Korean BTC Traders' Open interest ©MBY_LAB

Good morning. This is Yong.

We created an open interest for Korean bitcoin traders using the Upbit chart and Bithumb chart, which were recently added to TradingView.

This indicator estimates and displays the open interest of bitcoin traders actually traded through the trading volume of bitcoin traders in Korea.


Logic
In general, once a buy or sell is executed, this trade has no choice but to be reflected in the volume.
Therefore, if the price trend is up, the concept that the volume of buyers will be greater than the volume of sellers is applied.

How to Use
When the OI value, which is usually indicated in green, starts to decrease, it is interpreted as a liquidation of long positions by Korean traders.
Conversely, when the red OI value starts to decrease, it can be interpreted as a liquidation of short positions by Korean traders.