Open Interest Monitor - 12 August 2025

Data through market close 11 August 2025

What is the Open Interest Monitor?

The Open Interest Monitor tracks which options have the highest total open interest across stocks, ETFs, and indices. It helps highlight where liquidity is deepest, where institutional activity may be concentrated, and which themes are drawing the most attention in the options market. Whether you're looking for trading ideas, better execution, or insights into market sentiment, open interest offers a valuable lens.

Note: This edition covers options on US-listed underlyings only. We are working to include European-listed instruments in future versions.

Top 20 options by open interest (as of 11 August 2025)

What the columns mean (short version):

Last = Last traded price of the underlying
IV Rank = Implied volatility rank (0–100 scale)
Total OI = Combined open interest for puts and calls
1M OI % Chg = Change in total open interest over the past month
Options Vol = Daily trading volume in options
P/C Vol = Put/Call volume ratio (based on daily volume)

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What traders can take away

• Volatility demand is climbing: $VIX open interest rose 17% over the past month. Even though actual volatility is low, some traders are buying it as a form of portfolio “insurance.”
  Why it matters: Rising interest in volatility can be an early sign that traders expect bigger market moves ahead.

• Tech and credit are in the spotlight: Apple (AAPL) and high-yield bonds (HYG) each saw a 9% jump in open interest. Apple’s rise may reflect both bullish bets and protective hedges. HYG’s very high put/call ratio (7.06) shows a heavy tilt toward protection in the bond market.
  Why it matters: When traders pile into puts in credit ETFs, it often signals caution about the economy or corporate debt.

• Expensive options in a few names: NIO has the highest IV Rank at 38.9%, with NVDA (25.9%) and INTC (20.1%) not far behind. Higher IV Rank means options are priced for bigger moves.
  Why it matters: Elevated option pricing can highlight where traders see upcoming catalysts or uncertainty.

• Indexes remain dominant: SPX, SPY, QQQ, and IWM continue to hold the most total open interest.
  Why it matters: Index options remain the go-to tools for hedging and managing broad market exposure.

A few observations

• Very quiet in some areas: SLV (silver), TSLA, and TLT (long-term Treasuries) have extremely low IV Ranks.
  Why it matters: Low IV Rank means options are cheap relative to history, often reflecting low expectations for short-term movement.

• Credit caution is high: HYG’s put/call ratio is unusually elevated, showing strong demand for downside protection.
  Why it matters: Sustained high readings here can spill over into equity markets if credit stress increases.

• Tech sentiment split: NVDA and INTC are priced for bigger moves, but AAPL’s lower IV Rank suggests calmer expectations.
  Why it matters: Not all tech stocks are viewed equally—this can help target trades more precisely.

• Commodities send mixed signals: Gold (GLD) is attracting steady interest and has a mid-range IV Rank, while silver (SLV) remains inactive.
  Why it matters: Divergence between gold and silver can indicate shifting preferences in safe-haven assets.

Conclusion

The largest chunk of options activity is still in the big index products—SPX, SPY, QQQ, and IWM—because they are liquid, flexible, and widely used for both hedging and speculation. But the details tell a more nuanced story.
We’re seeing increased interest in volatility ($VIX), selective defensive positioning in high-yield bonds (HYG), and pockets of heightened expectations in tech stocks like NVDA, INTC, and NIO.

For newer traders, the takeaway is simple: open interest shows where the action is, and IV Rank shows how much traders are willing to pay for potential movement. Right now, most markets are calm, but a few stand out as hot spots where traders are positioning for larger swings.

Column-by-column glossary

Last
The last traded price of the underlying asset (stock, ETF, or index). This gives a reference point for where the asset currently trades and helps identify how close it is to key strike levels in the option chain.

IV Rank (%)
Implied Volatility Rank (IV Rank) shows where current implied volatility sits relative to the past 12 months. A reading of 0% means IV is at its lowest point of the year; 100% means it's at the highest. Higher IV Rank suggests options are more expensive compared to recent history, which may favour premium-selling strategies.

Total Open Interest (Total OI)
This is the total number of open option contracts across both calls and puts for the underlying. It represents outstanding positions that have not yet been closed or exercised. High OI is often associated with deep liquidity and significant institutional interest.

1M OI % Change
Shows how much total open interest has changed over the past month. A rising figure can point to fresh positioning or increased speculation, while a falling number may indicate closed-out trades or reduced interest in the underlying.

Options Volume
The number of option contracts traded during the most recent session. High volume relative to open interest may suggest new trades are being initiated. Sudden spikes often coincide with market-moving news or upcoming events.

Put/Call Volume Ratio (P/C Vol)
This ratio compares the volume of puts traded to calls on the same day. A ratio above 1.0 implies more puts were traded (often for downside protection), while a value below 1.0 shows call-heavy flow (often speculative or bullish). Extreme readings can highlight skewed sentiment or potential contrarian signals.