For exchange traded options, it is quite interesting to see where the open interest are.... It is particularly useful to look into towards one of the expiration dates.Credit index options (I am talking about Itraxx main/XO/CDX IG/CDX HY that kick of options) are OTC. Probably only market makers from one of the big banks would know the fuller picture.... My question is in fact more limited in scope.... My perception is buy side tends to use credit index option as tail risk hedging or as leverage outright punting of index movement. Both cases seem to point out that OTM payer and receiver would normally be of the greatest interest. Is my speculation correct in this?