Understanding Strike-Wise Open Interest Using ORCA’s OI Statistics
Introduction
Open Interest (OI) plays an important role in options analysis because it reflects the number of active contracts at different strike prices. Instead of presenting OI data in a scattered format, ORCA organizes it inside the OI Hub, where the OI Statistics panel provides a structured, strike-wise view.
This article focuses only on the OI Statistics section—what it displays, how it is arranged, and how users can interpret strike-level concentration.
Accessing the OI Statistics Panel
To view strike-wise Open Interest:
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Log in to ORCA.
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Select the desired stock or index.
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Navigate to OI Hub.
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Click on the OI Statistics tab.
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Choose the relevant expiry from the dropdown.
The panel displays Open Interest data in a structured, table-based format.
What Data Is Displayed in OI Statistics?
The OI Statistics panel typically shows:
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Strike prices
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Call Open Interest (Call OI)
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Change in Call OI
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Put Open Interest (Put OI)
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Change in Put OI
The data is presented separately for Calls (CE) and Puts (PE), making it easier to compare activity across both sides.
Users can evaluate both the total outstanding contracts and the recent additions or reductions in positions.
How the Data Is Organized
Strike prices are arranged sequentially along the horizontal axis. Open Interest values are represented visually through vertical bars.
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Green bars represent Call OI.
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Red bars represent Put OI.
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The vertical axis represents OI quantity.
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The horizontal axis shows strike prices.
This graphical representation allows users to compare multiple strikes simultaneously without scanning multiple rows of numerical data.
In addition to the chart view, hovering over any bar displays a tooltip showing:
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Strike price
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Call OI
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Call OI change
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Put OI
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Put OI change
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Time reference
This provides detailed strike-level information without switching screens.
Visual Filters and Controls
The OI Statistics panel includes several controls that refine analysis:
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Expiry selector to switch between contract expiries
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Strike range filter to adjust minimum and maximum strike values
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Time interval filters such as Last 1 min, Last 3 mins, Last 5 mins, Last 10 mins, and others
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Zoom slider at the bottom of the chart to narrow or expand the strike range view
These filters allow users to focus on a specific strike range or observe Open Interest changes across selected time intervals.
How to Read Strike Concentration
Strike concentration refers to identifying levels where Open Interest is significantly higher compared to surrounding strikes.
To read concentration:
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Identify strikes with taller bars.
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Compare them with adjacent strikes.
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Observe both total OI and change in OI values.
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Compare Call and Put distribution at similar strike levels.
Higher bar height indicates higher outstanding contracts at that strike. Comparing both sides helps users understand how positions are distributed across the option chain.
The purpose of this analysis is to observe contract positioning, not to draw directional conclusions.
Simple Example
Assume an index is trading near 15,200.
After opening OI Statistics for the selected expiry:
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The 15,500 strike shows higher Call OI compared to nearby strikes.
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The 15,000 strike shows noticeable Put OI concentration.
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Change in OI indicates incremental additions at these levels.
From a structural perspective, this tells the user that participation is relatively higher at these strikes.
At this stage, a trader may choose to:
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Monitor price behavior near these levels.
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Compare with nearby strikes.
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Revisit the panel later to observe updates.
The OI Statistics panel provides a structured way to review this information.
Practical Observations
When using the OI Statistics panel:
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Avoid focusing on a single strike in isolation.
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Compare at least three to five nearby strikes.
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Observe both total OI and OI change.
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Use strike range filters to reduce visual clutter.
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Adjust time intervals to observe short-term shifts.
Because the data is organized visually and interactively, it reduces the need for manual calculations.
Conclusion
ORCA’s OI Statistics panel presents strike-wise Open Interest through a structured, color-coded bar chart with interactive filters and tooltips. Users can review Call and Put positioning, monitor changes in contracts, and compare strike concentration levels within a single interface.
By combining visualization, filtering controls, and structured data presentation, the panel allows users to examine Open Interest distribution clearly and systematically within the OI Hub.
Frequently Asked Questions
What is the OI Statistics panel in ORCA?
It is a section inside OI Hub that displays strike-wise Open Interest data for Calls and Puts in a structured format.
What information does OI Statistics show?
It shows strike price, total Open Interest, and change in Open Interest for both CE and PE contracts.
How is the data organized in OI Statistics?
Data is arranged strike-wise, allowing users to compare Open Interest across multiple nearby strike levels.
What does strike concentration mean in OI Statistics?
Strike concentration refers to levels where Open Interest is relatively higher compared to surrounding strikes.
Can OI Statistics be used during live market hours?
Yes, users can view and monitor Open Interest data during market hours within the OI Hub section.
Disclaimer: This blog is dedicated exclusively for educational purposes. Please note that the securities and investments mentioned here are provided for informative purposes only and should not be construed as recommendations. Kindly ensure thorough research prior to making any investment decisions. Participation in the securities market carries inherent risks, and it's important to carefully review all associated documents before committing to investments. Please be aware that the attainment of investment objectives is not guaranteed. It's important to note that the past performance of securities and instruments does not reliably predict future performance.
