> ## Documentation Index
> Fetch the complete documentation index at: https://terminal.incrypto.ru/llms.txt
> Use this file to discover all available pages before exploring further.

# Transfer of Contracts

> Tracks the net flow of contracts between market participants.

## Overview

Transfer of Contracts measures the net flow of futures contracts between market participants within each bar. It captures the directional transfer of risk:

* **Positive values** — Net transfer to buyers (buyers absorbing contracts)
* **Negative values** — Net transfer to sellers (sellers absorbing contracts)

This indicator goes beyond simple volume delta by incorporating open interest changes to reveal whether contracts are being **opened, closed, or transferred** between participants.

## How It Works

The indicator analyzes the relationship between volume delta and open interest changes:

| Volume Delta | OI Change | Interpretation                          |
| ------------ | --------- | --------------------------------------- |
| Positive     | Rising    | New longs opening — buyers initiating   |
| Positive     | Falling   | Shorts closing — buyers absorbing       |
| Negative     | Rising    | New shorts opening — sellers initiating |
| Negative     | Falling   | Longs closing — sellers absorbing       |

Transfer of Contracts synthesizes these relationships into a single metric showing the net directional flow of contract ownership.

<Tip>
  Large transfer spikes combined with open interest changes reveal institutional positioning. A surge in contract transfer with rising OI means new positions are being established — not just existing ones changing hands.
</Tip>

## Interpretation

**Positive Transfer + Rising Price**: Aggressive buying with new position creation. Strong bullish signal.

**Positive Transfer + Falling Price**: Buyers absorbing selling pressure. Potential accumulation zone — watch for reversal.

**Negative Transfer + Falling Price**: Aggressive selling with new short positions. Strong bearish signal.

**Negative Transfer + Rising Price**: Sellers absorbing buying pressure. Potential distribution zone — watch for reversal.

## Settings

| Parameter            | Description                                          | Default   |
| -------------------- | ---------------------------------------------------- | --------- |
| `color`              | Primary indicator color                              | `#a855f7` |
| `displayMode`        | Visualization style: `line`, `columns`, or `candles` | `columns` |
| `highlightAnomalies` | Highlight extreme transfer events                    | `true`    |
| `anomalyThreshold`   | Standard deviations for anomaly detection            | `2.5`     |
| `anomalyPeriod`      | Lookback period for anomaly calculation              | `30`      |
| `gradientIntensity`  | Scale bar opacity by magnitude                       | `true`    |

## Display Modes

* **Columns** — Default histogram. Purple bars showing positive/negative transfer magnitude.
* **Line** — Continuous plot connecting transfer values. Good for trend analysis.
* **Candles** — OHLC rendering per bar.

## Anomaly Detection

When `highlightAnomalies` is enabled, extreme transfer events (exceeding `anomalyThreshold` standard deviations) are highlighted. These anomalies typically coincide with:

* Large institutional position changes
* Liquidation cascades triggering contract transfers
* Market maker inventory rebalancing
* Forced position closures

## Gradient Intensity

With `gradientIntensity` enabled, bar opacity scales with the transfer magnitude. Small transfers fade into the background while large transfers demand attention.

<Note>
  Transfer of Contracts is a futures-only indicator. It requires open interest data to calculate and is not available for spot markets.
</Note>

## Practical Examples

**Institutional Entry**: Transfer of Contracts shows a sustained positive reading over multiple bars with rising OI — a large fund is building a long position across several candles.

**Liquidation Cascade**: A sharp negative spike in Transfer of Contracts accompanied by a price drop and falling OI — long positions are being forcefully liquidated, transferring contracts to short sellers.

**Quiet Accumulation**: Transfer readings are mildly positive over an extended period while price trades sideways — someone is quietly accumulating a large position without moving the price.

## Related Indicators

* [Open Interest](/en/indicators/metrics/open-interest) — Raw OI data
* [Anchored OI](/en/indicators/metrics/anchored-oi) — OI changes from session start
* [CVD](/en/indicators/metrics/cvd) — Cumulative volume delta
* [Enhanced Liquidations](/en/indicators/metrics/enhanced-liquidations) — Forced position closures