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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: fedhead who wrote (11737)	4/22/1999 8:06:00 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

Anindo, re:CBOE total: this figure includes all types of options contracts traded on the CBOE, incl. all individual equity options and the various index options. danger signs with regards to excessive bullishness are flashed when this ratio falls below 0,52. this is because there is a 'natural bias' towards call options in individual issues (i will send you a more detailed explanation of this and the theory behind it later today), which account for the bulk of trading volume. note that the usefulness of the put/call ratio is to point out extremes in sentiment. regards, hb