GoCharting Docathlon
Open Interest Sense is an indicator in GoCharting created to allow intraday traders to gauge the direction of the market in realtime mode
It uses a combination of price, volume and open interest data to plot a band of colors as shown below
These colors bands are as follows
As shown in the chapter on Open Interest, we know the below logic holds true in the market
Building on this logic, we have created an extension of it which takes the Price movement % change over the course of the day along with OI % change over the course of same period to create the below rules
Below is an example of its use case. We see Gap down opening and showing early signs of Short Buildup on OI Sense
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