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To: Chas who wrote (43904)	3/16/1999 4:21:00 PM
From: phbolton	Respond to of 53903

pipeline.com

To: Chas who wrote (43904)	3/16/1999 4:51:00 PM
From: IceShark	Respond to of 53903

The calculation hasn't been working very good lately, Chas. So don't bet the ranch on it. You can work it out yourself by looking at closing positions on CBOE. I think one of the problems is month out options are being closed or rolled early. Like this week. Regards, Ice

To: Chas who wrote (43904)	3/16/1999 4:52:00 PM
From: Land_Lubber	Respond to of 53903

Like phbolton posted, pipeline.com is a link you can use to get an accurate calculation, although it is still showing Friday's data. However, I have found that an "eyeball" calculation is just as good for most stocks where the open interest among the different strikes is "well behaved." cboe.pcquote.com In the case of MU, there is more open interest in the puts than the calls at the lowest strikes; as you go up the strikes you reach one where the open interest is about equal in puts and calls. As you continue higher in strikes, the open interest is greater in the calls than in the puts. The strike that is most closely balanced in open interest between puts and calls, in a simple case like this, is the max pain strike. Todays volume in the March 50 and 55 strikes appears to have shifted that balance point, as long as the bulk of it was opening transactions, which I expect it was. Land_Lubber