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To: ed who wrote (5915)	1/28/1999 2:36:00 AM
From: Ridi J	Read Replies (1) \| Respond to of 21876

Hi Ed, Don't discount this Max-Pain thing... it has provided some unusually useful insight over the past quarters. We all know there are no exact predictors of the stock market (dream on), but any glimmers of sense can lead to a more "lucent" conversation, and this provides quantifiable terms, if nothing else.

To: ed who wrote (5915)	1/28/1999 9:25:00 AM
From: Ben Antanaitis	Respond to of 21876

ed, You are entitled to have your opinion. But there are others who hold a different one. BTW, unless there is a catastrophic event, either good or bad, for a stock, the Max-Pain Point&#153 does not significantly change on a daily basis. Since the calculation includes the entire open interest spectrum for a given month, the sheer inertia of the value of the open interest spectrum prevents sharp movements of the calculated Max-Pain Point&#153 value. However, the Max-Pain &#153 effect is a second order effect and major momentum creating events for the stock can swamp out the effect and the price of the underlying can be driven away from the Max-Pain Point&#153 value. But the calculated value doesn't change dramatically. See also #reply-7527723 Ben A.