T.J. Does he have a way to determine what is sold and what is bought? Typically,each option transaction has both a buyer and a seller (it is usually assumed that the sellers are the dealers, thus the Max pain theory). The fact that the VIX and VXN are still relatively low, indicates that most market participants believe we will be staying in a "trading range" (thus low time value premiums). The fact that puts overwhelm calls, indicate that most market participant fear the market will drop. The market has a lousy habit of fooling "most participants". (g).
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