The volume/OI ratio compares today's traded option volume to the open interest that already existed. A high ratio means today's activity is large relative to standing positions — a hint that new positions are being opened rather than old ones traded around.
It's a rough signal, not proof. A ratio well above 1 is worth a look; read it alongside the catalyst and the directional lean rather than on its own.
Related terms
- Open interest (OI) — The number of option contracts currently open. Shows positions that exist — not their direction.
- Unusual options activity — Options volume well above a ticker's normal level. A prompt to look, not a direction.
- Options flow — The real-time stream of options trades. Shows where activity is concentrated — not what happens next.
See it in the flow
Open the dashboard to watch real options flow free, or read the beginner guides. Watch-only — not financial advice.