Open Interest for MT5
Open interest (current) is the total volume of effective contracts (futures, options) for which there have been no calculations yet. In MetaTrader 5 an open interest is displayed as "Open Interest" in "Details" tab of the "Market Watch" window, but it is not available as an indicator. This product displays the open interest as a candle chart for all trading instruments for which it transmitted to MetaTrader 5.
- Easy to use - it does not have any specific parameters.
- Color and levels of the indicator as well as the vertical scale are set via standard menu of the setup window.
- The indicator has an autonomous (independent from the indicator) on-line drive of minute history which is saved in a file.
- One trading instrument has only one on-line drive, though you can download several Open Interest indicators.
- The file is saved in a shared folder of all terminals, so accumulated history will be available in all terminals of MetaTrader 5.
- History files are sorted for each trading server and instrument. They are refilled until any terminal has at least one indicator on a corresponding contract or trading server.
- Accumulated history is available on any time frame.
|Indicator Buffer Number||Contents|
|0||Open interest value when opening a bar/a candle of the main chart|
|1||Maximum value of open interest on a corresponding bar/candle of the main chart|
|2||Minimum value of open interest on a corresponding bar/candle of the main chart|
|3||Open interest value when closing a bar/a candle of the main chart|
|60||Index of open interest candle color|
If for some reason server data are not available, the candle chart of the indicator might have empty spaces.
Standard version of the indicator has following rules of candles coloring:
- Yellow - Doji candle; open value is equal to close value.
- Red - Bear candle; open value exceeds close value.
- Blue - Bull candle; open value is less than close value.
Color of candles can be changed in the setting window of the indicator.
Interpretation of Open Interest
Open interest represents a volume of effective contracts for which there have been no calculations yet. Its change in any direction allows to define a level of activity of market participants. That is why open interest is so valuable as a forecasting instrument.
1. Action - action to be performed. There are two options so far: No - do nothing; Export - export data. 'No' is set by default.
2. File name - file name for saving exported data. If a default value is left, the name is generated automatically. If a file with that name already exists, the new data is not written and the appropriate entry appears in the log. The file is saved in the common directory of all client terminals \Terminal\Common\Files\Open Interest\Export\.
3. File format - select the format of a file for saving exported data. Two options are available so far: ASCII Text (*.csv) - ANSI (single-byte characters); Unicode Text (*.csv) - UNICODE (two-byte characters).
4. Recording format - data recording format. There are four options:
Only CloseOI - write open interest date, time and Close.
OpenOI, HighOI, LowOI, CloseOI - write open interest date, time, Open, High, Low and Close.
OpenOI, HighOI, LowOI, CloseOI, Volume - same as the previous one + actual trade symbol volume.
Open, High, Low, Close, CloseOI - trade symbol date, time, Open, High, Low, Close and open interest Close.
Data export is performed only once when the indicator starts. The saved data period corresponds to the selected chart timeframe.
2. More detailed description of the indicator in the Common tab on the setting window.
Bars - bars;
Candles - candles (by default);
Histogram - histogram formed by Close values of the open interest on the appropriate candle/bar of the main chart;
Line - line formed by Close values of the open interest on the appropriate candle/bar of the main chart.
2. By default, the color scheme for bars is similar to the one for candles. The color scheme for the histogram and the line is as follows:
Blue - the current value exceeds the previous one;
Red - the current value is less than the previous one;
Yellow - the value has not changed.