From TradersList Editors
From TradersList Editors
Integrate this free tool to efficiently visualize option heatmaps and open interest, enhancing trade decisions with market trend insights.
Integrate this free tool to efficiently visualize option heatmaps and open interest, enhancing trade decisions with market trend insights.
Option Heatmap and OI Strikes Indicator for ThinkOrSwim: Visualize Open Interest Data on Your Price Chart
Option Heatmap and OI Strikes Indicator for ThinkOrSwim: Visualize Open Interest Data on Your Price Chart

by ziongotoptions on ThinkOrSwim

by ziongotoptions on ThinkOrSwim
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Option Heatmap and OI Strikes For ThinkOrSwim
Option Heatmap and OI Strikes For ThinkOrSwim
Option Heatmap and OI Strikes For ThinkOrSwim is a ThinkOrSwim Indicator that visualizes option volume and open interest through heatmaps with added ADX to analyze trend strength.
Option Heatmap and OI Strikes For ThinkOrSwim is a ThinkOrSwim Indicator that visualizes option volume and open interest through heatmaps with added ADX to analyze trend strength.

Get on ThinkOrSwim
This indicator is available on ThinkOrSwim charting platform. Signing up for a free account and downloading ThinkOrSwim software is required.

Get on ThinkOrSwim
This indicator is available on ThinkOrSwim charting platform. Signing up for a free account and downloading ThinkOrSwim software is required.
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Open Source
Listing has publically available source code that can be audited and modified as needed.
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Open Source
Listing has publically available source code that can be audited and modified as needed.
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Free Access
All features of this listing are fully free to use with no pricing tiers. Simply start using.
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Free Access
All features of this listing are fully free to use with no pricing tiers. Simply start using.
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Robust Theory
Concepts and theories mentioned in listing are based on generally approved and well established notions.
✅
Robust Theory
Concepts and theories mentioned in listing are based on generally approved and well established notions.
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Popular Topic
Concepts and theories mentioned in listing are popular topics in web search
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Popular Topic
Concepts and theories mentioned in listing are popular topics in web search
Published by ziongotoptions on ThinkOrSwim
Published by ziongotoptions on ThinkOrSwim
How Open Interest Heatmaps Work
Open interest represents the total number of outstanding option contracts at each strike price. This indicator pulls that data directly into the price chart and maps it visually - green dashes for calls, red dashes for puts. The longer the dash, the higher the OI concentration at that strike. Think of it like a bar chart turned sideways and layered onto your candlesticks.
Center Strike and Strike Spacing
The indicator auto-detects a center strike by rounding the current price to the nearest round number - so if SPY trades at $443, the center locks to $440. From there, it fans out across dozens of strikes in both directions and calculates spacing automatically. A manual mode is also available for tickers with non-standard option chains or tighter strike intervals.
How Open Interest Heatmaps Work
Open interest represents the total number of outstanding option contracts at each strike price. This indicator pulls that data directly into the price chart and maps it visually - green dashes for calls, red dashes for puts. The longer the dash, the higher the OI concentration at that strike. Think of it like a bar chart turned sideways and layered onto your candlesticks.
Center Strike and Strike Spacing
The indicator auto-detects a center strike by rounding the current price to the nearest round number - so if SPY trades at $443, the center locks to $440. From there, it fans out across dozens of strikes in both directions and calculates spacing automatically. A manual mode is also available for tickers with non-standard option chains or tighter strike intervals.
Why OI Concentration Matters
Strikes with heavy open interest often act as magnets or walls for price. For example, if the $450 call strike shows 50,000 contracts while surrounding strikes hold 5,000 each, that cluster signals where market makers may hedge - creating real gravitational pull on price movement. This indicator surfaces those imbalances at a glance without flipping to the options chain.
The ADX Component
ADX - the Average Directional Index - is built into this indicator to measure trend strength alongside the OI data. It does not show direction, only how strong or weak the current trend is. A rising ADX above 25 paired with heavy call OI at higher strikes, for instance, confirms momentum is backing the positioning rather than fading into a range.
Why OI Concentration Matters
Strikes with heavy open interest often act as magnets or walls for price. For example, if the $450 call strike shows 50,000 contracts while surrounding strikes hold 5,000 each, that cluster signals where market makers may hedge - creating real gravitational pull on price movement. This indicator surfaces those imbalances at a glance without flipping to the options chain.
The ADX Component
ADX - the Average Directional Index - is built into this indicator to measure trend strength alongside the OI data. It does not show direction, only how strong or weak the current trend is. A rising ADX above 25 paired with heavy call OI at higher strikes, for instance, confirms momentum is backing the positioning rather than fading into a range.
Unusual options activity at glance
Unusual options activity at glance
This indicator maps open interest and volume directly onto your price chart, showing where option positioning is heaviest. Strikes with clustered contracts often act as magnets or barriers for price, and ADX confirms whether trend strength backs the positioning.
This indicator maps open interest and volume directly onto your price chart, showing where option positioning is heaviest. Strikes with clustered contracts often act as magnets or barriers for price, and ADX confirms whether trend strength backs the positioning.
Spot unusual options activity
Identify strikes with outsized open interest relative to surrounding levels. These clusters signal where market makers may hedge and where price could gravitate.
Simplify options chain analysis
Skip flipping between your chart and the options chain. Call and put OI appear as color-coded dashes right on the candlesticks for quick visual reference.
Read smart money positioning
Heavy OI at specific strikes paired with rising ADX suggests institutional conviction. Use this combination to align with probable directional moves.
Common Questions About Option Heatmap and OI Strikes
Common Questions About Option Heatmap and OI Strikes
Options flow data can be confusing at first. Below are answers to common questions about reading open interest heatmaps and using strike concentration to identify support and resistance.
Options flow data can be confusing at first. Below are answers to common questions about reading open interest heatmaps and using strike concentration to identify support and resistance.
Why do strikes with heavy open interest act as support or resistance?
Market makers hedge their exposure at strikes holding large open interest. This hedging activity creates buying or selling pressure that can stall price or push it back toward those levels.
Does the indicator work on SPX or only on SPY?
The heatmap cannot pull SPX data directly due to platform limitations. You can enter SPY or ES symbols manually in the code and display the profile on a compatible chart instead.
What does the ADX component tell me alongside open interest?
ADX measures trend strength without showing direction. A rising ADX above 25 paired with heavy call OI at higher strikes suggests momentum is supporting the positioning rather than fading.
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Web sentiment
Web sentiment
Traders describe a generally positive mood towards the Option Heatmap and OI Strikes tool, appreciating its utility and strong community support despite some technical challenges.
Traders describe a generally positive mood towards the Option Heatmap and OI Strikes tool, appreciating its utility and strong community support despite some technical challenges.
Source: Online Discussion
Source: Online Discussion
Source: Online Discussion
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TradersList Reviews (7)
TradersList Reviews (7)
TradersList Community has given this listing five stars, indicating great trust, extraordinary utility value and benefit for traders' toolkit. This listing is among the top ones on TradersList.
TradersList Community has given this listing five stars, indicating great trust, extraordinary utility value and benefit for traders' toolkit. This listing is among the top ones on TradersList.
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Source: TradersList Reviews
Source: TradersList Reviews

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