Open Interest is a very important data point for some market participants when deciding to daytrade or swing trade in India.
The Open Interest Data is normally available as a column data on your market watch.
Having a Charting platform with an Open Interest Indicator could be very useful tool for Futures and Option traders.
The reliance tick web platforms supports live plotting of Open interest data on a 1 min Chart.
This helps you track the progress of OI throughout the trading day on a 1 min chart.
Screenshot of Tick web app with Open Interest indicator.
TICK Web app supports other OI related Indicators like :
- Open Interest.
- PCR Volume.
- Fresh Contracts.
- Square Off Contracts.
- Cost Of Carry.
The above indicator plotting on 1 min charts are unique to the Reliance tick web platform.
To get access to this valuable charting platform, open up a Trading and demat account with reliance.
The account opening fee cost about 500+ INR with no annual maintenance charges.
For more information, Visit : https://www.reliancesmartmoney.com/
UPDATE 2020: Zerodha Kite charts now supports Intraday OI plotting. While the Reliance Tick platform offers additional plotting features as listed above, if you just need the intraday OI, Zerodha Kite charts could be an easier alternative.
Is Plotting OPEN INTEREST on any charts useful for Intraday Trading ?
Open Interest figures of most institutional traders ( which represents the sentiment of the market makers, this is what you are looking for ) are settled and reflected on the exchange only after market close. This crucial OI data is not reflected in the open-interest data on your intraday charts or the OI data that is made available to you during intraday. Yes, the market makers do not want to let you know what they are cooking for you, it is always served as a surprise.
Intraday open interest indicator on your charts makes it look all sophisticated, but is it any productive? It is something you can try for yourself. Nothing ventured, nothing gained, goes the saying.