OPEN-SOURCE SCRIPT
Price vs OI 24h Relative Change
📘 How to Use – Price vs Open Interest (24h Relative Change)
This indicator compares price movement and open interest (OI) change over the last 24 hours, allowing you to better understand market positioning and trader behavior.
It does not generate signals by itself. It is designed as a context and confirmation tool.
🔹 What the Indicator Shows
Price Δ (green area)
The percentage change in price compared to 24 hours ago.
Open Interest Δ (purple area)
The percentage change in open interest compared to 24 hours ago
(based on Binance BTCUSDT perpetual futures).
Zero line
The 24h baseline. Values above zero indicate an increase, below zero a decrease.
🔹 How to Interpret the Relationship
📈 Price ↑ & OI ↑
➡️ New positions are being opened in the direction of the move
This usually confirms trend continuation.
📈 Price ↑ & OI ↓
➡️ Short positions are being closed
This often indicates a short squeeze or short covering rally, which can be less sustainable.
📉 Price ↓ & OI ↑
➡️ New short positions are entering the market
This suggests bearish conviction and possible downside continuation.
📉 Price ↓ & OI ↓
➡️ Positions are being closed on both sides
Often seen during deleveraging, consolidation, or range conditions.
🔹 How to Use It in Practice
Use it as a confirmation tool alongside price action
Compare price structure with OI behavior
Identify whether moves are driven by new positioning or position closures
Works on all timeframes (intraday to swing)
⚠️ Important Notes
This indicator is non-repainting
It uses relative changes, not absolute values
It is best used to understand market structure, not as a standalone trading system
This indicator compares price movement and open interest (OI) change over the last 24 hours, allowing you to better understand market positioning and trader behavior.
It does not generate signals by itself. It is designed as a context and confirmation tool.
🔹 What the Indicator Shows
Price Δ (green area)
The percentage change in price compared to 24 hours ago.
Open Interest Δ (purple area)
The percentage change in open interest compared to 24 hours ago
(based on Binance BTCUSDT perpetual futures).
Zero line
The 24h baseline. Values above zero indicate an increase, below zero a decrease.
🔹 How to Interpret the Relationship
📈 Price ↑ & OI ↑
➡️ New positions are being opened in the direction of the move
This usually confirms trend continuation.
📈 Price ↑ & OI ↓
➡️ Short positions are being closed
This often indicates a short squeeze or short covering rally, which can be less sustainable.
📉 Price ↓ & OI ↑
➡️ New short positions are entering the market
This suggests bearish conviction and possible downside continuation.
📉 Price ↓ & OI ↓
➡️ Positions are being closed on both sides
Often seen during deleveraging, consolidation, or range conditions.
🔹 How to Use It in Practice
Use it as a confirmation tool alongside price action
Compare price structure with OI behavior
Identify whether moves are driven by new positioning or position closures
Works on all timeframes (intraday to swing)
⚠️ Important Notes
This indicator is non-repainting
It uses relative changes, not absolute values
It is best used to understand market structure, not as a standalone trading system
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.