Long/Short Ratio vs Open Interest

The proportion of accounts or positions on the long side versus the short side of a derivatives market; extreme readings are contrarian signals — very high ratios indicate crowded longs; very low ratios indicate crowded shorts; most actionable when confirmed by funding rate direction.

The total number of outstanding derivative contracts that have not been settled or closed; a measure of committed capital rather than direction; rising OI indicates new money entering; falling OI indicates positions being closed.