GEX (MM), H-GEX and C/P OI (R): DeepCharts' gamma columns against the order book
C/P OI (R): open positions in real time
C/P OI (R) counts, at each strike, open call and put contracts, with no gamma weighting at all. The "R" stands for real time. Official open interest is only published at the end of the day, a day late, which makes it useless for 0DTE options. DeepCharts therefore estimates it live from CBOE buy and sell flows; the documentation's example: two sells and one buy give a net open position of one. It is the column that says where the positions are. It shows the stock of contracts MMs will have to hedge, but not how much each weighs in the hedging of the moment: that is GEX's job.
The rest of this lesson is for students
- Reading the column
- The walls
- What OI tells you and what it does not
- The per-strike ratio
- Why combine it with GEX
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→ Combined reading: the six strike profiles