Delta-Weighted OI (DWOI)
FREEOpen Interest & Flow · HTTP Data · Free Tier
Overview
The DWOI window displays open interest across strikes weighted by each option's delta, converting raw contract counts into directional terms. This reveals the net directional exposure dealers carry at every price level — a key input for anticipating where hedging flows will materialize.
DWOI window showing delta-weighted open interest by strike with call/put directional breakdown — SPY example data
Key Features
- Positive / Negative / Net GEX bars: Three bar series showing positive gamma exposure (green), negative exposure (red), and the net at each strike. Toggle any series on or off.
- Spot price overlay: A vertical line showing the current underlying price, positioned against the gamma exposure bars for instant context.
- Zoom and pan: Interactive chart controls let you zoom into specific strike ranges and pan across the full chain.
- Net overlay toggle: Show or hide the net GEX line to simplify the view when focusing on the gross positive/negative breakdown.
- Guide Panel: Built-in educational overlay explaining delta-weighted OI concepts and how to interpret the chart.
- AI-Generated Considerations: Analysis section presenting strategy considerations with directional analysis based on the DWOI profile — delivered for your independent evaluation. Methodology →
How to Read the Chart
| Element | Meaning |
|---|---|
| Green bars | Positive delta-weighted OI — strikes where the net dealer exposure is bullish (long delta). |
| Red bars | Negative delta-weighted OI — strikes where dealers carry bearish exposure (short delta). |
| Net line | Net delta-weighted OI across all strikes. A positive net suggests dealer positioning supports higher prices. |
| Spot marker | Current price of the underlying on the strike axis. |
Use Cases
- Identify directional bias: A large net positive DWOI above the spot price signals strong put-side positioning — dealers who sold those puts carry long delta, which gets unwound if price drops (accelerating selling).
- Locate hedge flow zones: Strikes with extreme positive or negative delta-weighted OI indicate where dealers will generate the most hedging flow as price approaches.
- Compare with Gammatrix: Use DWOI alongside Gammatrix — gamma tells you about volatility (stabilizing vs. destabilizing), delta tells you about direction.
How to Launch
1
Open Window Launcher — green + button or L.
2
Search for DWOI or browse Open Interest & Flow.
3
Enter a ticker symbol. Data loads immediately.
Data Source & Tier
Data via Ohey's HTTP analytics pipeline. Available on the Free Tier. View pricing →
Related Windows
- Flashback DWOI — Historical playback of delta-weighted OI for trend analysis
- Option Chains — Drill into individual strikes contributing to aggregate DWOI
- OI Clustering Heatmap — Visual clustering of open interest concentrations across strikes