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Discover Options OI Leaders for Enhanced Trading Strategies

The opt_OptionsOILeaders function lets you seamlessly pull the options with the highest open interest from either India or U.S. markets directly into Excel. It helps traders quickly identify where the greatest market participation exists, filtering out expired contracts and making it easier to focus on upcoming opportunities. By specifying the number of records along with optional filters like country and instrument type, you gain precise control over the data you view. Whether you’re tracking equity or index options, this function centralizes the information you need for better and faster trading decisions.

Why Use This Function?

  • Quickly spot opportunities: Identifying top open interest (OI) leaders helps you find where trading volume and interest is concentrated.
  • Supports different markets: Seamlessly switch between Indian (IN) and U.S. (US) market data.
  • Flexible instrument types: Filter by “index” or “equity” options when needed, or retrieve the default set if you leave it blank.
  • Time-sensitive focusing: Automatically excludes expired options, helping you concentrate on only the most relevant upcoming contracts.
  • Rapid Excel integration: Outputs data directly into your worksheet, enabling deeper analysis and integration with other Excel formulas.
  • Ideal for strategy building: Use high OI data in tandem with volatility, volume, or other metrics to refine spreads, hedges, or speculative plays.

How to Use in Excel

=opt_OptionsOILeaders(NumberOfRecords, [Country], [InstrumentType])
  1. Enter the formula into a cell.
  2. Specify how many top records you want to see (e.g., 10).
  3. Optionally include the market country (“IN” for India or “US” for the U.S.). If omitted or unrecognized, it defaults to India.
  4. Optionally specify the instrument type (“equity,” “index,” or leave it blank for no filter).
  5. Press Enter. The function name appears in the cell, while the data table is written into the surrounding worksheet cells.

Note: You must have a valid MarketXLS license; otherwise, the function returns “NA”.

Parameters Explained

Parameter Description Example Values Notes
NumberOfRecords The number of top records to retrieve based on open interest (or related metrics like volume change). 5, 10, 20 Required. Must be a positive integer. Determines how many rows of data are retrieved.
Country The market country code. If omitted or invalid, defaults to “IN” (India). "IN", "US", "INDIA" Optional. “IN” for India, “US” for U.S. Any other input defaults to “US” if it includes “US”, or “IN” otherwise.
InstrumentType Filters data by instrument type: “equity” for stock options, “index” for index options. Omit or pass “0” to retrieve all option types. "equity", "index" Optional. When blank, sets to “0” internally, returning all types.

Example Usage

Basic Examples

  1. Retrieve the 5 top records for India with no instrument type specified:
    =opt_OptionsOILeaders(5)
    • Prints the first 5 options with the highest open interest on Indian markets.
    • Expired contracts are filtered out automatically.

  2. Retrieve 10 top records for U.S. equity options:
    =opt_OptionsOILeaders(10, "US", "equity")
    • Focuses only on U.S.-based equity options.
    • Helps zero in on top OI leaders in the stock options space.

  3. Retrieve 15 results for Indian index options:
    =opt_OptionsOILeaders(15, "IN", "index")
    • Ideal when analyzing index-based trading strategies.

Advanced Scenarios

  1. Pairing with implied volatility data:
    • Use opt_OptionsOILeaders to retrieve the highest OI options in the U.S. market and cross-reference those options with implied volatility data.
    • Helps you identify if high OI coincides with significant volatility shifts when building straddle or strangle strategies.

  2. Filtering multiple markets in one sheet:
    • Place two separate functions side by side, e.g., =opt_OptionsOILeaders(10, "US", "equity") and =opt_OptionsOILeaders(10, "IN", "equity").
    • Compare top 10 U.S. equity option leads vs. top 10 Indian equity option leads in a single Excel worksheet.

  3. Multi-sheet trading dashboard:
    • Configure different sheets for equity, index, and different countries.
    • Summarize open interest changes across markets and instruments for a global overview.

Common Questions and Troubleshooting

• “Why do I see ‘NA’ returned in a cell?”

  • Your MarketXLS license might not be active, or an unexpected server error occurred. Make sure your license is valid.

• “Why am I getting no data or fewer records than requested?”

  • The function filters out expired options. If only a small set of upcoming contracts is available, you may not get the full set of requested records.

• “Does this function sort results by open interest?”

  • The code currently retrieves top OI data from the server. The top open interest contracts (or highest changes in OI, volume, etc.) are already pre-populated by the endpoint, so sorting may depend on the server output.

• “What if I input a country argument like ‘Canada’?”

  • The function will interpret unknown country inputs by falling back to “US” if the text includes “US,” otherwise defaulting to “IN.”

• “How do I ensure older options don’t appear?”

  • The backend automatically filters out expired contracts by comparing the expiration date against the current date.

By leveraging opt_OptionsOILeaders effectively, you gain a comprehensive view of top open interest options across regions right within Excel, paving the way for informed strike selection, better hedging, and more confident trading strategies.

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