Open Interest analysis is a major part when it comes to Options Trading. A good options trader analysis the Open Interest buildup and change to determine the market sentiment and general direction of the market. There are many platforms that offer the feature of OI analysis. Quantsapp and Opstra Definedge are two prominent participants in this field. Know which is better for you.
Open Interest is the total number of active options contracts at a particular strike price. Open interest in a particular asset class denotes the volume or the total trading activity at a particular point in time. A high open interest denotes that more traders are enthusiastically participating in that asset.
Open Interest analysis is an essential factor when it comes to Options trading. It defines the amount of liquidity in a specific options contract. This ensures smooth entry and exits by traders.
Quantsapp and Opstra Definedge, both are online platforms where an individual can do a number of things including, Open Interest Analysis, Options Algorithm, Strategy building, and much more. The highlight of both the apps is the Open Interest analysis. Let's look at some of the differences between these two platforms.
In Opstra the Open Interest analysis is not present under the Free plan. One has to be subscribed to the Paid plan in order to get access to the Open Interest analysis tools. The platform integrates the Open Interest analysis with 3 important data points which are- Options Max Pain, PCR (Put Call Ratio), and change in the Max Pain.
Opstra also charts the Change in OI in a very easy-to-read manner to the users which makes it very simple to use.
Quantsapp is a relatively new platform when compared to Opstra Definedge. The Open Interest analysis tool is free to use for anyone, as long as you sine-up at their platform. Quantsapp offers more features than that of Opstra like the Open Interest in each Strike price along with the change in the OI. Apart from this it also shows the amount of Call addition, Calls Unwinding, Put Addition, and Put addition at every strike price.
Both the platforms offer great features to their users but there are some points that differentiate both of them.
In terms of price, Quantsapp beats Opstra as Opstra requires a paid subscription in order to get access to the Open Interest analysis tool. This is free in Quantsapp which gives it an added advantage over Opstra.
2. User Interface
In terms of usability and UI (User Interface), Opstra might take the lead because of the simple and elegant design that it offers. Beginner traders can find it very easy to read all the data provided in Opstra due to its simplicity. On the other hand, Quantsapp has a bit complicated interface which might not be so beginner-friendly. The overall features provide might be more in Quansapp but the overall simplicity is not that high as that of Opstra.
In conclusion, it is difficult to choose one from another as both have their fair share of advantages and disadvantages. Anyone who is looking for a free option will find Quantsapp a better option as it offers a lot of features without any cost but at the cost of simplicity. Opstra, takes the lead when it comes to simplicity and UI. It offers a much simpler interface with all the required data points. The only downside to Opstra is that it comes with a price.