@triages

Market makers influence prices when max pain deviates 20% from spot by hedging their delta-neutral positions, adjusting the underlying asset to manage gamma exposure. They may "pin" prices near max pain to minimize payouts, selling or buying to nudge the spot price, especially near expiration. Liquidity control, like widening spreads, can limit movement toward max pain. In low-volume periods, small trades can steer prices effectively. A 20% gap signals imbalance, amplifying their impact. While not always intentional manipulation, their risk management can pull prices toward max pain, frustrating traders. (116 words)

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