One of the best ways to analyze the future movement of an underlying asset is to look at its trading volume and open interest. In this section, you can use our charts to understand how volume is distributed between expiration dates and strikes, compare today's activity to previous trading sessions and much more. To start analyzing trading volume, select an underlying asset such as BTC or ETH or any other available asset, so that we can load the data.

Explaining the aggregated view:

You can choose between an aggregated view (Deribit, Binance, ByBit, OKX and CoinCall only) and an advanced view (includes Delta, Thalex). The only difference is that the advanced view shows volume on options across exchanges. By aggregated data, we mean that we group options by strike, expiration and contract type. To calculate aggregated trading Volume we sum the values across all relevant contracts. This approach simplifies the process of analyzing how trader interest is distributed in the options market.

How to change the view:

If you want to analyze options volume across exchanges, simply change the view of the page using the "View" button.

By analyzing trading volume, its relationship to price, and the distribution between calls and puts, a trader can form his own opinion about changes in the balance of supply and demand. Figuratively the volume shows the dynamics of the confrontation between buyers and sellers in real time.

1. Is there liquidity? Trading volume can tell us how easy it will be to buy or sell an option contract to the other party. This is important because once you have opened a position, you should be able to exit it on favorable terms. We suggest that you evaluate liquidity by looking at the distribution of expiration dates and then see which strikes are most popular among traders.

2. Volatility. The second most important point in options trading is volatility, which directly affects the price of an option contract. When the market is in a flat state, where we see relatively low trading volume, volatility will be low because traders' expectations of future price movements have not yet been formed.

3. Options pricing. Volume analysis in the options market is often used in conjunction with analysis of the price of the underlying asset and other metrics (such as open interest) to confirm the fair price of options. For example, the price of the underlying asset may be rising, but trading volume is falling, indicating that buying power is declining, i.e. there is a definite lack of demand. At such moments, it is worth considering whether the price of the call and put options is now fair and whether they are overvalued. Because there is a high probability that volatility will fall and that options are currently being sold at an inflated price.