Options signals: PCR, OI & change-in-OI

The option chain is not just for options traders — it is a window into what large players expect. Three numbers do most of the work: Open Interest, change-in-OI, and the Put-Call Ratio.

Open Interest (OI)

OI is the number of option contracts currently open at a strike — a measure of how much positioning sits there. Heavy OI at a call strike often acts as resistance; heavy OI at a put strike often acts as support. Price tends to gravitate toward and respect these crowded levels.

Change in OI (the real tell)

OI alone is a snapshot; the change is the story:

• •Rising OI + rising price → fresh longs (bullish build-up).
• •Rising OI + falling price → fresh shorts (bearish build-up).
• •Falling OI → positions being closed (unwinding).

AlphaGrid colour-codes change-in-OI so you can see build-up vs unwind at a glance.

Put-Call Ratio (PCR)

• •PCR > 1 — more puts than calls; broadly bearish positioning (or, at extremes, a contrarian bottom).
• •PCR < 1 — more calls; bullish positioning (or a contrarian top at extremes).
• •Extremes matter far more than the exact number.