TRENT BTST - No Buy

IF the largest single OI change in the entire chain is put long UNWINDING at a strike well below spot — THEN as a buyer, read this as a capitulation signal, not a floor-building signal. Today's TRENT chain had −1,094 OI change at 4,000 PE — the single biggest number in the whole sheet. Bears who bought puts expecting TRENT to fall to 4,000 gave up and closed their positions in size. This is different from put writing (which is institutional conviction that a level holds). Put long unwinding says: I was wrong, I'm out. When the largest bearish position in a chain exits, it removes a structural weight from the stock. As a buyer, this is a subtle but powerful signal — not because bulls are building, but because the last big seller just left the room. The rule: scan the put side not just for writing (positive OI change) but also for large unwinding (negative OI change). Large put long exits are a secondary bullish signal — they confirm the directional lean but don't drive it alone. Pair it with at least one call-side signal before acting.