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Options 101
What Is Volume in Options?
Volume and open interest are the two liquidity numbers on every options quote — and they measure different things.
NoVo Options Trading · 2026
Options volume is the number of contracts traded today; open interest is the total number of contracts outstanding. Together they measure a strike’s liquidity and activity.
Volume: today's activity
Volume counts how many contracts changed hands today — a measure of current activity and interest. High volume means an active, liquid strike right now, with tighter spreads and easier fills. It resets each day.
Open interest: total outstanding
Open interest counts all contracts currently open (not yet closed or expired) — a measure of the total positioning at a strike. High open interest at a strike is what creates the dealer walls and pins — it’s the standing positioning dealers must hedge.
Volume is today’s trading; open interest is the standing position. One shows activity, the other shows where the weight sits.
Why both matter
For reading a quote: high volume + high open interest = a liquid strike you can trade cleanly. For dealer structure: open interest at big strikes is what builds the levels NoVo maps. Check both when picking a strike.
More on this: Why the Biggest Open-Interest Strike Isn't Always the Wall · Volume vs Open Interest: Two Numbers Every Options Trader Confuses
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NoVo is a software tool for market analysis and for executing trades you initiate, not financial advice. This article is general education, not investment advice. Options trading involves substantial risk of loss, up to and including your entire capital. NoVo makes no guarantee of profit, win rate, or performance, and past results do not predict future outcomes. You are responsible for your own broker account, configuration, and trading decisions.