LT Open Interest
OI change today
Total OI
Put-Call Ratio
LT (LT) Open Interest: What This Chart Shows
What is open interest?
Open interest (OI) is the number of option contracts that are still open at the end of a session. Every contract has a buyer and a writer, so one new contract adds one to OI no matter how many times it changed hands. When a position is closed, OI falls. Volume tells you how busy a strike was today; OI tells you how many positions are still being held overnight.
How the bars are built
Each strike has two bars: green for calls (CE) and red for puts (PE). The solid part is the OI that already existed before the session. A hatched block on top is OI added today. An outlined empty block shows OI that was closed today: it marks where the bar stood yesterday. The dashed black line is the LT closing level and the orange line is the max pain strike for the selected expiry.
The three views
"OI Change + Total" shows both layers together and is the best starting point. "OI Change" hides the base and shows only what was added or removed today, which makes fresh activity easy to spot. "Total OI" shows only the outstanding positions, which is useful for finding the largest concentrations.
How to Read LT OI Strike by Strike
Call OI above the price
Large call OI at strikes above the current LT level is usually read as call writing. Writers profit if the price stays below their strike, so traders often treat the highest call-OI strike as a zone where supply may appear. It is a reference level, not a wall.
Put OI below the price
Large put OI at strikes below the price is usually read as put writing. Put writers profit if the price stays above their strike, so the highest put-OI strike is often watched as a zone where demand may appear.
The range between them
The highest call-OI strike above and the highest put-OI strike below often frame the range that option writers expect for this expiry. When the price moves close to one of these strikes, watch the OI change at that strike: if writers add more, they are defending it; if OI there drops sharply, they are closing out.
When both sides are heavy at one strike
Big call and put OI at the same strike, usually near the money, points to straddle writing. Many writers expect the price to stay close to that strike into expiry.
LT OI Change: The Four Build-up Patterns
Price up, OI up
New positions are being opened while the price rises. In futures this is called long build-up. It shows fresh money agreeing with the move.
Price down, OI up
New positions are being opened while the price falls, known as short build-up. It shows fresh money agreeing with the decline.
Price up, OI down
Existing shorts are closing, known as short covering. The move is real but it comes from exits, not new conviction, so it can fade once covering is done.
Price down, OI down
Existing longs are closing, known as long unwinding. Selling comes from holders leaving rather than new sellers arriving.
Applying this to options
For options the same idea works strike by strike. Rising call OI with a falling or flat price suggests call writing; rising put OI with a firm price suggests put writing. Falling OI on either side means positions are being closed. Always read OI change together with the price change for that day.
Using LT Open Interest in Your Analysis
Start with the expiry that matters
The nearest expiry carries most of the activity and reacts fastest. Later expiries show how positions are building for the weeks ahead. Switch expiries with the selector to compare them.
Track shifts, not snapshots
A single day of OI tells you where positions sit. The useful signal is how the highest call and put strikes move over several sessions. Use the date selector to step back through recent sessions and see whether the range is rising, falling or narrowing.
Combine OI with volume
High volume with little OI change means traders are churning the same positions. High volume with a large OI change means real new positioning. Low volume with rising OI is thinner and less reliable.
Limitations to keep in mind
OI does not show who is buying and who is writing; the writing interpretation is an assumption based on typical market structure. This page uses NSE end-of-day data, so it shows where positions closed, not intraday swings. Large institutions also use options to hedge other holdings, which can create OI that says nothing about direction.
LT Open Interest: Frequently Asked Questions
What is LT open interest?
It is the total number of LT option contracts still open at the end of the trading session, shown strike by strike for calls and puts. It rises when new positions are created and falls when positions are closed.
How often is this LT OI data updated?
Once per trading day. It is taken from the NSE F&O bhavcopy, which is published in the evening after the market closes, and usually appears here by 9 PM IST.
Which strike has the highest LT OI?
Look for the tallest green bar for calls and the tallest red bar for puts in the chart above. The summary cards also show total call and put OI for the selected expiry.
Is high call OI bullish or bearish for LT?
On its own it is neither. Traders usually read heavy call OI above the price as writing, which suggests writers do not expect the price to cross that strike before expiry. Whether that holds depends on how the OI and price change in the following sessions.
What is the difference between OI and volume?
Volume counts every contract traded during the day, including positions opened and closed on the same day. OI counts only positions still open at the close. A contract traded ten times adds ten to volume but at most one to OI.
Can I see LT OI for a past date?
Yes. Use the Date selector in the settings panel. Index option history goes back to July 2024; stock option chains are kept for the last 90 days.
Open Interest for other indices & stocks
Data: NSE F&O bhavcopy (end of day). This page explains how market participants commonly read this data. It is for education only and is not a recommendation to buy or sell any security.