Volume to Open Interest Ratio
Returns the ratio of today's trading volume to open interest for options on an underlying stock. This metric helps identify unusual trading activity relative to existing positions.
Parameters
| Parameter | Required | Description |
|---|---|---|
| Underlying | Yes | Stock ticker symbol (e.g., AAPL, MSFT) |
| OptionType | No | Filter by Call, Put, or All (default: All) |
| ExpirationDate | No | Specific expiration date to analyze |
Interpreting Vol/OI Ratio
| Ratio | Interpretation |
|---|---|
| < 0.5 | Normal activity, positions being held |
| 0.5 - 1.0 | Moderate activity |
| > 1.0 | High activity, new positions being opened |
| > 2.0 | Very high activity, potential unusual activity |
Notes
- Higher ratios indicate more active trading relative to existing positions
- Very high ratios may signal unusual options activity
- Useful for identifying potential catalyst events or speculation
Examples
=opt_Vol_OI("AAPL")=opt_Vol_OI("MSFT", "Call")=opt_Vol_OI("SPY", "Put")=opt_Vol_OI("TSLA", "All", DATE(2026,2,21))=opt_Vol_OI(A1, "Call")When to Use
- Identify unusual options activity
- Screen for potentially significant events
- Compare trading intensity across stocks
- Detect speculative positioning
- Monitor options market sentiment
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Need historical Vol/OI | opt_Vol_OI_Historical() |
| Need average Vol/OI over time | opt_Vol_OI_Avg() |
| Need just trading volume | opt_VolumeOptionsAverage() |
| Need just open interest | opt_OpenInterestOptions() |
Common Issues & FAQ
Q: What does a Vol/OI ratio greater than 1 mean? A: A ratio greater than 1 means today's volume exceeds the total open interest, indicating significant new position activity or unusual trading.
Q: Should I filter by option type? A: Filtering by Call or Put can help identify directional sentiment. High call Vol/OI suggests bullish activity, while high put Vol/OI suggests bearish activity or hedging.
Q: How do I use the expiration date parameter?
A: Use ExpirationNext() to get valid expiration dates, or specify a date like DATE(2026,2,21) to analyze a specific expiration.
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