Open Interest Auto Override

What does this “Open Interest Auto Override” Indicator
do?

Open Interest data is not supplied by every exchange to TradingView, however it is available on Binance Perpetual Futures. This script helps the crypto trader to identify the equivalent Binance Perpetual Futures Chart that has Open Interest Data available and automatically displays this on the traders chart.

How can a trader use this indicator?

This helps the trader to identify if there is Open Interest Data available in Binance and automatically displays it, making it easier to switch Coins whilst viewing the market.

What is Open Interest and how can I trade using this indicator?

Open Interest (OI) is the number of open futures contracts held by traders in active positions. The higher the value the Higher the number of open positions which indicates an increase in interest by traders in the asset.

If OI is increasing an equal number of longs and short positions are being opened.

If OI Decreases both longs and shorts are exiting the market.

If OI remains unchanged, no new contracts are entering or exiting, or an equal number of positions are being opened as there are being closed.

Open Interest can help traders by giving us a hint that a breakout may occur. If Open Interest is increasing whilst price is consolidating it may indicate that a breakout is imminent. If Open Interest is decreasing whilst price is consolidating it is likely that a false move in the form of a stop hunt may be issued prior to the actual breakout.

Usage of the Indicator:

By default the indicator will automatically use the Equivalent Binance Perpetual Chart for the Data

You can override the symbol manually if you what to view another exchanges data.