MarketXLS

Options OI Leaders

Returns the stocks and ETFs with the highest absolute options open interest. Open interest represents the total number of outstanding option contracts.

Parameters

Parameter Required Description
NumberOfRecords Yes Number of results to return
Country No Country filter (default: US)
InstrumentType No All, Stock, or ETF (default: All)

What This Measures

  • Total outstanding option contracts
  • Combined calls and puts
  • Represents total market commitment

Understanding Open Interest

Metric Meaning
High OI Large positions/hedging activity
OI at specific strikes Support/resistance levels
OI changes New money entering/exiting

Notes

  • OI updates overnight (not intraday)
  • High OI often indicates institutional involvement
  • Can indicate key support/resistance levels

Syntax

=opt_OptionsOILeaders(NumberOfRecords, [Country], [InstrumentType])
Excel Desktop (Windows)

Parameters

numberOfRecordsnumberRequired
countrystring
instrumentTypestring

Returns

array

Array of stocks with highest options open interest

Examples

=opt_OptionsOILeaders(10)
Top 10 OI leaders
=opt_OptionsOILeaders(5, "US", "Stock")
Stocks only
=opt_OptionsOILeaders(5, "US", "ETF")
ETFs only
=opt_OptionsOILeaders(20)
Top 20 results

When to Use

  • Find options with most outstanding contracts
  • Identify key levels with high OI
  • Screen for institutional participation
  • Analyze market positioning
  • Find liquid options markets

When NOT to Use

Scenario Use Instead
Need OI change leaders opt_OptionsChangeInOILeaders()
Need volume leaders opt_OptionsVolumeLeaders()
Need unusual activity opt_UnusualStockOptionsActivity()
Need volume change opt_OptionsChangeInVolumeLeaders()

Common Issues & FAQ

Why is OI different from volume?

Volume is trading activity for the day. OI is the total number of contracts that exist and haven't been closed.

What does high OI at a strike mean?

High OI at specific strikes often represents support/resistance levels or large hedging positions.

When does OI update?

Open interest updates overnight and reflects the previous day's closing positions.

Excel Templates Using Options OI Leaders

These ready-made MarketXLS templates call opt_OptionsOILeaders() in their worksheet formulas. Open one to see the function working inside a complete model.

Related Formulas

More MarketXLS Options formulas you can use in the same worksheet:

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MarketXLS Excel Add-in Tutorial - How to Use Options OI Leaders and Other Financial Formulas
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