{"id":237080,"date":"2026-01-13T16:23:56","date_gmt":"2026-01-13T21:23:56","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=237080"},"modified":"2026-01-23T10:30:43","modified_gmt":"2026-01-23T15:30:43","slug":"is-open-interest-the-missing-signal-in-options-trading","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/is-open-interest-the-missing-signal-in-options-trading\/","title":{"rendered":"Is Open Interest the Missing Signal in Options Trading?"},"content":{"rendered":"\n<p>Is open interest the overlooked signal that reveals where real risk and conviction are building in the options market? Market Chameleon\u2019s Dmitry Pargamanik and Will McBride break down how traders can interpret open interest alongside volume and implied volatility to better understand positioning, sentiment, and price discovery.<\/p>\n\n\n\n<iframe title=\"Is Open Interest the Missing Signal in Options Trading?\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=cr4nq-1a2862b-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-341\">Summary \u2013 IBKR Podcasts Ep. 341<\/h2>\n\n\n\n<p><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>Hi everyone. This is Jeff Praissman with Interactive Brokers.&nbsp;It\u2019s&nbsp;my pleasure. Welcome back to our podcast studio from Market Chameleon, Will McBride and Dimitri Matic. Hey guys, how are&nbsp;you?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Hey Jeff.&nbsp;Thanks&nbsp;for having us.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-mcbride-nbsp\">Will McBride&nbsp;<\/h3>\n\n\n\n<p>All is good, Jeff. Happy New Year, my friend.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-0\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>Happy New Year, guys. And you know, always one of the highlights of my months to have&nbsp;you guys&nbsp;in for the monthly&nbsp;webinar. And then when&nbsp;you guys&nbsp;swing by&nbsp;the studio afterwards, we do, I guess, a different dive on the subject. And today, you know, we had the pleasure of listening to your&nbsp;webinar&nbsp;on open interest.&nbsp;For our viewers, I think&nbsp;it\u2019s&nbsp;best to start&nbsp;\u2019cause&nbsp;open interest is tricky. Right, guys?&nbsp;Maybe just&nbsp;if&nbsp;you guys&nbsp;could start with the fundamentals of it. You know,&nbsp;it\u2019s&nbsp;sort of an&nbsp;odd\u2014not an odd subject is the wrong word\u2014but, you know,&nbsp;sort of different.&nbsp;It\u2019s&nbsp;different&nbsp;than volume.&nbsp;So&nbsp;people, I think, newer traders get a little bit confused. If you can kind of give \u2019em&nbsp;the key distinctions, Will and Dimitri.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-0\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah, thanks, Jeff. And&nbsp;yeah, I think the important thing to understand is open interest in options.&nbsp;It\u2019s&nbsp;not the same thing as volume. Volume is trading volume, which just&nbsp;represents&nbsp;the contracts that are transacted&nbsp;on&nbsp;a day. The open interest, on the other hand,&nbsp;that\u2019s&nbsp;a calculation by the Option Clearing Corporation, and it&nbsp;represents&nbsp;the&nbsp;amount&nbsp;of contracts still open, not closed yet.&nbsp;<br>So&nbsp;these are cumulative over time, not just on the day\u2019s trading, but these are contracts that are still held, not&nbsp;closed&nbsp;or expired by market participants. And&nbsp;they\u2019ll&nbsp;accumulate throughout\u2014you know\u2014the open interest can climb from day to day or decline. But this is the total number of open&nbsp;interest&nbsp;over time.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-1\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And so maybe&nbsp;kind of like&nbsp;a practical example would help.&nbsp;So, you know, what does it&nbsp;mean&nbsp;or can you explain when, let\u2019s just say, 50,000 contracts trade in a strike, but at the end of the day the open interest only increases by 5,000, you know, versus, you know, either 25,000 or 50,000 or whatever?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-1\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah, no,&nbsp;that\u2019s&nbsp;a good question. A lot of people look at volume and think that the volume automatically updates with the open interest, and open interest is not actually updated like trade transactions in real time.&nbsp;It\u2019s&nbsp;calculated overnight based on several trades.&nbsp;And when we look at the volume throughout the day, well, you could have volume that does increase open interest. You could also have&nbsp;volume&nbsp;that is opened and closed on the same day. You know, like short-term trading&nbsp;activity&nbsp;where by&nbsp;the end of the day the open volume in the morning is closed by the end of the day. That will not increase the open interest the next day.&nbsp;Or you have volume that is traded, but&nbsp;it\u2019s&nbsp;just transferred from one\u2014risk transferred from one\u2014trader to a different trader. But if that open interest existed, that&nbsp;will&nbsp;not increase open interest as well.&nbsp;So&nbsp;you can see a lot of volume on the day, and then the next day&nbsp;you\u2019ll&nbsp;see perhaps&nbsp;very little&nbsp;open interest, but it will not correlate to that entire day\u2019s volume from the&nbsp;previous.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-2\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And could you kind of explain why open interest might matter even more than volume, sort of in assessing trader sentiment?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-2\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah, so the interesting thing about the open interest and what it tells us is that these are positions that are held, you know, and risk held currently in the marketplace by players.&nbsp;So&nbsp;it shows conviction. And open interest, you know, unlike volume\u2014we could trade in and out and close out of the position\u2014but the open interest is&nbsp;indicating&nbsp;that people still carry this risk.&nbsp;They still have opening positions, and it could tell us a lot of things, especially if&nbsp;we\u2019re&nbsp;seeing open interest\u2014not volume necessarily\u2014but if we see open&nbsp;interest&nbsp;climbing. That could&nbsp;indicate&nbsp;where&nbsp;there\u2019s&nbsp;an accumulation, you know, a buildup of risk over time. Declining would mean exiting.&nbsp;And that&nbsp;doesn\u2019t&nbsp;always correlate with volume because we could see a lot of volume on a day, even from day to day, with open interest not growing. So that\u2019s\u2014you know\u2014the open interest tells us something different than the volume, and&nbsp;it\u2019s&nbsp;important to look at it from those perspectives.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-3\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And kind of to go further on that point, like when you see open interest increasing, are you able to determine, you know, whether it represents new bullish positions or bearish positions or hedging activity, or even\u2014can you use open interest for multi-leg strategies?&nbsp;Kind of like&nbsp;what other data points you use to decode it.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-3\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah.&nbsp;So&nbsp;when we look at open interest, we can look at it as an aggregate, like open interest, for example, in this specific stock increasing across the board. And then we can look at it at granular levels. Where is&nbsp;the open&nbsp;interest increasing? But&nbsp;it\u2019s&nbsp;concentrating&nbsp;in&nbsp;a particular&nbsp;option, or a particular&nbsp;expiration, or cluster of options.&nbsp;And while we&nbsp;don\u2019t&nbsp;know the intent of each trader\u2014who the traders are\u2014that\u2019s&nbsp;anonymous. But there are certain places where if we see open interest increasing on a particular&nbsp;expiration&nbsp;or a particular strike, you could make inferences.&nbsp;You know, if we were seeing open interest&nbsp;increasing on&nbsp;mostly out-of-the-money calls, you know,&nbsp;what\u2019s&nbsp;happening in those calls? Why are people particularly interested in this call? Because each call or each&nbsp;expiration&nbsp;tells you something different.&nbsp;&nbsp;<\/p>\n\n\n\n<p>And that\u2019s&nbsp;kind of where&nbsp;we start at the top and then&nbsp;have to&nbsp;dig deeper to make more inferences. Where is this increase in open interest coming from? Is it concentrated? Is it dispersed amongst many different options? Is it concentrated&nbsp;in&nbsp;expiration?&nbsp;So those are the types of things where&nbsp;you\u2019d&nbsp;start to do more granular research.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-4\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And then on the other side of that, you know, if open interest is decreasing dramatically\u2014especially if&nbsp;it\u2019s&nbsp;going down dramatically\u2014what are some scenarios that could drive that?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-4\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah.&nbsp;So&nbsp;when we see open interest decreasing dramatically,&nbsp;really&nbsp;it\u2019s&nbsp;indicating&nbsp;that people are exiting positions.&nbsp;They\u2019re&nbsp;closing out positions. And&nbsp;you\u2019d&nbsp;see that a lot of times\u2014typically after earnings announcements\u2014where open interest grows&nbsp;either due&nbsp;to hedging, speculation, whatever.&nbsp;And then right after earnings,&nbsp;you\u2019ll&nbsp;typically see trading activity that ends up in open interest decreasing, which just gives you the&nbsp;indication&nbsp;that those trades were based on that event. Whatever happened during that event, the next day those positions are just being closed out, win or lose.&nbsp;They\u2019re&nbsp;exiting that position and moving on.&nbsp;They\u2019re&nbsp;not holding on to those options for longer-term goals.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-5\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And you know, we talked in the past about the difference between smaller trades or big block trades, like with open interest.&nbsp;Is&nbsp;there&nbsp;implications&nbsp;of it rising from a huge, large block trade or, you know, like hundreds of&nbsp;small scattered&nbsp;trades? How does that distinction&nbsp;kind of change&nbsp;your interpretation of it?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-5\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah, exactly.&nbsp;When we take a look at the open interest increase, we try to understand, well, what led to that increase?&nbsp;You know, how did the trading, or what type of trading,&nbsp;led&nbsp;to that increase?&nbsp;So&nbsp;if we go back and look, we could look at the volume or the breakdown in the volume. And sometimes what&nbsp;you\u2019ll&nbsp;see is an open interest increase, and it was due to&nbsp;maybe one&nbsp;block&nbsp;trade.&nbsp;You know, like&nbsp;say&nbsp;a thousand contracts traded in a day, and open interest increased by a thousand. If it&nbsp;was&nbsp;one transaction, that&nbsp;indicates, well, there were two opposing parties that did a trade, and it could&nbsp;indicate&nbsp;a large institution, large hedge fund, or whatever it is&nbsp;did&nbsp;a trade for whatever reason they had. They could&nbsp;be sticking&nbsp;to a certain strategy, a hedge.&nbsp;And we could also see something different where open interest increases from a lot of different scattered trades throughout the day. You know, small trades that accumulated, and that could tell us something different\u2014where maybe something\u2019s going on, where lots of people are paying attention to something, reading something, reacting to something\u2014where it\u2019s coming from different places and it\u2019s gotten the attention of either retail traders or retail and professional traders. It could be a mix.&nbsp;But the behavior, the way that the trading activity throughout the day led to that open interest, can tell us something different behind those trades.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-nbsp\">Jeff Praissman&nbsp;&nbsp;<\/h3>\n\n\n\n<p>So, I mean,&nbsp;we\u2019ve&nbsp;talked about it a million times on our podcast in the past.&nbsp;I think the key takeaway&nbsp;is that in analyzing&nbsp;option&nbsp;activity, really there are so many data points at your disposal, whether&nbsp;it\u2019s&nbsp;open interest, whether&nbsp;it\u2019s&nbsp;volume, whether&nbsp;it\u2019s&nbsp;time and sales, and other items.&nbsp;So&nbsp;you really&nbsp;have to&nbsp;look at everything. You&nbsp;have to&nbsp;look at the full picture to be able to&nbsp;kind of formulate&nbsp;an opinion. And versus just looking at one data point, that&nbsp;doesn\u2019t&nbsp;tell the whole story by any means.&nbsp;And that being said, are you able to identify through open interest multi-leg trades, or even spread activity?&nbsp;Can you decipher between that and single-leg, or is it more that you really&nbsp;have to&nbsp;go to the volume print for that? You can just&nbsp;kind of say, okay,&nbsp;there\u2019s&nbsp;10,000 open interest contracts on the July 50 line&nbsp;and also&nbsp;10,000 on the July 60 line, but to really know&nbsp;whether or not&nbsp;it was&nbsp;actually a&nbsp;spread, you really&nbsp;have to&nbsp;go back to the volume reports.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-6\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah, exactly.&nbsp;That\u2019s&nbsp;the thing with once you&nbsp;kind of detect&nbsp;this open interest change or cumulative open interest,&nbsp;that\u2019s&nbsp;just one number there. It&nbsp;doesn\u2019t&nbsp;tell you the full story.&nbsp;And exactly like you said, it doesn\u2019t necessarily mean that if there\u2019s open interest on this one particular option, it all came from just single-leg orders into that option.&nbsp;It could have been due to a spread, which gives you a different type of information\u2014where this&nbsp;option\u2019s&nbsp;open interest increased, but it was part of a time spread or a call spread. And that puts a completely&nbsp;different perspective&nbsp;on the&nbsp;trade&nbsp;and what position is held out there or what the&nbsp;objective&nbsp;was behind that trade.&nbsp;You know, if&nbsp;you\u2019re&nbsp;doing a calendar&nbsp;spread, it tells you something much different than if you just bought or sold a call outright. And to do that, yes, you would have to work backwards and look at what led to this increase in open interest.&nbsp;Let\u2019s&nbsp;say&nbsp;we\u2019re&nbsp;looking at an increase\u2014you\u2019d&nbsp;have to go back and look at the volume,&nbsp;kind of infer. Sometimes you&nbsp;won\u2019t&nbsp;be able to, but if certain trades stick out where this is what led to this open interest increase, if it&nbsp;was&nbsp;a multi-leg trade,&nbsp;you\u2019d&nbsp;have to figure out what that trade was to understand it.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-6\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>All right. And I want to kind of switch gears a little bit here, Dimitri and Will, and bring implied volatility into the picture, because&nbsp;it\u2019s&nbsp;obviously such a big part of options.&nbsp;So&nbsp;the relationship between open interest and implied volatility\u2014can you decipher anything if open interest rises and implied volatility is also rising versus if open interest rises and implied volatility falls? What kind of dynamics are at play here?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-7\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Right.&nbsp;So&nbsp;then&nbsp;we\u2019re&nbsp;bringing in different elements or factors of analysis to paint a better picture of&nbsp;what\u2019s&nbsp;going on. And when open interest rises, that&nbsp;indicates&nbsp;there\u2019s&nbsp;more interest\u2014there\u2019s&nbsp;a buildup in a position in this&nbsp;particular&nbsp;option.&nbsp;Well then implied volatility\u2014we would go back and look at what was the impact on implied volatility.&nbsp;Similar to if there\u2019s a lot of volume in the stock, the next question is, what was the impact on the stock price?&nbsp;Was it up or down?&nbsp;That\u2019s&nbsp;how we would look at it from the perspective of options. What was the impact on the relative premium of the&nbsp;option?&nbsp;So&nbsp;if&nbsp;we\u2019re&nbsp;looking at&nbsp;an option&nbsp;where open interest increased and implied volatility increased from that trading, then the inference is that people were opening positions with higher demand for that premium, where the premium was getting pushed higher and those positions were held. Those positions had conviction, and&nbsp;they\u2019re&nbsp;still holding onto those positions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-7\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And in your webinar, you mentioned the concept of implied volatility center of gravity, really kind of\u2014for our listeners that didn\u2019t attend the webinar, which is saved on our website, you can always go back and listen to it whenever you want, and I definitely recommend it if you\u2019re interested in the subject.&nbsp;But it&nbsp;kind of means&nbsp;identifying&nbsp;what volatility level most open interest accumulated at. How can traders practically use this information for practical reasons and kind of price discovery and understanding where the market found fair value?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-8\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah, so when we keep track of the trades and trading implied volatility,&nbsp;\u2019cause&nbsp;that gives us the benchmark, the indicator. Well, what was the relative value of this&nbsp;option&nbsp;when we traded, right?&nbsp;Because&nbsp;the&nbsp;option&nbsp;itself, you know,&nbsp;it\u2019s&nbsp;gonna&nbsp;decay because of time decay.&nbsp;It\u2019s&nbsp;gonna&nbsp;change value because it has a delta.&nbsp;But the implied volatility gives us&nbsp;an indication&nbsp;of the relative value of that&nbsp;option&nbsp;at the time of the trade. And we&nbsp;talk&nbsp;about the center of gravity. We talk about, well, where is the most volume traded at what implied volatility?&nbsp;So&nbsp;we take&nbsp;kind of a&nbsp;VWAP measure, where we look at VWAPs of the stock, volume-weighted average price. We could do the same thing with options using&nbsp;the implied&nbsp;volatility. And by doing that, we have a benchmark of where was the meeting of the minds? Where did a lot of&nbsp;the trading&nbsp;activity occur? At what level was it established?&nbsp;We could compare it to the current level, but this gives us an idea of where the trading activity occurred and where the open interest still exists versus where the markets are now.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-8\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And&nbsp;you guys&nbsp;have been trading options for a long time\u2014not to date you or anything, not to make you sound old, but&nbsp;we\u2019ve&nbsp;all been around for a long time. What are some of the biggest mistakes or&nbsp;maybe misinterpretations&nbsp;you\u2019ve&nbsp;seen traders make when analyzing open interest? You know, what does it tell us, and what,&nbsp;maybe more&nbsp;importantly, what does it not tell us?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-9\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah, exactly. It&nbsp;doesn\u2019t&nbsp;tell us\u2014open interest&nbsp;on&nbsp;itself&nbsp;doesn\u2019t&nbsp;tell us the intent of the traders.&nbsp;It\u2019s&nbsp;a number.&nbsp;It\u2019s&nbsp;just a number that&nbsp;indicates&nbsp;something that we would have to go and further research and make inferences about.&nbsp;<br>But it&nbsp;doesn&#8217;t&nbsp;tell us&nbsp;the directional&nbsp;intent, because&nbsp;options&nbsp;don\u2019t&nbsp;have to be necessarily directional.&nbsp;It could be volatility, it could be a hedge, it could be a spread.&nbsp;It&nbsp;doesn\u2019t&nbsp;update in real time like volume.&nbsp;So&nbsp;a lot of people look at volume and think that the open interest updates simultaneously with it, but&nbsp;that\u2019s&nbsp;not how&nbsp;it\u2019s&nbsp;calculated, because it\u2019s based on settled trades at the end of the day, and it goes through this overnight process.&nbsp;It\u2019s&nbsp;different than&nbsp;volume, like we discussed. It tells us the positions that are not closed out yet. So those are the common things&nbsp;I think people&nbsp;get confused about when they first look at open&nbsp;interest, before&nbsp;they really start to analyze it and get more familiar with it.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-9\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>Yeah, and I think you&nbsp;kind of hit&nbsp;the nail on the head there. We&nbsp;sort of touched&nbsp;on it in the beginning, where open interest could be five in the morning, and&nbsp;maybe 10,000&nbsp;contracts are traded that day, but you&nbsp;don\u2019t&nbsp;see it in the open interest until the next day.&nbsp;So&nbsp;you&nbsp;kind of really nailed it right there, where you can use it in conjunction with volume. Like, oh,&nbsp;there\u2019s&nbsp;only five open interest and 10,000 traded, so they must be opening trades. Whereas if&nbsp;it\u2019s&nbsp;10,000 open interest and 10,000 traded, well, it might be&nbsp;opening,&nbsp;it might be closing. You&nbsp;don\u2019t&nbsp;know until the next day.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-10\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>Yeah, exactly. Or sometimes&nbsp;you\u2019ll&nbsp;see strategies where very deep in-the-money options are used for dividend or interest rate plays. We know those dividend plays and interest rate plays, where&nbsp;we\u2019ll&nbsp;see a large volume, and then all those options get exercised for that strategy, and&nbsp;there\u2019s&nbsp;zero open interest the next day because they were just exercised.&nbsp;So exactly\u2014it could be confusing when&nbsp;you\u2019re&nbsp;trying to&nbsp;match up&nbsp;volume with open interest unless you understand the different dynamics that go into both.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-10\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>And you know, this has been great. Are there any&nbsp;final thoughts&nbsp;you\u2019d&nbsp;like to leave our listeners with?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-dmitry-nbsp-pargamanik-nbsp-11\">Dmitry&nbsp;Pargamanik&nbsp;<\/h3>\n\n\n\n<p>I think as far as open interest goes with options,&nbsp;it\u2019s&nbsp;a very valuable&nbsp;metric if you use it correctly to understand how we got here. If we see this open interest, not only look at it from the perspective of what is the open&nbsp;interest, but&nbsp;use that as a starting point to see what&nbsp;was the history&nbsp;behind how we got here. That really tells the story. It&nbsp;opens up&nbsp;the real story, not just the top number on itself.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-11\">Jeff Praissman&nbsp;<\/h3>\n\n\n\n<p>Guys, thanks a lot for coming by. For our listeners, you can find more from Will and Dimitri at marketchameleon.com. They also have a morning YouTube show that they run.&nbsp;And also&nbsp;on our website, under Education, you can find they run a monthly&nbsp;webinar, which is super informative if&nbsp;you\u2019re&nbsp;into options. And then we always do a podcast right afterwards to&nbsp;kind of continue&nbsp;the discussion.&nbsp;Guys, thanks a lot, and happy New Year.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-mcbride-nbsp-0\">Will McBride&nbsp;<\/h3>\n\n\n\n<p>Thanks, Jeff.&nbsp;Great job, D.&nbsp;Thanks, everybody.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is open interest the overlooked signal that reveals where real risk and conviction are building in the options market? 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