OI Change — What's Happening TODAY in Positioning
OI Change is the daily flow signal. Where it's positive, fresh positioning; where it's negative, unwinding.
OI Change = today's change in open interest at a strike. Positive = positions opened. Negative = positions closed.
OI Change is the daily flow signal that pairs with cumulative OI. Together they tell you both where positioning lives AND what's shifting today.
Reading OI Change
Large positive OI change at call strikes: fresh call writing or buying. Combined with price falling = bearish call writing. With price rising = call buying.
Large negative OI change at call strikes: call writers covering. Often a sign that the level isn't being defended; resistance could break.
Same logic for puts. Big positive at put strikes = put writing (bullish, defending the level) or put buying (bearish, fearing the level).
Where OI Change concentrates
On expiry day, OI Change is mostly negative (positions closing into settlement).
Earlier in the week, large positive OI change clusters tell you where institutions are positioning for the rest of the week.
Strota's chain highlights the top 5 OI change strikes — easy to spot the day's positioning shifts.
Common misreads
- Confusing OI Change sign with direction. Positive OI Change just means positions opened — could be calls or puts, longs or shorts. Need to interpret per strike.
- Ignoring OI Change on expiry day. It's mostly position-closure noise.
Key takeaways
- OI Change = today's flow. OI itself = cumulative.
- Positive OI change at call strikes = call writing (bearish) or buying (bullish).
- Negative OI change at call strikes = writers covering (resistance break risk).
- Cluster of OI changes reveals today's positioning direction.
OI Change patterns
How do I know if positive OI change is from buyers or sellers?
From price action that day. If the call price rose AND OI increased, buyers drove it. If call price fell AND OI increased, sellers (writers) drove it. The price-OI cross is the signal.
What's a 'significant' OI change?
Above 20% of the strike's prior OI is significant. Above 50% is unusual and worth investigating. NSE publishes daily OI change in the F&O bhavcopy.
Does OI Change matter on monthly contracts more than weekly?
Monthly OI changes are stickier (less intraday noise). Weekly OI Change is more reactive and shorter-lived.