Alrighty, so if an option contract changes hands let's say 20 times between its birth and expiry, does OI tell you about the P/L of those 20 people holding that very same contract for shorter or longer period of time? Hell no. That same contract counts as 1 in OI and it tells shit about for how much it was bought and sold while it existed. Now you tell me there is any validity to your OI stats. Not to mention the already mentioned connection to stocks, without knowing the full position, one can lose on puts and still make money if the stock rallies like crazy.