LazyBear ' s "Weiss Wave " codes are used for open interests.
Original Weiss Wave :
Let's start :
Open Interest vs. Volume: An Overview
and open interest are two key measurements that describe the liquidity and activity of contracts In the options and markets. However, their meanings and applications are different. refers to the number of contracts traded in a given period, while open interest denotes the number of active contracts.
Trading measures the number of options or contracts being exchanged between buyers and sellers, identifying the level of activity for that particular contract. For every buyer, there is a seller, and the transaction itself counts toward the daily .
Open interest indicates the number of options or contracts that are held by traders and investors in active positions. These positions have not been closed out, expired, or exercised. Open interest decreases when holders and writers of options (or buyers and sellers of ) close out their positions. To close out positions, they must take offsetting positions or exercise their options. Open interest increases once again when investors and traders open new long positions or writers/sellers take on new short positions. Open interest also increases when new options or contracts are created.
Options or contract trading can only increase while open interest can either increase or decrease. While trading indicates the number of contracts that have been bought or sold, open interest identifies the number of contracts that are currently held.
Reference : https://www.investopedia.com/ask/answers...
*** Worked to define all . You can look them in codes (between line : 13 to line 94 )
** CAUTION 1 : Since each instrument in the list has its own unique contract data, you must first enter its name to display it. I recommend you to select OANDA from the markets. Finally, when the reports are issued, it may repaints. However, this repaint is usually close to closing or after close .(When reports are so sharp ) So use this script only 1W ( 1 week ) or 1 M ( 1 month ) timeframe.
** CAUTION 2 : This data is taken to Tradingview with the help of Quandl. This is a tremendous possibility, but the system will not work if there is a malfunction.
Switchable Preferences added. Now Futures using Open Interest Bars and others using Volume Bars. You can choose from on settings !
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.