M&M Highest Call Open Interest Strike: Resistance. No unwinding in OI is an indication of stiff resistance via Call sellers being confident & holding the strike. In Quantsapp biggest green bar will show the highest Call Open Interest Strike Price.
M&M Highest Put Open Interest Strike: Support. No unwinding in OI is an indication of stiff support Put writer's conviction of selling maximum Put. In Quantsapp biggest Red bar will show the highest Put Open Strike Price.
Put Writers view: Underlying neutral to bullish
Heavy writing on M&M ATM Calls hints about the expectation of immediate fall & immediate rise in the case of Put Writing.
Simply watch the biggest Green Bar indicating the heaviest CE OI might act as a vital resistance.
To watch out for vital support simply look for the biggest Red Bar.
How does Quantsapp update M&M Open Interest Data?
In the Open Interest tool in Quantsapp Green colour bars represent M&M Call Open Interest & Red colour bars represent M&M Put Open Interest.
OI Addition=The brightened tip shows Open Interest addition i.e denser Green shows M&M Call OI addition & denser Red shows M&M Put Open Interest addition.
OI Unwinding= Hollow on the tip, If a CE strike sees a hollow on the tip shows us unwinding has been made in M&M CE OI & a hollow on PE strike shows unwinding on M&M PE OI.