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What Is Open Interest?
In futures trading, Open Interest is the total number of outstanding futures contracts existing in the market.
Unlike volume, open interest is a running, cumulative, sum of the number of outstanding futures contracts entered upon and not yet offsetted in the market. In other words, it is the number of futures contracts still marked for delivery upon expiration. Open interest increases by one for every new futures contract entered upon and decreases by one for every existing futures contract offsetted.
Read the full tutorial on Open Interest.