What is Max Pain?
In Options Trading, the Max Pain theory, sometimes also called Strike Price Pegging focuses on the>
"In the option market, wealth transfer between option buyers and sellers is a zero-sum game. On option expiration days, the underlying stock price often moves toward a point that brings maximum loss to option buyers. This specific price, calculated based on all outstanding options in the market, is called Option Pain. Option Pain is a proxy for the stock price manipulation target by the option selling group."
Max Pain理论是用来计算使期权买家最痛苦的股票行权日的收盘价，所以称为Max Pain
"Max Pain原理源于option(期权)市场，狭义的MP是指个股股价或指数在期权到期日一定会停在call和put发售最多的位置，这样能够让最多的人所持有的期权归零。广义的max pain就是说市场一般会朝着让大多数人痛苦的方向发展，这样才能够实现主力的利益最大化。"
"因此经常可看到如果股票的价格收在Max Pain，机构投资者的损失最小，所以常看到一些交易大的股票，和市场指数如SPX，QQQQ在OE日常收在Max Pain附近。"
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