To shantanu manjhi
sir i already mentioned that 360 degree analysis is important here all the cases covered also
1. if correlation is positive
if oi increases means put writing because market is also increases
if oi decreases means PUT short covering because market is also decreases
2.if correlation is negative
if oi increases means put buying because market decreases
if oi decreases means PUT long unwinding because market increases
VICE-VERSA FOR CALLS
HERE MY POINTER IS OI CORRELATION TELLS EVERYTHING.