Track Top Changes in Options Open Interest with MarketXLS
MarketXLS offers powerful built-in functions, such as opt_OptionsChangeInOILeaders, to help you quickly identify and filter the top options contracts exhibiting the greatest changes in open interest. This can be especially useful for analyzing market sentiment and spotting potential trading opportunities in both the Indian and US equity or index markets.
Why Use This Function?
- See Which Options Are Most Active: Identify contracts with the highest open interest changes, revealing where traders may be focusing.
- Explore International Markets: Seamlessly switch between Indian and US markets by specifying the country parameter.
- Flexibility in Instrument Type: Filter by equity or index instruments to drill down on precisely the type of options you want to track.
- Live Data Access: The function fetches daily updated data, saving you time hunting for the latest trends.
- Suitable for Diverse Strategies: From swing traders to long-term investors, open interest changes can help guide a variety of option-based trading approaches.
How to Use in Excel
=opt_OptionsChangeInOILeaders(NumberOfRecords, [Country], [InstrumentType])
- Enter the formula in any empty cell in Excel.
- Replace “NumberOfRecords” with how many top results you want.
- (Optional) Provide the “Country” as "IN" or "India" for Indian markets, or "US" for the US market. Invalid or unspecified entries default to "US".
- (Optional) Set “InstrumentType” to "equity" or "index" to narrow down to a specific instrument type. If left blank or invalid, it fetches data for all instruments.
After you confirm your inputs, the function outputs the name of the function ("opt_OptionsChangeInOILeaders") in the cell, and the retrieved data is printed in your Excel sheet.
Parameters Explained
Parameter | Description | Example Values | Notes |
---|---|---|---|
NumberOfRecords | The number of top results you want to retrieve, based on OI change leaders. | 10, 20, 50 | Mandatory. Must be a positive integer. |
Country | Optional. Specifies the market country. | "IN", "India", "US" | Defaults to "IN" if "IN" or "India" is detected, otherwise defaults to "US". |
InstrumentType | Optional. Defines the type of underlying instrument to consider. | "equity", "index", or "" | Defaults to an empty string, effectively meaning all instruments unless specified. |
Example Usage
Basic Examples
-
Show the Top 10 OI Change Leaders for India (All Instruments)
• In a blank cell:
=opt_OptionsChangeInOILeaders(10, "IN")
• This returns the function name in the cell while printing the top 10 India-based options (all instruments) with the biggest change in open interest into the worksheet. -
Show the Top 5 OI Change Leaders for the US (Equity Options)
• Enter:
=opt_OptionsChangeInOILeaders(5, "US", "equity")
• Retrieves a list of five US equity options with the highest OI change and prints that data into your sheet. -
Retrieve 20 OI Change Leaders with Default Country Assignments
• Enter:
=opt_OptionsChangeInOILeaders(20)
• Defaults to India (“IN”) since Country is not specified, pulling up the top 20 results across all instruments.
Advanced Scenarios
-
Combining with Other Excel Functions
• Use cell references and additional formulas to filter, sort, or highlight specific OI changes. For instance, build a dashboard that automatically refreshes every day to display high open interest changes. -
Strategy Integration
• Day traders can reference these high OI change leaders to confirm short-term volatility.
• Swing traders can combine OI change with price action analysis to spot potential breakouts or reversals. -
Mixed-Region & Mixed-Instrument Analysis
• If you track both Indian and US markets, run separate calls for “US” and “IN” in different cells. Combine or compare them side by side for a global view of high OI activity in equities and indexes.
Common Questions and Troubleshooting
-
Why does the function return "NA"?
• The function returns "NA" if an error occurs while fetching data. Check your internet connection, license validity, or input parameters. -
What if my license is not valid?
• A message is returned indicating an invalid license. Ensure your MarketXLS license is up to date. -
Why do I see no data or only column headers?
• If no records are available or the data set is empty, you may see an empty table with headers. This can occur when there aren’t enough matching contracts or if you specified an oversize NumberOfRecords. -
What happens if an incorrect country code is specified?
• The function detects "India" or "IN" and defaults to India for those; otherwise, it sets to "US". Any other value effectively defaults to "US". -
Does the function filter out expired options?
• Yes, it excludes expired contracts, ensuring that only current and relevant options are listed.
By harnessing opt_OptionsChangeInOILeaders, you can fine-tune your options analysis, identify noteworthy market trends, and take advantage of timely trading opportunities—all within your familiar Excel environment. This comprehensive function streamlines daily research and enables data-driven decisions for both short-term and long-term option strategies.