The Open Interest Weighted Average Price (OIWAP) serves as a benchmark, reflecting the average transaction price of contracts opened, helping traders in assessing market sentiment and directional trends.
We have also introduced two new Open Interest Weighted Average Price concepts, LIWAP (Long Interest Weighted Average Price) and
SIWAP (Short Interest Weighted Average Price).

To read about OIWAP refer the OIWAP Blog.

@Vinay Shrotriya yes, it works on options. One interesting concept on OIWAP is, if you add the OIWAP to the call option strike, you'll get a breakeven level for buyers and sellers of that particular strike and vice versa for put subtract OIWAP from the strike price, I hope you'll find it helpful.