Couldn't resist to post my observation on the compadrejt's data. 20 out of 26 times, Max pain of next month moved up or down, if QQQ closed above or below max pain respectivly. In 3 of the rest 6 cases, the difference between QQQ close and max pain was less than .2.
IMHO: max pain is a lagging indicator and chases underlying stock or index not vice versa. This is obvious and expected anyway.
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