Open Interest RSI

The Open Interest RSI indicator aggregates open interest (OI) data across multiple major derivatives exchanges and applies a Relative Strength Index (RSI) calculation to the combined data. This tool allows traders to track positioning pressure, market crowding, and potential leverage flushes across a unified, exchange-agnostic data stream rather than relying on a single venue's metrics.

Usage

The Usage section highlights how to interpret the RSI logic applied to leverage flows. Traders can use this tool to identify overextended positioning or aggressive de-leveraging phases.

• Line / Colored Line Mode: Provides a classic oscillator view. Use this to spot divergences between price and OI or to identify crosses of the 50-midline, indicating shifts in net positioning momentum.
• Oscillator Mode: Displays vertical columns extending from the midline. This is ideal for visualizing the rate of change and impulse in open interest accumulation.
• Flag Mode: Fills the area between the OI RSI and its signal EMA. A green fill suggests positive positioning momentum, while a red fill suggests negative momentum.
• Heatmap Mode: A compact, gradient-based view suitable for dashboarding. It changes color based on where the OI RSI sits relative to user-defined thresholds.
• Vertical Meter: A "thermometer" style table that provides a quick gauge of the current OI RSI value on a scale of 0 to 100.

Details

This tool builds a synthetic "OI candle" by aggregating data from Binance, Bybit, OKX, Bitget, Kraken, HTX, and Deribit. It checks multiple contract types (USDT-P, USD-P, USDC-P, etc.) to ensure comprehensive coverage.

Traders can choose to view the data in COIN terms (normalized units) or USD terms (notional value). The resulting aggregated series is smoothed using a Simple Moving Average (SMA) before the RSI formula is applied, reducing noise and providing a clearer view of structural positioning shifts.

Settings

RSI

• Plotting Type: Selection of visual styles (Line, Colored Line, Oscillator, Flag, Heatmap).
• Calculation Period: The lookback period for the base RSI calculation.
• Smoothing Period (SMA): The length of the SMA applied to the raw RSI output.

Moving Average

• Show EMA: Toggles the signal line overlay.
• EMA Period: The lookback length for the signal line.

Thresholds

• Mid Point: The neutral reference level (default is 50).
• Upper/Lower Thresholds: Definable levels for identifying extreme positioning (e.g., 80/20).
• Extreme Highlighting: Controls background coloring. "Mean-Rev" highlights extremes for contrarian setups, while "Trend" highlights them for momentum participation.

Open Interest Source

• OI Units: Toggles between COIN and USD valuation.
• Exchanges: Individual toggles for each supported derivative exchange.

FAQ

• How do I interpret high OI RSI? A high reading suggests that open interest is increasing aggressively relative to its history, often signaling crowded trades or high directional conviction that may be prone to a squeeze.
• What does falling price with rising OI RSI mean? This often indicates aggressive new short positions are entering the market, suggesting a potential continuation of the downward move.
• How do I access the Open Interest RSI? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.