{"id":77118,"date":"2026-08-31T16:18:07","date_gmt":"2026-08-31T10:48:07","guid":{"rendered":"https:\/\/www.5paisa.com\/finschool\/?post_type=markets&#038;p=77118"},"modified":"2026-08-31T16:34:58","modified_gmt":"2026-08-31T11:04:58","slug":"open-interest","status":"publish","type":"markets","link":"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/open-interest\/","title":{"rendered":"Open Interest"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"77118\" class=\"elementor elementor-77118\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-23ba90b elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\" data-id=\"23ba90b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column 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href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/all-about-shorting\/\">All About Shorting<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/the-nifty-futures\/\">The Nifty Futures<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/the-futures-pricing\/\">The Futures Pricing<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/hedging-with-futures\/\">Hedging With Futures<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/open-interest\/\">Open Interest<\/a><\/li><\/ul><\/div><\/div><div class=\"chapters_toggle\" title=\"chapters\"><a title=\"chapters\" 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background-color:rgb(255, 255, 255); min-height:400px; '><h2><strong><b>13.1 Understanding Open Interest and Its Calculation<\/b><\/strong><\/h2>\r\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-77094 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Open-Interest.png\" alt=\"Open Interest\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Open-Interest.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Open-Interest-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Open-Interest-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Open-Interest-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Open-Interest-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Open-Interest-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Open-Interest-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Open-Interest-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p dir=\"ltr\">In futures and options trading, one of the most frequently asked questions is:<\/p>\r\n<p dir=\"ltr\"><strong>What is Open Interest (OI)?<\/strong><\/p>\r\n<p dir=\"ltr\"><strong>How is it different from traded volume, and how can traders use this data to make informed decisions?<\/strong><\/p>\r\n<p dir=\"ltr\">Open Interest refers to the total number of active contracts that have been entered into but not yet settled or closed. Every time a <strong>new buyer and a new seller<\/strong> agree on a contract, a fresh contract is created and OI rises. When an existing position is <strong>transferred<\/strong> from one trader to another (one side closes, a new side opens), OI stays the same. When both sides of an existing contract <strong>close out<\/strong> together, OI falls.<\/p>\r\n<p dir=\"ltr\">To see this in action, let&#8217;s follow five traders \u2014 Ramesh, Priya, Kunal, Meera, and Dev \u2014 trading Bank Nifty futures over one week.<\/p>\r\n<h3 dir=\"ltr\">Monday \u2014 Fresh contracts create OI<\/h3>\r\n<p dir=\"ltr\">Ramesh buys 5 contracts and Kunal buys 3, both from Priya, who sells all 8. Since these are brand-new positions on both sides, OI is created for the first time this week.<\/p>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Trader<\/th>\r\n<th scope=\"col\">Buy<\/th>\r\n<th scope=\"col\">Sell<\/th>\r\n<th scope=\"col\">Position Held<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Ramesh<\/td>\r\n<td>5L<\/td>\r\n<td>\u2013<\/td>\r\n<td>5L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Kunal<\/td>\r\n<td>3L<\/td>\r\n<td>\u2013<\/td>\r\n<td>3L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Priya<\/td>\r\n<td>\u2013<\/td>\r\n<td>8S<\/td>\r\n<td>8S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Meera<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Dev<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Total OI<\/strong><\/td>\r\n<td>\u00a0<\/td>\r\n<td>\u00a0<\/td>\r\n<td><strong>8<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<h3 dir=\"ltr\">Tuesday \u2014 A transfer leaves OI unchanged<\/h3>\r\n<p dir=\"ltr\">Priya closes 5 of her 8 short contracts by buying them back. On the other side, Meera opens a brand-new short position of 5. One trader closes while another opens \u2014 a transfer \u2014 so OI doesn&#8217;t move.<\/p>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Trader<\/th>\r\n<th scope=\"col\">Buy<\/th>\r\n<th scope=\"col\">Sell<\/th>\r\n<th scope=\"col\">Position Held<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Ramesh<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>5L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Kunal<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>3L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Priya<\/td>\r\n<td>5L<\/td>\r\n<td>\u2013<\/td>\r\n<td>3S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Meera<\/td>\r\n<td>\u2013<\/td>\r\n<td>5S<\/td>\r\n<td>5S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Dev<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Total OI<\/strong><\/td>\r\n<td>\u00a0<\/td>\r\n<td>\u00a0<\/td>\r\n<td><strong>8<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<h3 dir=\"ltr\">Wednesday \u2014 New contracts <em>and<\/em> a transfer, in the same day<\/h3>\r\n<p dir=\"ltr\">Two things happen:<\/p>\r\n<ol dir=\"ltr\">\r\n<li>Dev sells 6 fresh contracts, bought by Ramesh (4) and Kunal (2) \u2014 new interest on both sides, so OI rises by 6.<\/li>\r\n<li>Priya closes out her remaining 3 short contracts by buying them back. Meera takes the other side, opening 3 new short contracts to absorb that exposure \u2014 a transfer, so this part doesn&#8217;t change OI.<\/li>\r\n<\/ol>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Trader<\/th>\r\n<th scope=\"col\">Buy<\/th>\r\n<th scope=\"col\">Sell<\/th>\r\n<th scope=\"col\">Position Held<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Ramesh<\/td>\r\n<td>4L<\/td>\r\n<td>\u2013<\/td>\r\n<td>9L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Kunal<\/td>\r\n<td>2L<\/td>\r\n<td>\u2013<\/td>\r\n<td>5L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Priya<\/td>\r\n<td>3L<\/td>\r\n<td>\u2013<\/td>\r\n<td>0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Meera<\/td>\r\n<td>\u2013<\/td>\r\n<td>3S<\/td>\r\n<td>8S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Dev<\/td>\r\n<td>\u2013<\/td>\r\n<td>6S<\/td>\r\n<td>6S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Total OI<\/strong><\/td>\r\n<td>\u00a0<\/td>\r\n<td>\u00a0<\/td>\r\n<td><strong>14<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p dir=\"ltr\"><em>(Check: Longs = 9 + 5 + 0 = 14. Shorts = 8 + 6 = 14. \u2713)<\/em><\/p>\r\n<h3 dir=\"ltr\">Thursday \u2014 Dev&#8217;s 10 contracts split between &#8220;new&#8221; and &#8220;transfer&#8221;<\/h3>\r\n<p dir=\"ltr\">Dev sells 10 more contracts, but they don&#8217;t all behave the same way:<\/p>\r\n<ul dir=\"ltr\">\r\n<li>6 of them are bought by Ramesh as brand-new longs \u2192 fresh contracts, OI rises by 6.<\/li>\r\n<li>The other 4 are bought by Meera specifically to close out 4 of her existing 8 short contracts \u2192 a transfer (Meera closes, Dev opens), no change to OI from this part.<\/li>\r\n<\/ul>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Trader<\/th>\r\n<th scope=\"col\">Buy<\/th>\r\n<th scope=\"col\">Sell<\/th>\r\n<th scope=\"col\">Position Held<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Ramesh<\/td>\r\n<td>6L<\/td>\r\n<td>\u2013<\/td>\r\n<td>15L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Kunal<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>5L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Priya<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Meera<\/td>\r\n<td>4L<\/td>\r\n<td>\u2013<\/td>\r\n<td>4S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Dev<\/td>\r\n<td>\u2013<\/td>\r\n<td>10S<\/td>\r\n<td>16S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Total OI<\/strong><\/td>\r\n<td>\u00a0<\/td>\r\n<td>\u00a0<\/td>\r\n<td><strong>20<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p dir=\"ltr\"><em>(Check: Longs = 15 + 5 = 20. Shorts = 4 + 16 = 20. \u2713)<\/em><\/p>\r\n<h3 dir=\"ltr\">Friday \u2014 A genuine close-out reduces OI<\/h3>\r\n<p dir=\"ltr\">Kunal decides to exit entirely, selling his full 5-contract long position. Dev buys those 5 back, covering part of his short. Both sides are <strong>closing<\/strong> existing exposure \u2014 nobody is opening anything new \u2014 so OI falls by 5.<\/p>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Trader<\/th>\r\n<th scope=\"col\">Buy<\/th>\r\n<th scope=\"col\">Sell<\/th>\r\n<th scope=\"col\">Position Held<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Ramesh<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>15L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Kunal<\/td>\r\n<td>\u2013<\/td>\r\n<td>5L<\/td>\r\n<td>0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Priya<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Meera<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>4S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Dev<\/td>\r\n<td>5L<\/td>\r\n<td>\u2013<\/td>\r\n<td>11S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Total OI<\/strong><\/td>\r\n<td>\u00a0<\/td>\r\n<td>\u00a0<\/td>\r\n<td><strong>15<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p dir=\"ltr\"><em>(Check: Longs = 15. Shorts = 4 + 11 = 15. \u2713)<\/em><\/p>\r\n<h3 dir=\"ltr\">Final Observations<\/h3>\r\n<p dir=\"ltr\">Open Interest is a dynamic figure that reflects the number of live contracts in the market. It rises only when both a new buyer and new seller create a contract, stays flat when a position simply changes hands (a transfer), and falls only when both sides of an existing contract close out together.<\/p>\r\n<p dir=\"ltr\">Notice that at every single point in the week, if you assign a positive sign to long positions and a negative sign to short positions, the net sum across all five traders is exactly zero: on Friday, Ramesh (+15) and Dev (\u221211) and Meera (\u22124) net to zero, with Kunal and Priya flat. This is why derivatives trading is often called a <strong>zero-sum game<\/strong> \u2014 every gain for one participant is matched by a loss for another.<\/p>\r\n<p dir=\"ltr\">Understanding OI alongside volume can help traders gauge market sentiment, liquidity, and potential reversals:<\/p>\r\n<ul dir=\"ltr\">\r\n<li><strong>Rising OI + rising price<\/strong> \u2192 new money flowing in on the long side, suggesting strong bullish conviction.<\/li>\r\n<li><strong>Rising OI + falling price<\/strong> \u2192 new short positions being built, suggesting bearish conviction.<\/li>\r\n<li><strong>Falling OI<\/strong> (regardless of price direction) \u2192 traders are closing out, meaning the prevailing trend may be losing steam.<\/li>\r\n<\/ul><\/div>\n<div id='text_slider_slide02' class='sa_hover_container' data-hash='What-Are-Volume-and-Open-Interest' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2>13.2 \u00a0<strong><b>What Are Volume and Open Interest?<\/b><\/strong><\/h2>\r\n<p><img decoding=\"async\" class=\"aligncenter wp-image-77095 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/OI-Vs-Volume.png\" alt=\"OI Vs Volume\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/OI-Vs-Volume.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/OI-Vs-Volume-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/OI-Vs-Volume-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/OI-Vs-Volume-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/OI-Vs-Volume-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/OI-Vs-Volume-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/OI-Vs-Volume-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/OI-Vs-Volume-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p dir=\"ltr\">In derivatives trading, Volume and Open Interest (OI) are two key metrics that help traders understand market activity. While they may look similar, they measure very different things:<\/p>\r\n<ul dir=\"ltr\">\r\n<li><strong>Volume<\/strong> tells us how many contracts were traded during the day. It resets to zero every morning and accumulates as trades happen.<\/li>\r\n<li><strong>Open Interest<\/strong> tells us how many contracts are currently active \u2014 that is, not yet squared off. It reflects the total number of open positions in the market at any point in time, and it <em>carries over<\/em> from one day to the next.<\/li>\r\n<\/ul>\r\n<p dir=\"ltr\">If, on a given day, 500 contracts are bought and 500 are sold, the volume for the day is 500 (not 1,000), because each buy-sell pair counts as one trade. Whether OI changes depends on <em>who<\/em> is on each side of that trade: if both the buyer and seller are opening brand-new positions, OI rises by 500. If one side is simply closing an old position while the other opens a new one, OI stays flat. If both sides are closing existing positions against each other, OI falls by 500.<\/p>\r\n<h3 dir=\"ltr\">Daily Example: Volume vs OI<\/h3>\r\n<p dir=\"ltr\">Let&#8217;s walk through a week of trading activity in Nifty Futures using five fictional traders: Amit, Riya, Kabir, Sneha, and Dev. Each day shows one clean transaction, so you can see exactly how OI is built, transferred, and unwound.<\/p>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Day<\/th>\r\n<th scope=\"col\">Buyer<\/th>\r\n<th scope=\"col\">Seller<\/th>\r\n<th scope=\"col\">Quantity (Lots)<\/th>\r\n<th scope=\"col\">Nature of Trade<\/th>\r\n<th scope=\"col\">Volume<\/th>\r\n<th scope=\"col\">OI<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Monday<\/td>\r\n<td>Amit (new)<\/td>\r\n<td>Riya (new)<\/td>\r\n<td>10<\/td>\r\n<td>Fresh contract \u2014 both sides opening<\/td>\r\n<td>10<\/td>\r\n<td>10<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Tuesday<\/td>\r\n<td>Kabir (new)<\/td>\r\n<td>Sneha (new)<\/td>\r\n<td>8<\/td>\r\n<td>Fresh contract \u2014 both sides opening<\/td>\r\n<td>8<\/td>\r\n<td>18<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Wednesday<\/td>\r\n<td>Dev (new)<\/td>\r\n<td>Riya (closing)<\/td>\r\n<td>10<\/td>\r\n<td>Transfer \u2014 Riya exits her short fully, Dev opens a new short<\/td>\r\n<td>10<\/td>\r\n<td>18<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Thursday<\/td>\r\n<td>Sneha (closing)<\/td>\r\n<td>Amit (partial close)<\/td>\r\n<td>8<\/td>\r\n<td>Close \u2014 Sneha exits her short fully; Amit reduces his long from 10 to 2<\/td>\r\n<td>8<\/td>\r\n<td>10<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Friday<\/td>\r\n<td>Dev (partial close)<\/td>\r\n<td>Kabir (closing)<\/td>\r\n<td>8<\/td>\r\n<td>Close \u2014 Kabir exits his long fully; Dev reduces his short from 10 to 2<\/td>\r\n<td>8<\/td>\r\n<td>2<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p dir=\"ltr\"><strong>Position tracker (so you can verify the OI figures yourself):<\/strong><\/p>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Trader<\/th>\r\n<th scope=\"col\">End of Mon<\/th>\r\n<th scope=\"col\">End of Tue<\/th>\r\n<th scope=\"col\">End of Wed<\/th>\r\n<th scope=\"col\">End of Thu<\/th>\r\n<th scope=\"col\">End of Fri<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Amit<\/td>\r\n<td>10L<\/td>\r\n<td>10L<\/td>\r\n<td>10L<\/td>\r\n<td>2L<\/td>\r\n<td>2L<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Riya<\/td>\r\n<td>10S<\/td>\r\n<td>10S<\/td>\r\n<td>0<\/td>\r\n<td>0<\/td>\r\n<td>0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Kabir<\/td>\r\n<td>\u2013<\/td>\r\n<td>8L<\/td>\r\n<td>8L<\/td>\r\n<td>8L<\/td>\r\n<td>0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Sneha<\/td>\r\n<td>\u2013<\/td>\r\n<td>8S<\/td>\r\n<td>8S<\/td>\r\n<td>0<\/td>\r\n<td>0<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Dev<\/td>\r\n<td>\u2013<\/td>\r\n<td>\u2013<\/td>\r\n<td>10S<\/td>\r\n<td>10S<\/td>\r\n<td>2S<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Total Longs<\/strong><\/td>\r\n<td><strong>10<\/strong><\/td>\r\n<td><strong>18<\/strong><\/td>\r\n<td><strong>18<\/strong><\/td>\r\n<td><strong>10<\/strong><\/td>\r\n<td><strong>2<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Total Shorts<\/strong><\/td>\r\n<td><strong>10<\/strong><\/td>\r\n<td><strong>18<\/strong><\/td>\r\n<td><strong>18<\/strong><\/td>\r\n<td><strong>10<\/strong><\/td>\r\n<td><strong>2<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>OI<\/strong><\/td>\r\n<td><strong>10<\/strong><\/td>\r\n<td><strong>18<\/strong><\/td>\r\n<td><strong>18<\/strong><\/td>\r\n<td><strong>10<\/strong><\/td>\r\n<td><strong>2<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p dir=\"ltr\">Notice that Total Longs always equals Total Shorts always equals OI \u2014 that identity holds on every single day, which is how you can sanity-check any OI table.<\/p>\r\n<p dir=\"ltr\">Also notice how <strong>volume never accumulates<\/strong> (it&#8217;s a fresh count each day: 10, 8, 10, 8, 8), while <strong>OI carries forward and only moves based on the nature of that day&#8217;s trade<\/strong> \u2014 rising on fresh contracts (Mon, Tue), holding steady on a transfer (Wed), and falling on genuine close-outs (Thu, Fri).<\/p>\r\n<h3 dir=\"ltr\">Interpreting Price, Volume, and OI Together<\/h3>\r\n<p dir=\"ltr\">Traders rarely look at volume or OI in isolation. Combining them with price movement reveals much more about market conviction.<\/p>\r\n<h4 dir=\"ltr\">Price vs Volume<\/h4>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Price Movement<\/th>\r\n<th scope=\"col\">Volume Movement<\/th>\r\n<th scope=\"col\">Trader&#8217;s Perception<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Increase<\/td>\r\n<td>Increase<\/td>\r\n<td>Bullish \u2014 strong buying interest<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Decrease<\/td>\r\n<td>Decrease<\/td>\r\n<td>Bearish trend may be ending \u2014 possible reversal<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Decrease<\/td>\r\n<td>Increase<\/td>\r\n<td>Bearish \u2014 aggressive selling<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Increase<\/td>\r\n<td>Decrease<\/td>\r\n<td>Bullish trend may be ending \u2014 possible reversal<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p dir=\"ltr\"><strong>Explanation:<\/strong><\/p>\r\n<ul dir=\"ltr\">\r\n<li>Price \u2191 + Volume \u2191 = Strong bullish conviction. New buyers are entering with confidence.<\/li>\r\n<li>Price \u2193 + Volume \u2191 = Strong bearish conviction. Sellers are active and aggressive.<\/li>\r\n<li>Price \u2193 + Volume \u2193 = Weak selling. Could signal exhaustion and a reversal.<\/li>\r\n<li>Price \u2191 + Volume \u2193 = Weak buying. Could signal a topping out.<\/li>\r\n<\/ul>\r\n<p dir=\"ltr\">This table is useful for trend traders who want to know whether a move is sustainable or fading.<\/p>\r\n<h4 dir=\"ltr\">Price vs Open Interest<\/h4>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Price Movement<\/th>\r\n<th scope=\"col\">OI Movement<\/th>\r\n<th scope=\"col\">Trader&#8217;s Perception<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Increase<\/td>\r\n<td>Increase<\/td>\r\n<td>Bullish \u2014 new long positions being added<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Decrease<\/td>\r\n<td>Decrease<\/td>\r\n<td>Bearish trend may be ending \u2014 possible reversal<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Decrease<\/td>\r\n<td>Increase<\/td>\r\n<td>Bearish \u2014 new shorts being added<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Increase<\/td>\r\n<td>Decrease<\/td>\r\n<td>Bullish trend may be ending \u2014 possible reversal<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p dir=\"ltr\"><strong>Explanation:<\/strong><\/p>\r\n<ul dir=\"ltr\">\r\n<li>Price \u2191 + OI \u2191 = New long positions are being added. Strong bullish signal.<\/li>\r\n<li>Price \u2193 + OI \u2191 = New short positions are being added. Strong bearish signal.<\/li>\r\n<li>Price \u2193 + OI \u2193 = Shorts are exiting (covering). Bearish trend may be ending.<\/li>\r\n<li>Price \u2191 + OI \u2193 = Longs are exiting (unwinding). Bullish trend may be ending.<\/li>\r\n<\/ul>\r\n<p dir=\"ltr\">This table is especially useful for futures traders who want to know whether the market is building fresh positions or winding down \u2014 something price and volume alone can&#8217;t tell you, since only OI distinguishes a <em>new<\/em> position from an <em>existing<\/em> one changing hands.<\/p>\r\n<h4 dir=\"ltr\">Volume vs Open Interest (confirming conviction)<\/h4>\r\n<p dir=\"ltr\">Price tells you direction; volume and OI together tell you how much <em>fresh commitment<\/em> is behind that move, independent of which way price is going.<\/p>\r\n<div dir=\"ltr\">\r\n<table>\r\n<thead>\r\n<tr>\r\n<th scope=\"col\">Volume Movement<\/th>\r\n<th scope=\"col\">OI Movement<\/th>\r\n<th scope=\"col\">Trader&#8217;s Perception<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Increase<\/td>\r\n<td>Increase<\/td>\r\n<td>High participation with fresh positions \u2014 the move is well-supported and more likely to continue<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Increase<\/td>\r\n<td>Decrease<\/td>\r\n<td>High participation, but it&#8217;s existing positions unwinding or covering \u2014 an aggressive but potentially short-lived move<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Decrease<\/td>\r\n<td>Increase<\/td>\r\n<td>Positions still building, but quietly \u2014 a slow accumulation phase<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Decrease<\/td>\r\n<td>Decrease<\/td>\r\n<td>Low participation and positions shrinking \u2014 the market is going quiet, often near the end of a trend<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p dir=\"ltr\"><strong>Explanation:<\/strong><\/p>\r\n<ul dir=\"ltr\">\r\n<li>Volume \u2191 + OI \u2191 = Fresh money is entering aggressively. Combined with a price direction, this is the strongest confirmation of that trend.<\/li>\r\n<li>Volume \u2191 + OI \u2193 = A lot of activity, but it&#8217;s people closing out (covering shorts or unwinding longs), not new conviction \u2014 treat the move with caution.<\/li>\r\n<li>Volume \u2193 + OI \u2191 = Positions are still being built, just without much fanfare. Can precede a bigger move once volume picks up.<\/li>\r\n<li>Volume \u2193 + OI \u2193 = Interest is drying up on both fronts \u2014 a classic sign that a trend is losing steam.<\/li>\r\n<\/ul>\r\n<p dir=\"ltr\"><strong>Important:<\/strong> Volume and OI, on their own, only tell you <em>how much<\/em> activity and <em>how many<\/em> positions exist \u2014 never <em>which side<\/em> (long or short) is building. To know whether it&#8217;s longs or shorts driving the OI change, you always need to read OI together with price direction, as in the Price vs OI table above.<\/p>\r\n<p dir=\"ltr\">If you see very high OI along with rapid price movement, it often means the market is highly leveraged \u2014 many traders have taken large positions. In such cases, even a small news event or shock can trigger panic, leading to sharp reversals. This is why experienced traders monitor OI not just for direction, but for risk buildup.<\/p><\/div>\n<div id='text_slider_slide03' class='sa_hover_container' data-hash='Physical-Settlement-Overview' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2><strong>13.3 <\/strong><strong><b>Physical Settlement Overview<\/b><\/strong><\/h2>\r\n<p><img decoding=\"async\" class=\"aligncenter wp-image-77097 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Physical-Settlement-1.png\" alt=\"Physical Settlement\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Physical-Settlement-1.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Physical-Settlement-1-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Physical-Settlement-1-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Physical-Settlement-1-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Physical-Settlement-1-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Physical-Settlement-1-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Physical-Settlement-1-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/Physical-Settlement-1-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>Earlier, futures and options on individual stocks in India were cash-settled. This meant that when the contract expired, traders didn\u2019t actually receive or deliver shares; instead, the profit or loss was adjusted in cash. But on April 11, 2018, SEBI announced a shift: stock F&amp;O contracts would gradually move to physical delivery. The idea was to reduce speculative trading that often caused sharp swings in stock prices.<\/p><\/div>\n<div id='text_slider_slide04' class='sa_hover_container' data-hash='What-is-Physical-Settlement?' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2 style=\"text-align: left\"><strong>13.4 <\/strong><strong><b>What is Physical Settlement?<\/b><\/strong><\/h2>\r\n<h2 style=\"text-align: left\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77101 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/What-is-Physical-Settlement-1.png\" alt=\"What is Physical Settlement\" width=\"914\" height=\"872\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/What-is-Physical-Settlement-1.png 914w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/What-is-Physical-Settlement-1-300x286.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/What-is-Physical-Settlement-1-768x733.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/What-is-Physical-Settlement-1-50x48.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/What-is-Physical-Settlement-1-100x95.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2026\/08\/What-is-Physical-Settlement-1-150x143.png 150w\" sizes=\"(max-width: 914px) 100vw, 914px\" \/><\/strong><\/h2>\r\n<p>Physical settlement means that when a stock F&amp;O contract expires, the trader will have to give or take delivery of the underlying shares if the position has not been squared off or rolled over. This applies only to stock derivatives and not index futures or options (like Nifty or Bank Nifty) which continue to be cash-settled.<\/p>\r\n<p>SEBI transitioned it in a phased manner based on the market capitalisation of the stocks between April and October 2019 with the remaining eligible stocks moving to physical settlement by the expiry in October 2019.<\/p>\r\n<p><strong>What this means in practice depends on your point of view:<\/strong><\/p>\r\n<p><strong>Long futures<\/strong> (for example you have taken a buy position in SBI futures at expiry): You have to pay whole value of contract (lot size \u00d7 closing price) and shares are credited to your Demat account.<br \/><strong>Short futures:<\/strong> You have to deliver the shares \u2013 if you don&#8217;t already own them you will need to buy them on the market or pay penalties.<br \/>The obligation is calculated at the strike price and not at the closing market price . A long in-the-money call\/put holder pays\/delivers per the strike; the option seller (writer) on the other side has the matching delivery obligation.<\/p><\/div><\/div><\/div><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div><\/div><\/div><\/section><\/div><p class=\"read-more-container\"><a title=\"Open Interest\" class=\"read-more content-read-more\" href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/open-interest\/#more-77118\" aria-label=\"Read more about Open Interest\">Read more<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Study Slides Videos 13.1 Understanding Open Interest and Its Calculation In futures and options trading, one of the most frequently asked questions is: What is Open Interest (OI)? How is it different from traded volumes, and how can traders use this data to make informed decisions? Open Interest refers to the total number of active &#8230; <a title=\"Open Interest\" class=\"read-more\" href=\"https:\/\/www.5paisa.com\/finschool\/course\/equity-derivatives-course\/open-interest\/\" aria-label=\"Read more about Open Interest\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":21115,"menu_order":9,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"class_list":["post-77118","markets","type-markets","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/77118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets"}],"about":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/types\/markets"}],"author":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/comments?post=77118"}],"version-history":[{"count":14,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/77118\/revisions"}],"predecessor-version":[{"id":77142,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/77118\/revisions\/77142"}],"up":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/21115"}],"wp:attachment":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/media?parent=77118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/categories?post=77118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}