Top Options Contract By Open Interest
Returns the option contracts with the highest open interest for a given underlying symbol. Open interest represents the total number of outstanding option contracts.
Parameters
| Parameter | Required | Default | Description |
|---|---|---|---|
| Symbol | Yes | - | Underlying stock ticker (e.g., AAPL, TSLA) |
| NumberOfOptions | No | 10 | Number of top contracts to return |
Understanding Open Interest
- Open Interest = total outstanding contracts not yet closed
- High OI indicates significant market positioning
- OI accumulates over time as positions are opened
- OI decreases when positions are closed
Notes
- Returns an array that spills into multiple cells in Excel
- Results include both calls and puts
- High OI often indicates key support/resistance levels
Examples
=TopOptionsByOpenInterest("AAPL")=TopOptionsByOpenInterest("AAPL", 5)=TopOptionsByOpenInterest("TSLA", 20)=TopOptionsByOpenInterest("SPY", 10)Symbol from cell reference
When to Use
- Identifying key option positions in the market
- Finding support/resistance levels from options
- Analyzing market maker positioning
- Spotting significant option accumulation
- Building options flow analysis tools
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Need top by volume | TopOptionsByVolume() |
| Need total symbol OI | opt_TotalOpenInterestOptions() |
| Need specific contract price | Option_Last_Price() |
| Need put/call OI ratio | opt_PutCallOIRatio() |
Common Issues & FAQ
Q: Why is open interest different from volume? A: Volume = contracts traded today. Open interest = total outstanding contracts. OI changes only when new positions are opened or existing ones are closed.
Q: How do I use OI for support/resistance? A: Large put OI at a strike can act as support. Large call OI at a strike can act as resistance. Market makers hedge these positions, creating price magnetism.
Q: When does OI update? A: Open interest is updated at end of day by the OCC. Intraday data shows previous day's OI.
Get Access to 1 Billion Usable Market data points IN YOUR EXCEL SHEETS WITH EASY TO USE EXCEL FUNCTIONS
Get started today
▶
How does MarketXLS work?