Put/Call Ratio (PCR)

The Put/Call Ratio (PCR) divides the volume or open interest of put options by call options. It's a contrarian sentiment indicator — extreme readings often precede reversals.

• PCR > 1.0 — More puts than calls. Bearish sentiment (contrarian bullish at extremes).
• PCR < 0.7 — More calls than puts. Bullish sentiment (contrarian bearish at extremes).
• Volume PCR — Based on daily trading volume. Most responsive to short-term sentiment.
• OI PCR — Based on open interest. Shows accumulated positioning over time.
• Premium PCR — Weighted by dollar premium. Captures institutional money flow better.