HOW TO USE TREDCODE OI COMPASS

First understand concept of Option chain reading

It is explained in first module of Options

Now you can come to OI compass feature on Tredcode

Its a segment dedicated to intraday activities happened on nifty & Bank nifty OPTIONS Options Interest

this is for the purpose of understanding todays selected range dynamic change in OI

This tool is effective for intraday trading and not for BTST or Positional Trades
here we see two major component

1. Horizontal bars in different different strikes

Each red bar represents change in open

interest in call Options and if happens on
out of the money OTM we generally call it
call writing

Each green bar represents change in

open interest in put Options
and if happens on out of the money
OTM we generally call it put writing
Color code interpretation

Here in defined period, we simply

needs to check which bar is large
As in this picture red bar is
comparatively much larger than
green so this is bearish market
indication for that period.

As it indicates CE change
means Ce writing is huge
Compare to green bar or PE writing
Based on this we can conclude 4 conditions

1. bullish data

Here PE change is comparatively high

and shown by green bar
So, in this case we can say data is bullish
2. Strong bullish data

In this scenario,
you can check pe writing is huge
Which is bullish indication but,
Ce change is in negative which says
good short covering is happening

Now this provides a very good bullish

momentum
3. Bearish Data

Its general bearish scenario

where, we see good strong red bar
As compared to green bar

That indicated in given period good

CE writing happened than PE writing
and provides Bullish momentum
4. Strong Bearish data

This is most bearish indication

where, We find huge CE writing and
puts are in negative, so given red colors
That indicates put unwinding and
Indicates strong down momentum
This is entire expiry CE and PE positions

Generally, we call it put-call ratio

This gives idea about open positions

of entire option chain but
hardly any idea about intraday moves
Now most important thing is how to see these conditions in different market phases

For this watch all the recorded videos on option module, especially options buying with limited capital

as applying this scenarios with learned price action methods increases probability of profits

And can give very good risk rewards in different market conditions