing a chart of daily OI value. if i had the time to write a program to do so. if someone is willing to write a program (this would work for any company). No need to do data entry, it can be done automatically. MY QUESTION: the summary text that talked about 52.x was that your own understanding or was that indicated by the program. if it the program is able to give indications like that then i m intrested in learning to use the program. Out of all your R3, R4, R6 can the program give you which resistence is more likely then others? i rely much more on FA (that's all i know how to do) but if I get this kind of TA help i can mix the two and see which one matches the most. Thanks again for all your hard work on all the companies.

To: Ben Antanaitis who wrote (10086)	6/6/1998 6:53:00 PM
From: Charles Tutt	Read Replies (1) \| Respond to of 64865

It seems to me that most options activity will normally be in the strike prices approximately at-the-money. Thus, the "max-pain" indicator is likely to point to a strike price very near the current price, and to move with current price over time. Have you ever seen the max-pain point more than a couple of dollars away from current price? Did subsequent stock price movement validate the indicator in those cases? JMHO.

To: Ben Antanaitis who wrote (10086)	6/9/1998 4:36:00 PM
From: Sparkle	Read Replies (2) \| Respond to of 64865

Hi Ben, I am excited to finally find a rationale that explains what I have suspected for the last 25 years or so that certain options near expiration have been guided by some "mysterious hand" toward expiring worthless. Thanks for the work and imagination in compiling the "maximum pain" graphs, they will be quite useful as I try to develop criteria for shorting out-of-the-money puts and calls in the expiring month. Everyone knows that the expiring month puts and calls are subject to rapid price decay as compared to longer term options. I am working on the trading idea of shorting all puts and calls that are 18% to 20% out of the money, 30 calendar days to expiration with betas of 1 to 1.25 and of course are not involved in any takeover play or have any special event in its near future. Would you mind expressing your thoughts on this. Thanks, SPARKLE