Список проголосовавших за комментарий "<p>Дмитрий Новиков, </p><p>Max pain theory says that the option writers will hedge the contracts they have written. In the case of the market maker, 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>About 60% of options are traded out, 30% of options expire worthless, and 10% of options are exercised. 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 reward. The Maximum Pain theory is controversial, and there is disagreement regarding if the tendency for the underlying stock's price to gravitate to the maximum pain strike price is by chance, or by some sort of market manipulation.</p>"