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 open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.