OI Heat Oscillator (Z on ΔOI%) — _OI source

OI Heat Oscillator — A Free Indicator for the Trading Community

What is Open Interest (OI)?
Open Interest represents the total number of active futures or perpetual contracts that have not yet been closed. It’s a way to measure how much “betting action” or participation there is in a market.

Why watch OI?
Changes in OI often signal when traders are entering or exiting positions, which can precede strong price moves. However, raw OI data can be noisy and difficult to interpret on its own.

How does this indicator help?
The OI Heat Oscillator calculates the percentage change in OI and compares it statistically against recent history using a z-score. This highlights when OI changes are unusually large or small, reflecting significant shifts in market leverage.

To avoid false signals, it also checks trading volume and price direction, giving you a smoothed, easy-to-read heat score from 0 to 100.

What do the zones mean?
Hot-Long (above 80): Strong OI build-up with rising price, signalling increased buying interest and leverage.

Hot-Short (below 20): Strong OI build-up with falling price, signalling increased selling interest.

Neutral (around 50): Normal OI activity, no significant leverage changes.

Where does the OI data come from?

This script works on any market or exchange that has _OI data on TradingView — not just Binance.

By default, it looks for the chart’s symbol with _OI appended (e.g. BINANCE:BTCUSDTPERP_OI).

If no OI feed exists for your chart, you can set your own override ticker in the settings (e.g. CME:BTC1!_OI, BYBIT:ETHUSDT.P_OI).

If TradingView doesn’t offer _OI data for your symbol, the script will prompt you to choose an alternative.

How can you use it?

Use this indicator to spot when momentum is building, when markets might be crowded, or when traders are unwinding positions. Combine it with your own analysis to improve timing and risk management.

Happy trading!