Open Interest Aggregated (Lite)

The Open Interest Aggregated (Lite) indicator consolidates open interest data across multiple major cryptocurrency exchanges into a single, easy-to-interpret visual. By aggregating open interest from Binance, Bybit, OKX, Bitget, and Coinbase (configurable per user preference), this indicator provides a holistic view of market positioning and trader sentiment in real time. It is designed for overlay-independent analysis, giving traders insight into derivatives market dynamics without cluttering price charts.

Key Features and Technical Details:

Aggregates open interest for USD, USDT, and USDC denominated perpetual contracts where available.

Supports configurable exchange inclusion: Binance, Bybit, OKX, Bitget, and Coinbase.

Normalizes USD-denominated open interest relative to the asset price for cross-exchange comparison.

Generates candlestick plots representing aggregated open interest: open, high, low, and close, allowing traditional technical analysis techniques (trend detection, breakouts, reversals) to be applied to derivatives positioning.

Provides optional hidden plots for each aggregated value (open, high, low, close) to support custom scripting or further analysis in Pine Script.

Color-coded candles: teal indicates an increase in open interest for the period, red indicates a decrease, highlighting shifts in trader sentiment.

Use Cases in Trading:

Trend Confirmation: Rising aggregated open interest in tandem with price increases can confirm bullish market participation, while decreasing open interest may signal weakening conviction.

Divergence Detection: Compare price action against aggregated open interest to detect potential reversals or exhaustion points.

Cross-Exchange Market Insight: By combining multiple exchanges, traders can identify shifts in global derivatives exposure rather than relying on a single market, reducing bias from localized trading anomalies.

Risk Assessment: Monitoring aggregated open interest can help anticipate periods of heightened leverage, which may correspond to increased volatility and potential liquidation events.

Why It’s Useful:
Open interest is a leading indicator of market sentiment and participation in futures markets. However, individual exchange data often provides an incomplete picture. Open Interest Aggregated (Lite) simplifies this by consolidating data across major platforms, enabling traders to make more informed decisions, assess market strength, and identify strategic entry or exit points with a clearer understanding of global positioning.

Application Notes:

Best used in combination with price analysis and volume metrics for robust trading signals.

Timeframe-independent: works on any chart interval, ensuring flexibility across intraday and longer-term strategies.

Lightweight “Lite” version ensures fast calculation while maintaining critical insights from multiple exchanges.