Список проголосовавших за комментарий "Дмитрий Новиков, никакого обмана Маркет в частности так и работают на рынке опционов. <h3 id="mntl-sc-block_1-0">What is Max Pain</h3><p>Max pain, or the max pain price, is the strike price with the most open contract <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fp%2Fputoption.asp&s=3134183723">puts</a> and <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fc%2Fcalloption.asp&s=2038352451">calls</a> — and the price at which the stock would cause financial losses for the largest number of option holders at <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fe%2Fexpirationdate.asp&s=1644348512">expiration</a>.</p> <p>The term max pain stems from the Maximum Pain theory, which states that most traders who buy and hold <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fo%2Foptionscontract.asp&s=3256610210">options contracts</a> until expiration will lose money. According to the theory, this is due to the tendency for the price of an <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fu%2Funderlying.asp&s=1483416293">underlying</a>stock to gravitate towards its «maximum pain strike price» — the price where the greatest number of options (in dollar value) will expire worthless.</p> Basics of Max Pain<p>Max pain theory says that the option writers will <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fh%2Fhedge.asp&s=485850050">hedge</a> the contracts they have written. In the case of the <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fm%2Fmarketmaker.asp&s=313501506">market maker</a>, the hedging is done to remain neutral in the stock. Consider the market maker's position if he must write an option contract without wanting a position in the stock.</p> <p>As the <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fo%2Foption.asp&s=104074656">option</a> expiration approaches, option writers will try to buy or sell shares of stock to drive the price toward a <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fc%2Fclosingprice.asp&s=941330468">closing price</a> that is profitable for them, or at least to hedge their payouts to option holders. Call writers sell shares to drive share price down and Put holders buy shares to drive share price up. The max pain strike price exists somewhere in the middle.</p> <p>About 60% of options are traded out, 30% of options expire worthless, and 10% of options are <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fe%2Fexercise.asp&s=3809400128">exercised</a>. Max pain is the point where option owners (buyers) feel «maximum pain,» or will stand to lose the most money. Option sellers, on the other hand, may stand to reap the most rewards.</p> <p>The Maximum Pain theory is controversial. Critics of the theory are divided whether the tendency for the underlying stock's price to gravitate towards the maximum pain strike price is a matter of chance or a case of market <a href="/r.php?u=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fm%2Fmanipulation.asp&s=170766739">manipulation</a>.</p>"