This script lets you visualize where there were Open Interest build-ups and discharges on a price basis. It only supports pairs where TradingView added the appropriate Open Interest data (at the time of posting that is only Binance and Kraken perpetual contracts)
The script uses my own functions to poll lower timeframe data and compile it into a higher timeframe profile. And as such, it needs some tweaking to adjust it to your timeframe until Tradingview lets me do it codewise (hopefully one day)
The instructions for using the Indicators are as follows: Condition: How often a new profile should be generated Sampling Rate and 1/Nth of the TF: These have to be calculated together to have a product that should correspond to the current timeframe in minutes. A few examples below
----------- Sampling - 1Nth of the TF 5 min ------- 5 --------------- 1 10 min ------ 10 ------------- 1 15 min ------ 5 --------------- 3 20 min ------ 10 ------------- 2 30 min ------ 10 -------------- 3 45 min ------- 9 -------------- 5 1 hour ------- 10 ------------- 6 4 hours ----- 10 -------------- 24 1 day -------- 10 ------------- 144
Transparency: This one is pretty self-explanatory but only applies to the Profile bars % change for a bar: This one indicates how precise each bar will be, but if you go too low the script becomes too heavy and stop running Bar limit: Limits the amounts of bars the script is run for (ae for the last 1000 bars). Lower = faster loading, too high will stop running UI color: Color and transparency of the center line and the box surrounding the whole profile
This is really cool. How should I interpret the red/green histogram? Is red a decrease in OI and green an increase? I guess I'm not clear on
Dereek69
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@tyler8910, Thank you for the tip 🙏 And yes, Red is decrease and green is increase. The length of the bar also scales with the amount. But since every profile's calculation is isolated, two equal lengths on two different profiles will mean different amounts. I will try adding values to every bar next so that its clearer
galliard_
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This is pure gold. Thank you so much for sharing this with the public.
UnknownUnicorn2287385
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Thanks for this! A real game changer. Just what I was missing from my trading toolkit. Good work
OutsourcE
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@Dereek69 ,hi! What defines the boxes' length and height?
Nekonyam
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Very nice indicator. It seems that (cond == 'Week') in line 190 must be changed to (cond == 'Weekly') to work properly when Condition is set to Weekly in the settings. Sorry if you dare to disable the function.
OutsourcE
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"_OI" is outdated it seems and gives an error
Thanos_11
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Hello, can I ask you to post the Open Interest BTC Coin inlicator script? 1000 coins from me)
JMF_Tattoo
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Have tried every time frame on multiple BTC futures contracts and can not get this to work. on a hourly chart, live data, set to 10 sample, 6 Nth. any suggestions would be appreciated