An options chain, also known as an option matrix, is a listing of all available options contracts for a given security. It shows all listed puts, calls, their expiration, strike prices, and volume, Open Interest and pricing information.
Open Interest is widely used by the participants to gauge the sentiments of the market, but question remains how? Open Interest is the total number of outstanding contracts of a particular instrument. Open Interest is created by Buyers & Sellers for every Buyer there is Seller & for every seller there stands a Buyer. Open Interest is total number of Open contracts which have not been settled or squared off yet. In Indian markets technical analyst while analysing open interest data Options OI seller’s perspective is considered due to seller taking an undefined risk, limited gains & paying huge margin. So Highest Call Open Interest Strike acts like the Resistance Level assuming highest CE have been sold on that strike, whereas Highest Put Open Interest Strike acts like the Support for the Instrument assuming heaviest PE selling has witnessed on that strike. So one can use Bank Nifty Option chain in Quantsapp, which will give us details in a user friendly presentation of Option Premiums, Strikes, IV, Volumes, Greeks & Open Interest where we can easily do an Open Interest Analysis on any FnO Instrument as mentioned above.
Bank Nifty Option Chain Analysis, Bank Nifty trading at 37800 SEP21 (12:00PM) Highest Call Open interest on Bank Nifty Option chain stands at 38000 CE which acts like Resistance for 30SEP21 expiry, whereas Max PE OI stands at 37500 which acts like the Support.
Also one can use Option chain data for identify breakouts happening in various FnO stocks. Let’s say if we see an instrument where in ATM CE & OTM CE options Short Coverings have started that indicates that CE writers are worried of a spike in the instrument to happen, also in the same instrument if PE OI is added it indicates a stronger support. Eg of Bank Nifty Open Interest Analysis if a Short Coverings start on 37800 CE, 37900 CE & 38000CE & addition on 37600 PE, 37700 PE & 37800 PE that indicates CE writers are covering in fear of a spike & PE sellers are providing a support.

Trading Bank Nifty Options Weekly
For Intraday if any of the above data observed one can participate and using Order & Trade analytics in Quantsapp by knowing how much trades were bought at Ask price directly & how much trades were sold at the BID to get the actual volumes will even increase confidence & let us participate frequently.
For Trading Bank Nifty Weekly Options, from positional perspective if directional view one can trade using Bull Call Spread for Bullish view & Bear Put Spread for bearish view through vertical spreads.
For Oscillating view we can trade using a Iron Fly, Oscillating strategies from weekly perspective.

Its prudent before participating having a clear idea what is the type of trade we want to participate, eg we look at Intraday data points & then convert it into a positional trade our strategy would fail. Visit us @ https://web.quantsapp.com/option-chain/NTPC