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Call vs Put Analysis: Volume, Price, and Positioning Across Strikes
This tool compares call-side and put-side activity at each strike price, giving you a clear picture of where bullish and bearish flow is concentrated. The key metric for intraday analysis is volume, which updates in real time and shows where traders are actively positioning during the session. OI Overall and OI Change views are also available as structural references, but since OI updates only at end of day, volume is the primary metric for identifying trends while the market is open.
When call volume at a strike significantly exceeds put volume, traders are actively expressing bullish views there. When put volume dominates, bearish positioning or hedging demand is in control. The PE CE Difference view shows the net imbalance at each strike, making it easy to spot where one side overwhelms the other. These volume-based signals are immediately actionable because they reflect current session activity, not yesterday's positioning.
Volume Mode: The Intraday Standard
Volume mode shows how many call and put contracts traded at each strike today. A strike with heavy call volume and rising underlying price confirms bullish momentum backed by real flow. A strike with surging put volume while the underlying weakens confirms bearish pressure. The advantage of volume over OI for intraday decisions is timeliness: volume resets daily and captures only current activity, while OI carries forward historical positions that may no longer be relevant to today's market dynamics.
OI Overall and OI Change as Structural Context
Toggle to OI Overall to see the cumulative positioning built up over days and weeks — this reveals the structural bias. OI Change shows how much that positioning shifted from the previous session. Both are useful as reference points to identify which strikes the market has historically considered important. Use these OI views to map out key levels, then switch to volume mode during the session to see whether those levels are being tested with real flow.
Custom Strike Range
Focus your analysis on the strikes that matter most by selecting a custom range around the current stock price. This eliminates noise from far-out strikes and concentrates your attention on the levels where the stock is most likely to interact with significant positioning.
Live and Historical Modes
In live mode, volume updates during market hours for real-time monitoring. Historical mode lets you study how call vs put patterns looked on any past date, building your pattern recognition for how flow precedes price moves.
Frequently Asked Questions
Why should I use volume instead of OI for intraday decisions?
OI updates only at market close, so it cannot capture intraday shifts in positioning. Volume reflects real-time trading activity and is the appropriate metric for session-based decisions. Use OI as a structural reference to identify important strikes, then watch volume to see what is happening at those levels right now.
What does the PE CE Difference view show?
The PE CE Difference view shows the net imbalance between put and call activity at each strike. Positive values mean put activity dominates, negative values mean call activity dominates. This quickly highlights strikes with the strongest directional bias in flow.
Disclaimer: Options trading involves substantial risk. This analysis is for educational and informational purposes only and should not be construed as financial advice. Always conduct your own research before trading.