Strain compensation allows the synthesis of infinitely thick heterostructures with many highly strained quantum wells. Design criteria are given for optimized strain and thickness parameters in several device geometries. Strain compensation, using alternating layers of opposite strain, is quantitatively treated using an energy balance analysis. The upper bound to stability for strained multiple quantum wells with and without strain compensation is defined for geometries typically used in optoelectronic devices. Highly metastable structures (composed of many layers of high strain and/or thickness) require low epitaxy temperatures to avoid strain relaxation during growth of individual strained layers, prior to their stabilization in a strain compensated structure.