Dec

3

The normal pattern for INDEX options open interest is for the OI of puts to exceed that of calls. It happens more than 90 percent of the time. It's a bit easier to see if you smooth the data, recognizing that it has a 21-day periodicity. But from approximately January 2013 to September 2014 call index OI exceeded put index OI (or was close enough to be indecisive). Since late September the pattern has reverted to historical.

N.B. the OI pattern for individual equities is that calls outnumber puts, all the time.

A return to normalcy?


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