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Cumulative delta is simply the trades @ bid vs trades @ ask, with a running cumulative total which can be multi session or single session and represented by a typical line chart or OHLC bars. It is best calculated using bid/ask data and you need a good data feed.
I am no expert in CDV, but as I learn more about it I wanted to start a thread to discuss trade ideas. If you see me making mistakes in my analysis, by all means let me know.
Yeah open interest is related to the number of people with open positions in the market, there's no way to tell from cumulative delta if people are covering or opening new positions. just because there may be a wave of buying at the offer, we don't know if that's covering or new positions being opened. Both very useful tools though