It is really hard to have any rules but you need to deal with calls and puts separately. Ideally, you need to look at the shift in the open interest with the shift in price change. The table below captures the gist of how one can interpret the different combinations of shifts in open interest and market price to arrive at an interpretation of whether you must be bullish or bearish on the call option. Here we look at different strikes of the Nifty Call options to get an idea of how to interpret the shift in Oil data.

CALLS

TREND

Interpretation

OI change

price change

Call Volume

Call Net OI

Call change in OI

Call Price change

Call LTP

strike

BULLISH

Short covering

DOWN

UP

421

28650

-13050

119.5

837

9800

BULLISH

Short covering

DOWN

UP

183

44550

-2850

100.85

739

9900

BULLISH

Short covering

DOWN

UP

1375

356325

-66975

117.3

640.05

10000

BULLISH

Short covering

DOWN

UP

1274

299850

-55200

112.45

542

10100

BULLISH

Short covering

DOWN

UP

2113

287925

-66975

112.7

444.15

10200

BULLISH

Short covering

DOWN

UP

3395

685500

-12600

106

348.4

10300

BULLISH

Short covering

DOWN

UP

37585

752025

-119325

90.1

252.7

10400

BULLISH

Short covering

DOWN

UP

196673

1530450

-217575

72.55

164.75

10500

BULLISH

Short covering

DOWN

UP

427225

2284350

-790500

42.65

86.85

10600

BULLISH

Short covering

DOWN

UP

300848

3254700

-551550

17.1

32.5

10700

BULLISH

Short covering

DOWN

UP

167868

2865075

-255900

3.25

8.9

10800

BULLISH

Short covering

DOWN

UP

84381

1806075

-260475

0.3

2.25

10900

BEARISH

Long Liquidation

DOWN

DOWN

85339

3261900

-513075

-0.25

1.35

11000

BEARISH

Long Liquidation

DOWN

DOWN

14105

752325

-100050

-0.4

0.65

11100

BEARISH

Long Liquidation

DOWN

DOWN

7792

790500

-81975

-0.5

0.55

11200

BEARISH

Long Liquidation

DOWN

DOWN

3222

633375

-42150

-0.6

0.35

11300

However, it must be noted in the above table that this is purely based on two data points and there are more data points required for interpretation. Hence this needs to be taken with a lot of other data items too before taking a trading decision.