Is it unlikely that the pit boss will let the underlying run away significantly from a strike if it's near ATM on Wed?
I promised myself I wouldn't respond to these unintelligible repeats, but I am oddly compelled. 1) There isn't any F'N pit boss. The DPM is not a guy in a tuxedo controlling the order flow, nor does he have any vested interest in pinning since he knows he can't control the spot market. 2) Offsets of classic arbitrage causing pins WAS apparent like 20 years ago, but no more. 3) Drop the pseudo-geek-speak that you've read on some blog or from one of the gerbils on this board obsessed with an anachronism. Pinning is nothing but a buzzword.
Depends on which casino you are at, but based on what you asked, seems like the pit bosses are watching you.
Take a look at an option chain on any stock. You will notice the underlying stock is always near one of the many option strike prices creating the "ATM". The "ATM" is a moving target. Might be $40.00 today and $45.00 or $35.00 three days later.
someone or something must control the prices.... there is ZERO chance that stock charts could maintain such perfect ( ok, pefectly imperfect) symmetry by random chance, or "market efficiency", whichever you prefer.