What is Put-Call Ratio (PCR) and how do I interpret it?

PCR is the ratio of total Put Open Interest to Call Open Interest. High PCR (>1.2) indicates bullish sentiment as more puts provide support. Low PCR (<0.8) indicates bearish sentiment as more calls provide resistance. Neutral PCR (0.8-1.2) shows balanced market sentiment.

What is COI PCR and how is it different from regular PCR?

COI PCR (Change in OI PCR) measures the ratio of intraday Put OI change to Call OI change. Unlike regular PCR which uses total accumulated OI, COI PCR uses only today's changes, making it more responsive and valuable for intraday traders.

What is COI Strength and how do I use it?

COI Strength % = ((PE COI - CE COI) / (|PE COI| + |CE COI|)) × 100. This normalized indicator measures directional bias scaled to percent. Values > 30% indicate bullish sentiment, < -30% indicate bearish sentiment, and -30% to 30% indicate neutral activity.

How often does PCR data update?

PCR data updates based on the selected interval. 1 Minute interval provides real-time intraday tracking with updates every minute during market hours. 1 Day interval shows end-of-day PCR values for historical analysis.

What do negative PCR values mean?

Negative PCR occurs when Call OI Change is negative while Put OI is also negative, or vice versa. Common scenarios include: PE > 0 and CE 0 (strong bearish), or both negative (neutral, low conviction). Use COI Strength for clearer signals in these cases.

How do I use PCR with price action?

Combine PCR with price for better signals. Use divergence trading when price and PCR move opposite. Look for confirmation when price and PCR align. Watch for extreme COI Strength values at support/resistance for reversal signals. Monitor sudden COI Strength shifts as they often precede intraday trend changes.

BAJAJ-AUTO

Q: What is COI PCR and how is it different from regular PCR?

COI PCR (Change in OI PCR) measures the ratio of intraday Put OI change to Call OI change. Unlike regular PCR which uses total accumulated OI, COI PCR uses only today's changes, making it more responsive and valuable for intraday traders.

Q: What is COI Strength and how do I use it?

COI Strength % = ((PE COI - CE COI) / (|PE COI| + |CE COI|)) × 100. This normalized indicator measures directional bias scaled to percent. Values > 30% indicate bullish sentiment, < -30% indicate bearish sentiment, and -30% to 30% indicate neutral activity.

Q: How often does PCR data update?

PCR data updates based on the selected interval. 1 Minute interval provides real-time intraday tracking with updates every minute during market hours. 1 Day interval shows end-of-day PCR values for historical analysis.

Q: What do negative PCR values mean?

Negative PCR occurs when Call OI Change is negative while Put OI is also negative, or vice versa. Common scenarios include: PE > 0 and CE 0 (strong bearish), or both negative (neutral, low conviction). Use COI Strength for clearer signals in these cases.

Bajaj Auto Limited

9170 +71.00 (0.78%)

L: 9070 H: 9194.5

Put-Call Ratio - BAJAJ-AUTO

25 Dec 2025 11:10 AM IST

Expiry

Put OI

2,994

Call OI

3,797

PCR

0.79

Put OI Chg

539

Call OI Chg

722

COI PCR

0.75

COI Strength %

-15.00 %

Interval

On 30 Oct BAJAJ-AUTO was trading at 8923 with pcr value 0

On 31 Oct BAJAJ-AUTO was trading at 8892.5 with pcr value 0

On 3 Nov BAJAJ-AUTO was trading at 8922.5 with pcr value 0

On 4 Nov BAJAJ-AUTO was trading at 8751 with pcr value 0

On 6 Nov BAJAJ-AUTO was trading at 8720.5 with pcr value 0

On 7 Nov BAJAJ-AUTO was trading at 8721.5 with pcr value 0

On 10 Nov BAJAJ-AUTO was trading at 8772 with pcr value

On 11 Nov BAJAJ-AUTO was trading at 8895 with pcr value 0

On 12 Nov BAJAJ-AUTO was trading at 8868 with pcr value

On 13 Nov BAJAJ-AUTO was trading at 8867.5 with pcr value 0

On 14 Nov BAJAJ-AUTO was trading at 8843 with pcr value

On 17 Nov BAJAJ-AUTO was trading at 8945.5 with pcr value

On 18 Nov BAJAJ-AUTO was trading at 8921 with pcr value 0

On 19 Nov BAJAJ-AUTO was trading at 8884.5 with pcr value 11

On 20 Nov BAJAJ-AUTO was trading at 8979.5 with pcr value 2.57

On 21 Nov BAJAJ-AUTO was trading at 8892 with pcr value 2.82

On 24 Nov BAJAJ-AUTO was trading at 9007.5 with pcr value 1.4

On 25 Nov BAJAJ-AUTO was trading at 9048 with pcr value 3

On 26 Nov BAJAJ-AUTO was trading at 9164 with pcr value 10.2

On 27 Nov BAJAJ-AUTO was trading at 9022.5 with pcr value 2.53

On 28 Nov BAJAJ-AUTO was trading at 9073.5 with pcr value 3.52

On 1 Dec BAJAJ-AUTO was trading at 9096 with pcr value 1.69

On 2 Dec BAJAJ-AUTO was trading at 9085.5 with pcr value 4.61

On 3 Dec BAJAJ-AUTO was trading at 9000.5 with pcr value 3.56

On 4 Dec BAJAJ-AUTO was trading at 9085 with pcr value 3.13

On 5 Dec BAJAJ-AUTO was trading at 9109 with pcr value 1.3

On 8 Dec BAJAJ-AUTO was trading at 9026 with pcr value 2.31

On 9 Dec BAJAJ-AUTO was trading at 8961 with pcr value 2.49

On 10 Dec BAJAJ-AUTO was trading at 8991 with pcr value 2.07

On 11 Dec BAJAJ-AUTO was trading at 9053.5 with pcr value 1.86

On 12 Dec BAJAJ-AUTO was trading at 9015 with pcr value 1.43

On 15 Dec BAJAJ-AUTO was trading at 8940 with pcr value 0.94

On 16 Dec BAJAJ-AUTO was trading at 9008 with pcr value 0.85

On 17 Dec BAJAJ-AUTO was trading at 8895 with pcr value 1.2

On 18 Dec BAJAJ-AUTO was trading at 8831 with pcr value 0.68

On 19 Dec BAJAJ-AUTO was trading at 9002 with pcr value 0.85

On 22 Dec BAJAJ-AUTO was trading at 9164 with pcr value 0.78

On 23 Dec BAJAJ-AUTO was trading at 9099 with pcr value 0.75

On 24 Dec BAJAJ-AUTO was trading at 9170 with pcr value 0.79

On 25 Dec BAJAJ-AUTO was trading at 9170 with pcr value 0.79

Put-Call-Ratio Table

PCR Table Expiry

Understanding PCR & COI Metrics

PCR (Put-Call Ratio)

PCR = Put OI / Call OI

> 1.2

Bullish

More puts than calls, potential support

0.8 - 1.2

Neutral

Balanced market sentiment

< 0.8

Bearish

More calls than puts, potential resistance

COI Strength %

COI Strength % = ((PE COI - CE COI) / (|PE| + |CE|)) × 100

> 30%

Bullish

Strong put buildup dominance

-30% to 30%

Neutral

Balanced intraday activity

< -30%

Bearish

Strong call buildup dominance

Frequently Asked Questions

PCR is the ratio of total Put Open Interest to Call Open Interest. It's a contrarian indicator of market sentiment:

High PCR (>1.2): More traders are holding puts, expecting a decline. However, this often acts as support (bullish) as market makers hedge by buying the underlying.
Low PCR (<0.8): More traders are holding calls, expecting a rise. This often acts as resistance (bearish) as market makers hedge by selling the underlying.
Neutral PCR (0.8-1.2): Balanced sentiment with no strong directional bias.

Remember: PCR is contrarian - extreme readings often signal reversals rather than continuation.

COI PCR (Change in OI PCR) measures the ratio of intraday Put OI change to Call OI change, making it more responsive than total OI PCR.

Key Differences:

Regular PCR: Uses total accumulated Open Interest. Shows overall market positioning but changes slowly.
COI PCR: Uses only today's OI changes. Captures fresh positioning and provides timely intraday signals.

Use Case: COI PCR helps identify intraday sentiment shifts before they reflect in total PCR, making it valuable for day traders and short-term positions.

COI Strength = (PE COI - CE COI) / (|PE COI| + |CE COI|)

This normalized indicator measures the directional bias of intraday Open Interest changes on a scale from -1 to +1:

> 0.3 (Bullish): Put side dominance - fresh put writing or buying suggests bullish positioning.
-0.3 to 0.3 (Neutral): Balanced activity on both sides - no clear directional conviction.
< -0.3 (Bearish): Call side dominance - fresh call writing or buying suggests bearish positioning.

Advantages over PCR:

Normalized scale (-1 to +1) makes comparison across symbols easier
Not affected by extreme ratios when one side is very small
Clearly shows which side has stronger intraday momentum

PCR data updates based on the selected interval:

1 Minute Interval: Updates every minute during market hours, providing real-time intraday tracking.
1 Day Interval: Shows end-of-day PCR values for historical analysis and trend identification.

Note: OI data comes from the exchange and may have a slight delay. Premium users get access to faster refresh rates and more granular intervals.

Negative PCR occurs when Call OI Change is negative (unwinding) while Put OI Change is also negative, or vice versa.

Common Scenarios:

PE > 0, CE < 0: Puts building, Calls unwinding → Strong bullish signal
PE < 0, CE > 0: Puts unwinding, Calls building → Strong bearish signal
Both negative: Both sides unwinding → Low conviction, neutral to ranging market

Tip: When PCR becomes negative or very large, use COI Strength instead - it handles these edge cases better and provides clearer directional signals.

Best Practices for Combining PCR with Price:

Divergence Trading: If price is falling but COI PCR shows put buildup (>1.2), it may signal a bounce. If price is rising but COI PCR shows call buildup (<0.8), it may signal resistance.
Confirmation: Use PCR to confirm price trends. Rising prices with increasing calls or falling prices with increasing puts suggests trend continuation.
Extremes: Very high COI Strength (>0.6 or <-0.6) combined with price at support/resistance can signal strong reversals.
Intraday Pivots: Watch for sudden COI Strength shifts (e.g., from +0.5 to -0.3) as they often precede intraday trend changes.

Remember: PCR is a sentiment indicator, not a timing tool. Always combine with technical analysis, support/resistance levels, and risk management.

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