Put-call ratio (PCR) tracker

Latest reading 2026-05-25T15:33:50.

The put-call ratio is put open interest divided by call open interest. A reading above one means more puts are outstanding than calls, which is conventionally read as bullish positioning on the logic that writing a put is a bet the underlying holds up. That reading is a starting point rather than a conclusion, and treating it as a signal on its own is the most common way this indicator is misused.

The level matters less than the move

Every symbol trades inside its own habitual band. One index sits comfortably above one for months; another rarely crosses it. The same number therefore carries opposite information depending on which band it belongs to, and a ratio quoted without its own history is close to meaningless. What does carry information is displacement: a ratio that moves sharply within a single session reflects a genuine change in how the book is positioned, while a ratio that is high every day is simply how that symbol trades. This tool plots the series per symbol and per expiry for exactly that reason, rather than reporting one figure.

Which ratio you are looking at

Open-interest and volume versions of this ratio are different measurements. The open-interest ratio compares contracts still outstanding, so it reflects positioning that has been held and moves relatively slowly. The volume ratio compares contracts traded during the session: far more responsive, considerably noisier, and it counts a position opened and closed the same day twice. The two can disagree, and when they do the disagreement is itself worth reading rather than resolving.

Why it splits by expiry

Each expiry holds a separate book with separate participants. The near expiry is dominated by short-dated hedging and intraday writing; further expiries carry longer-horizon positions that turn over much less. Blending them produces a number that describes nobody.

When to use it

As a positioning check before committing to a directional view, and at extremes. When the ratio reaches the edge of its own range, the conventional reading and the contrarian one point in opposite directions, and which is right depends on whether the crowding is still building or has begun to unwind. The series tells you that; the single number cannot.

Frequently asked

What is a good PCR value for NIFTY?

There is no universal good value, which is the most common mistake made with this indicator. Each symbol trades inside its own habitual band, and the same reading means different things in different bands. What carries information is the move: a ratio shifting sharply within a session is a real change in positioning, while a persistently high reading is just that symbol's normal.

Does a PCR above 1 mean the market is bullish?

That is the conventional reading, on the logic that writing puts is a bet the underlying holds up. Treat it as one input rather than a signal. At genuine extremes many traders read the ratio the other way, as crowding that tends to unwind, so the same number supports opposite conclusions depending on how stretched it already is.

What is the difference between OI PCR and volume PCR?

Open-interest PCR compares outstanding put and call contracts and reflects positioning that has been held, so it moves relatively slowly. Volume PCR compares contracts traded during the session and reacts far faster but is noisier, since a position opened and closed the same day counts in it twice. They can disagree, and neither one is wrong.

Why does PCR differ between expiries of the same symbol?

Because each expiry holds its own book. The near expiry is dominated by short-dated hedging and intraday writing, while further expiries carry longer-horizon positions that turn over much less. Comparing a symbol's weekly ratio with its monthly one is comparing two different sets of participants, so this tool reports the ratio per expiry rather than blending them into a single figure.

Analytics only. Not investment advice. Last updated 2026-09-14.