Probably going to see another test but I picked up some AMC calls when $52 held. Now I'm straddled with $57 puts and $53 calls. Movement any direction I make money, more movement, the more money and I don't care which way she rolls but I'm rooting against sideways. lol
That’s one of the tin foil theories on why a few stocks just drifted sideways in April into mid May. They called it the Max Pain theory for hedges.
Kong whales would keep the stocks channeled in that max pain area. Kinda similar in the big short Baum said “We're going to wait and we're going to wait and we're going to wait until they feel the pain, until they start to bleed”