significant OI built up on ITM put options is fine but you should check Option Price also…
If Option Price is also increasing then its Long Built up. And if,
option price is decreasing then its option writing.
You should also gauge IV as well.
Are Writers scary…? while writing those options or not…
After that only you can conclude that’s Option Writing at ITM Put in your stock/Index is done by Smart Money Or Not.
My friendly suggestion: create 2 individual stories based on Option Chain & based on Technical Analysis via Sir’s 6 hats method.
Don’t mix 1st Analysis conclusion to 2nd Analysis. Your mind might get biased bcoz of that while doing 2nd Analysis.
And that’s the major reason I respect Nitin Sir…
Bcoz any one can read books any one can do analysis but that unbiased state of mind is very very very crucial.