Open: Open is the period at the beginning of the trading session officially designated by the exchange during which all transactions are considered made "at the open."
Open Interest: Open Interest is the total number of futures or options contracts of a given commodity that have not yet been offset by an opposite futures or option transaction nor fulfilled by delivery of the commodity or option exercise. Open Interest is also called open contracts or open commitments. Each open transaction has a buyer and a seller, but for calculation of open interest, only one side of the contract is counted.
Open interest is the number of open contracts of a given option. An open contract is either put or call that is not exercised, closed or expired. Open interest increases when a buyer opens a put or call position and, vise versa, open interest decreases when a buyer sells/closes a put or call position.
Volume and open interest are important indicators in futures markets.
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Naked options trading is very risky - many people lose money trading them. It is recommended contacting your broker or investment professional to find out about trading risk and margin requirements before getting involved into trading uncovered options.