TL, yes, I agree, MaxPain for QQQ works most of the time extremely well, but when it's wrong in those few instances, it's wrong by a large margin. What I found interesting is that MaxPain is mostly wrong when we either have a major fundamental event messing things up (e.g. 9/11) OR a major cyclical low/high and a change in IT-to-LT trend that catches the market off-guard (or a combination of both).
also, MaxPain is most accurate where there is a lot of open interest, and less accurate where there is not much open interest (and that makes sense).
and - lol, that's why I said "... we may get a sharper sell-off ..." and not that we WILL get a sharper sell-off.
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