Poori kahani
Shuruaat
Stock A ka single-stock futures contract dekhein. Pehle 4 trading dino mein futures close lagbhag 419 se 403 tak gira. Usi samay open interest, ya OI, lagbhag 5.20 million se 6.01 million contracts tak badha. Kitabon ki reading mein girte price ke saath badhta OI naye short trades judna hai. Price girne par naye bechne waale aate hain. Is reading mein din 4 tak kamzor hote price ke saamne kaafi khule shorts jama ho gaye the.
Kya badla
Din 5 se tasveer palatti hai. Futures price upar mudta hai aur kul milaakar unche closes deta hai. Din 5 ke lagbhag 410.5 se din 15 tak lagbhag 458.5 pahunchta hai. Din 8 aur 11 par chhoti girawat hai. Khaas baat hai ki badhat ke saath open interest nahi badhta. Har din ghatta hai. Lagbhag 5.87 million contracts se 4.30 million tak aata hai. Badhte price ke saath ghatta OI short covering ki aam pehchaan hai. Shorts band karne ke liye contracts khareedne se price badhte hue bhi kul khule contracts ghat sakte hain. Long build-up iska ulta hai. Usmein price aur OI saath badhte hain. Purane shorts band hone ke bajaay naye long trades khulte hain.
Seekh
Akeli price ki disha ka matlab saaf nahi hota. Open interest ke badlaav ke saath use padhne par banawat zyada saaf hoti hai. Badhte price aur ghatte OI ko aam taur par short covering kehte hain, jahan trades band ho rahe hain. Badhte price aur badhte OI ko long build-up kehte hain, jahan naye trades ban rahe hain. Dono series saath padhkar khule trades mein ho sakta badlaav samajhte hain. Yeh varnan ka tareeka hai. Isse trade apne aap tay nahi hota.
- Open / high / low / close · khaali: close ≥ open · bhara: close < open
- Open interest
Stock A ki midcap misaal ki 15 din ki futures series. Din 1-4 mein price dheere ghatta hai aur open interest badhta hai. Yeh short build-up ki aam pehchaan hai. Din 5 se price kul milaakar badhta hai aur OI har din ghatta hai. Yeh short covering ki pehchaan hai. Long build-up mein price aur OI dono badhte.
Chart ka data dekhein
| Din | Open | High | Low | Close | Volume | Open interest |
|---|---|---|---|---|---|---|
| 1 | 420 | 424.5 | 417 | 419 | 18,50,000 | 52,00,000 |
| 2 | 419 | 422 | 411.5 | 413 | 21,00,000 | 54,80,000 |
| 3 | 413.5 | 416 | 406 | 408.5 | 24,50,000 | 57,60,000 |
| 4 | 408 | 410.5 | 401 | 403 | 26,80,000 | 60,10,000 |
| 5 | 403.5 | 412 | 402.5 | 410.5 | 29,50,000 | 58,70,000 |
| 6 | 411 | 419.5 | 409 | 417.5 | 31,20,000 | 56,90,000 |
| 7 | 418 | 425 | 415.5 | 423 | 28,70,000 | 55,10,000 |
| 8 | 423.5 | 429 | 420 | 421.5 | 26,40,000 | 53,80,000 |
| 9 | 421 | 431.5 | 419.5 | 430 | 30,50,000 | 52,10,000 |
| 10 | 430.5 | 438 | 428 | 436.5 | 32,40,000 | 50,20,000 |
| 11 | 437 | 442.5 | 433 | 435 | 27,80,000 | 48,80,000 |
| 12 | 435.5 | 444 | 432.5 | 442.5 | 29,60,000 | 47,10,000 |
| 13 | 443 | 451 | 440 | 449 | 31,80,000 | 45,60,000 |
| 14 | 449.5 | 456.5 | 446 | 454 | 30,10,000 | 44,20,000 |
| 15 | 454.5 | 461 | 451 | 458.5 | 28,90,000 | 43,00,000 |
Ise kaise padhein
6| Term | Yahan iska matlab |
|---|---|
| Open Interest ya OI | Futures ya options ke kul contracts jo abhi khule hain. Abhi band ya settle nahi hue. Naye trades banne ya band hone par yeh badalta hai. Sirf purane trades ke haath badalne par nahi. |
| Short covering | Beche hue short trades ko band karne ke liye waapas khareedna. Contracts band hote hain, isliye OI ghatta hai. Unhe band karne ki khareed price badhte samay ho sakti hai. |
| Long build-up | Naye khareede hue long trades khulna. Price aur OI saath badhte hain, kyunki naye contracts bante hain. Yahi ise short covering se alag karta hai. |
| Short build-up | Naye short trades khulna. Aam reading girta price aur badhta OI hai, jaise yahan din 1-4 mein. |
| OI ka badlaav | Pichhle din se open interest ka antar. Is badlaav ki disha ko price ke badlaav ki disha ke saath jodein. Yahi khule trades ki 4 khaanon waali reading ka aadhaar hai. |
| Price aur OI saath padhna | Price ki disha ke saath OI ki disha rakhkar dekhna ki trades ban rahe hain ya band ho rahe hain. Yeh banawat batata hai. Aage ka price nahi. |
Isse kya establish nahi hota
- Price ka 1 samay-daayra doosre contracts ya samay mein pattern sabit nahi kar sakta.
- Badhte price mein ghatta OI short covering se milta hai. Akela yeh pakka nahi karta ki kisne khareeda ya kyun. OI sabhi participants ko saath net karta hai.
- Misaal mein 1 saaf ghatna hai. Bazaar ki series mein kaafi uljhan hoti hai. OI expiry roll ya arbitrage trades band hone se bhi badal sakta hai. Inka short positioning se lena-dena zaroori nahi.
- Kul OI nahi batata ki kis price par trades khule ya band hue. Isliye kisi 1 participant ka faayda ya nuksaan nahi nikaal sakte.
Ek hi chart, 2 tarah se
Yahi data aam short covering ke bina bhi aa sakta hai. Expiry ke paas OI aksar waise bhi ghatta hai. Log disha ke vichaar se alag contracts roll ya band karte hain. Saath aayi badhat aur OI ki girawat shorts phansne ke bajaay calendar ka roll ho sakti hai. Isi banawat ka doosra raasta bhi hai. Long holders apne trades band karein aur naye khareedaar door rahein to price tikte ya badhte hue bhi OI ghat sakta hai.
Short covering ki reading ko sahaara dene ke liye alag saboot chahiye. Pehla hai participant category ke hisaab se positioning data. Exchange client, apne trades aur sansthaaon ka OI alag deta hai. Khaas short OI ghatna reading se milega. Doosra hai near aur next month dono mein OI ka ek jaisa bartaav. Sirf khatam hoti series mein nahi. Teesra hai futures chaal ke saath cash segment ka delivery aur data. Inmein se koi 1 baat akeli faisla nahi karti. Yeh milaan hain. Kisi nateeje ki pushti nahi.
Is series mein futures price din 5 ke lagbhag 410.5 se din 15 par 458.5 tak badhta hai. Usi samay OI lagbhag 5.87 million se 4.30 million ghatta hai. Yeh joda aam taur par kya batata hai? Yeh long build-up se kaise alag hai?
Answer dikhao
Badhte price aur ghatte open interest ko aam taur par short covering padhte hain. Shorts band karne ke liye contracts khareedne se price badhte hue bhi kul OI ghatta hai. Long build-up alag hai. Usmein price aur OI saath badhte hain. Purane shorts band hone ke bajaay naye long trades bante hain. Sirf price aur OI se pakka nahi hota ki kisne trade kiya ya kyun.