Introducing: Open Interest (OI) Indicators on Dhan Platforms & TradingView Charts

Product Announcements 🔈
1

Hi All,

If you are an Option Trader, you already know how important Open Interest (OI) is for your trading decisions - be it for intraday trading or carrying forward positions.

On Dhan, we know this and have the Open Interest data on Option Chain in real-time across all the Dhan platforms. But this has no trail with respect to time - so you know what is the open interest at that moment, but did not know how OI has changed over the period of time.

As we could have had it, we already had many requests from Option Traders on Dhan to bring this to you. So here we are - to make your trader experience even better and help you stay informed about your trading decisions - we’re now introducing Open Interest as an Indicator for all individual F&O Scrips across all Dhan platforms on the TradingView charts.

OI Indicator
OI Indicator1600×900 239 KB

With Open Interest Indicator you will get a line chart plotted with respect to the time scale, corresponding to each candle above on the chart. This was the most asked indicator in the community and yes, we are here with it. We tried to deliver it as fast as possible and made sure that it was optimum and up to the mark.

OI indicator
OI indicator3290×2418 645 KB
OI indicator
OI indicator847×1715 189 KB

How to interpret OI indicator

The OI line chart is plotted with a timestamp as an indicator on the chart. Here, for example in the above chart (illustration only) we have Price and Open Interest as two data sets to interpret.

  • OI is increasing and Prices are also increasing. We can conclude that fresh longs are building up and the market is bullish.
  • OI decreasing & prices also decreasing, so Longs are unwinding. This is kind of squaring off the longs.
  • OI increasing & price decreasing, shorts are building up. The market can be bearish.
  • OI decreasing & price increasing, shorts are unwinding. Squaring off the shorts.

We can combine volume also with this dataset and weightage the signal. Open Interest (OI) Indicator is now available on all Dhan platforms - Dhan Mobile app, Dhan web, Options Trader & our TradingView console on (tv.dhan.co).

We have already introduced 100+ indicators on our Dhan trading platform and we’ll be adding more over time. To sum up, as usual, our endeavor is to give you the best possible trading experience on Dhan with every new upgrade and feature launch.

We would love to hear what you think about this one. Thank you.

Product
Naman

12 Likes
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Keep building great features for us. Dhan is just awesome beyond words can describe :+1:

2 Likes
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Thanks for update.
Kindly add exponential moving average in OI indicator.

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@PravinJ @Naman
Kindly check this & reply …

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Hi @Amarsingh_Shinde

Noted. We have your request and feedback. Will will evaluate & try to incorporate this in our roadmap.

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@Naman / Dhan TV team,
Thanks for this awesome feature addition. Can we please have Weighted / Exp / SMA over OI Indicator, is there any update on this ?

2 Likes
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Welcome to Dhan community @nsuyash11. If you are already using these indicators on main TradingView, now you can connect Dhan to same via Trade Panel and start using then right away.

More on that here: TradingView Connect Broker - Connect Dhan to Trading Panel

1 Like
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Kudos to the Dhan / TV team @PravinJ

This is an excellent direction to go ! However, individual Option Strikes need to be available on main TV as tradeable instruments. Looking forward to have this feature fully integrated. Thank you !

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I can’t find this on trading view. I can see it on dhan platform and on tv.dhan.co. But i want to test this on tradingview and can’t it on tradingview itself

1 Like
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Hi @PJ.
Thanks for building such a nice product.
Onboarded recently to Dhan and liking it well seeing the features you people have developed.
Coming to the feature @nsuyash11 has requested, we use OI indicator for the options, but sadly option data is not available on standalone TV. So we are using tv.dhan.co for the option charts. But here, we are not able to find any option to apply Moving average over the OI indicator.
I request you to please implement this feature of MA on OI too like RSI has it (MA on RSI).
Thanks. :slight_smile:

2 Likes
11

5 months, no update
@PravinJ

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very happy to introduce this indicator, is it possible add the label/symbol that indicator on line graph like bearish /bullish /long unwinding like ,if you symbolized for new traders it help a lot ,they may interpret the market and they may protect their capital and enjoy the trading

and one more bug /this option may not available on mobile app chart resetting by on main chart

1 Like
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Thanks @svineels for your kind words. Noted this, for now we have shipping our existing commitments made - Strategy Builder and Lighter / Faster version of Dhan app.

We are making note of all suggestions, and will pick up new indicators after a while. On charts too, we see odd instances of users stating they are slow at times - our teams want to first make sure we optimise as much as possible for speed and reliability, so we are overviewing all things at our end.

2 Likes
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Yes. The charts have little bugs. I myself have reported 2 of them to the team and they responded very well. Hope, we will get a bug free platforms sooner .

1 Like
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@PravinJ
Any update on this ??

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We continue to work on our existing core trading products. Updates, on indicators we will pick up later, we haven’t started on that yet. We keep posting updates on things we ship.

1 Like
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Any timeline ??
B’coz developing core product takes lots of time.

1-2 peoples can work on indicator, no need to deploy entire team for that.
(Just to write 2 lines of code, we don’t need entire team. I can write it for you.

emaOI = ta.ema(OI, emaValue)
plot (emaOI)

)

Also indicators are part of core products.
Hope you understand …!!!

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Thank you so much Dhan Team for providing ema/sma with OI.

2 Likes