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|). This normalized indicator measures directional bias on a scale from -1 to +1. Values > 0.3 indicate bullish sentiment, < -0.3 indicate bearish sentiment, and -0.3 to 0.3 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.

BANKNIFTY

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|). This normalized indicator measures directional bias on a scale from -1 to +1. Values > 0.3 indicate bullish sentiment, < -0.3 indicate bearish sentiment, and -0.3 to 0.3 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.

Nifty Bank

59029.9 -431.90 (-0.73%)

L: 58983.05 H: 59335.25

Put-Call Ratio - BANKNIFTY

16 Dec 2025 03:11 PM IST

Live

Expiry

Put OI

4,24,979

Call OI

5,54,106

PCR

0.77

Put OI Chg

-1,057

Call OI Chg

98,415

COI PCR

-0.01

COI Strength

-1.00

Interval

On 9:30 BANKNIFTY was trading at 59160.5 with pcr value 0.89

On 9:45 BANKNIFTY was trading at 59167.7 with pcr value 0.86

On 10:00 BANKNIFTY was trading at 59092.9 with pcr value 0.84

On 10:15 BANKNIFTY was trading at 59130.6 with pcr value 0.82

On 10:30 BANKNIFTY was trading at 59116.65 with pcr value 0.81

On 10:45 BANKNIFTY was trading at 59143.5 with pcr value 0.81

On 11:00 BANKNIFTY was trading at 59100.6 with pcr value 0.81

On 11:15 BANKNIFTY was trading at 59084.05 with pcr value 0.8

On 11:30 BANKNIFTY was trading at 59106.75 with pcr value 0.8

On 11:45 BANKNIFTY was trading at 59003.5 with pcr value 0.78

On 12:00 BANKNIFTY was trading at 59076.95 with pcr value 0.78

On 12:15 BANKNIFTY was trading at 59058.3 with pcr value 0.78

On 12:30 BANKNIFTY was trading at 59116.45 with pcr value 0.78

On 12:45 BANKNIFTY was trading at 59114.15 with pcr value 0.79

On 13:00 BANKNIFTY was trading at 59090 with pcr value 0.79

On 13:15 BANKNIFTY was trading at 59048.65 with pcr value 0.78

On 13:30 BANKNIFTY was trading at 59048.25 with pcr value 0.78

On 13:45 BANKNIFTY was trading at 59085.6 with pcr value 0.78

On 14:00 BANKNIFTY was trading at 59087.35 with pcr value 0.77

On 14:15 BANKNIFTY was trading at 59024.85 with pcr value 0.77

On 14:30 BANKNIFTY was trading at 59086.75 with pcr value 0.76

On 14:45 BANKNIFTY was trading at 59055.75 with pcr value 0.77

On 15:00 BANKNIFTY was trading at 59077 with pcr value 0.77

On 15:12 BANKNIFTY was trading at 59035.1 with pcr value 0.77

Put-Call-Ratio Table

PCR Table Expiry

Note:- click on symbol to see more detailed view

	PCR OI			COI PCR
Symbol	Put	Call	Ratio	Put	Call	Ratio
360ONE	2,010	3,249	0.62	-65	-31	2.10
ABB	5,373	6,384	0.84	-118	-311	0.38
ABCAPITAL	4,841	7,756	0.62	-75	-1	75.00
ADANIENSOL	3,409	5,586	0.61	-258	249	-1.04
ADANIENT	26,557	44,093	0.60	-637	677	-0.94
ADANIGREEN	10,431	19,620	0.53	-617	611	-1.01
ADANIPORTS	9,171	17,947	0.51	-28	323	-0.09
ALKEM	1,245	1,668	0.75	79	-50	-1.58
AMBER	7,018	10,357	0.68	-107	-175	0.61
AMBUJACEM	8,566	10,415	0.82	-620	-84	7.38
ANGELONE	7,608	18,276	0.42	-120	783	-0.15
APLAPOLLO	2,435	2,712	0.90	-59	-125	0.47
APOLLOHOSP	7,870	16,182	0.49	313	1,130	0.28
ASHOKLEY	12,479	13,057	0.96	705	600	1.18
ASIANPAINT	17,234	33,981	0.51	-115	-670	0.17
ASTRAL	4,479	7,960	0.56	373	220	1.70
AUBANK	6,393	7,537	0.85	-241	-67	3.60
AUROPHARMA	4,477	10,348	0.43	-169	219	-0.77
AXISBANK	24,367	57,061	0.43	10,010	27,789	0.36
BAJAJ-AUTO	15,007	27,389	0.55	628	-300	-2.09
BAJAJFINSV	14,053	20,381	0.69	694	1,261	0.55
BAJFINANCE	23,303	40,674	0.57	773	2,573	0.30
BANDHANBNK	7,656	11,416	0.67	-12	-32	0.38
BANKBARODA	12,292	16,849	0.73	175	735	0.24
BANKINDIA	3,329	4,695	0.71	5	72	0.07
BDL	8,403	20,731	0.41	865	2,772	0.31
BEL	27,197	61,917	0.44	626	2,208	0.28
BHARATFORG	4,292	6,856	0.63	122	40	3.05
BHARTIARTL	19,610	41,065	0.48	745	474	1.57
BHEL	8,954	18,032	0.50	-202	508	-0.40
BIOCON	6,479	13,030	0.50	83	506	0.16
BLUESTARCO	1,356	1,726	0.79	-27	12	-2.25
BOSCHLTD	1,618	3,197	0.51	75	190	0.39
BPCL	5,440	8,806	0.62	-190	748	-0.25
BRITANNIA	6,457	9,370	0.69	640	1,734	0.37
BSE	18,632	38,352	0.49	545	4,610	0.12
CAMS	4,338	7,305	0.59	-50	-113	0.44
CANBK	12,095	16,085	0.75	59	457	0.13
CDSL	9,576	21,972	0.44	-45	357	-0.13
CGPOWER	4,648	8,913	0.52	-118	37	-3.19
CHOLAFIN	3,644	5,702	0.64	19	403	0.05
CIPLA	10,118	15,464	0.65	90	706	0.13
COALINDIA	12,561	13,005	0.97	-45	-17	2.65
COFORGE	8,743	20,324	0.43	61	-1,031	-0.06
COLPAL	6,500	10,686	0.61	74	1,254	0.06
CONCOR	7,704	10,147	0.76	2	305	0.01
CROMPTON	6,351	11,751	0.54	-49	37	-1.32
CUMMINSIND	3,570	4,512	0.79	46	126	0.37
CYIENT	1,973	2,949	0.67	-18	27	-0.67
DABUR	5,907	11,194	0.53	687	847	0.81
DALBHARAT	2,896	3,817	0.76	-213	-472	0.45
DELHIVERY	3,903	6,354	0.61	69	585	0.12
DIVISLAB	6,607	9,104	0.73	65	18	3.61
DIXON	36,335	62,314	0.58	-957	2,976	-0.32
DLF	16,613	25,989	0.64	-50	304	-0.16
DMART	7,203	15,925	0.45	84	3,061	0.03
DRREDDY	5,418	10,762	0.50	-173	-77	2.25
EICHERMOT	11,279	16,024	0.70	159	70	2.27
ETERNAL	19,294	36,027	0.54	1,685	7,680	0.22
EXIDEIND	3,999	5,718	0.70	-10	169	-0.06
FEDERALBNK	8,358	7,985	1.05	-419	126	-3.33
FORTIS	3,612	8,800	0.41	8	-637	-0.01
GAIL	13,502	20,767	0.65	34	174	0.20
GLENMARK	8,156	10,924	0.75	305	491	0.62
GMRAIRPORT	10,872	19,570	0.56	-93	1,134	-0.08
GODREJCP	3,990	6,154	0.65	897	2,169	0.41
GODREJPROP	7,070	11,710	0.60	432	747	0.58
GRASIM	9,623	8,589	1.12	68	31	2.19
HAL	27,855	56,795	0.49	84	3,973	0.02
HAVELLS	3,567	4,711	0.76	-1	7	-0.14
HCLTECH	11,534	20,589	0.56	34	1,301	0.03
HDFCAMC	4,707	6,336	0.74	386	641	0.60
HDFCBANK	43,158	63,657	0.68	1,819	-66	-27.56
HDFCLIFE	7,604	19,089	0.40	-21	1,612	-0.01
HEROMOTOCO	13,050	18,469	0.71	295	219	1.35
HFCL	4,948	11,952	0.41	43	-436	-0.10
HINDALCO	15,456	21,177	0.73	-1,488	-141	10.55
HINDPETRO	3,879	6,780	0.57	-152	381	-0.40
HINDUNILVR	9,992	19,844	0.50	-705	-305	2.31
HINDZINC	24,080	33,693	0.71	-1,638	-1,274	1.29
HUDCO	6,243	14,297	0.44	-22	167	-0.13
ICICIBANK	32,273	50,568	0.64	1,112	672	1.65
ICICIGI	3,059	5,448	0.56	-104	-89	1.17
ICICIPRULI	2,376	4,771	0.50	-36	186	-0.19
IDEA	15,310	26,529	0.58	206	-361	-0.57
IDFCFIRSTB	9,831	12,615	0.78	-153	6	-25.50
IEX	8,416	11,546	0.73	-28	-362	0.08
IIFL	2,586	4,422	0.58	-40	225	-0.18
INDHOTEL	5,777	9,132	0.63	62	680	0.09
INDIANB	4,849	12,069	0.40	83	699	0.12
INDIGO	52,165	1,09,292	0.48	-663	-3,484	0.19
INDUSINDBK	12,611	18,543	0.68	234	821	0.29
INDUSTOWER	8,811	15,590	0.57	-107	-226	0.47
INFY	38,160	61,809	0.62	-2,381	739	-3.22
INOXWIND	7,213	13,943	0.52	-20	83	-0.24
IOC	7,240	12,861	0.56	489	1,669	0.29
IRCTC	7,351	10,993	0.67	118	-72	-1.64
IREDA	4,938	10,246	0.48	24	-66	-0.36
IRFC	4,546	9,429	0.48	75	273	0.27
ITC	22,106	34,307	0.64	-2,811	74	-37.99
JINDALSTEL	5,523	8,893	0.62	82	864	0.09
JIOFIN	17,961	25,588	0.70	-189	943	-0.20
JSWENERGY	10,308	15,196	0.68	-726	-201	3.61
JSWSTEEL	12,894	28,480	0.45	-1,426	1,341	-1.06
JUBLFOOD	6,784	9,639	0.70	800	1,570	0.51
KALYANKJIL	4,779	8,797	0.54	40	76	0.53
KAYNES	30,705	76,728	0.40	-212	-519	0.41
KEI	2,185	3,520	0.62	-54	30	-1.80
KFINTECH	4,251	6,725	0.63	188	-30	-6.27
KOTAKBANK	18,888	21,571	0.88	444	787	0.56
KPITTECH	3,523	6,636	0.53	164	1,080	0.15
LAURUSLABS	5,241	10,046	0.52	16	505	0.03
LICHSGFIN	7,594	10,049	0.76	-5	116	-0.04
LICI	6,303	12,182	0.52	-185	422	-0.44
LODHA	4,416	10,402	0.42	-194	427	-0.45
LT	18,554	32,316	0.57	-713	-68	10.49
LTF	4,990	7,854	0.64	-36	-227	0.16
LTIM	4,446	5,670	0.78	-21	19	-1.11
LUPIN	5,135	6,810	0.75	22	249	0.09
M&M	17,453	32,883	0.53	28	-796	-0.04
MANAPPURAM	3,735	5,353	0.70	-128	-93	1.38
MANKIND	2,431	4,953	0.49	74	473	0.16
MARICO	3,064	5,226	0.59	345	1,010	0.34
MARUTI	30,431	30,983	0.98	-1,216	-627	1.94
MAXHEALTH	5,074	10,297	0.49	-3	446	-0.01
MAZDOCK	10,331	22,159	0.47	359	840	0.43
MCX	15,277	23,075	0.66	626	952	0.66
MFSL	2,486	4,446	0.56	104	358	0.29
MOTHERSON	7,551	9,274	0.81	-44	-104	0.42
MPHASIS	3,507	4,776	0.73	-227	-17	13.35
MUTHOOTFIN	6,379	11,757	0.54	36	-235	-0.15
NATIONALUM	6,785	7,825	0.87	-141	-157	0.90
NAUKRI	5,982	7,137	0.84	91	15	6.07
NBCC	3,208	7,011	0.46	-247	361	-0.68
NCC	3,806	8,949	0.43	25	257	0.10
NESTLEIND	4,402	13,908	0.32	260	106	2.45
NHPC	3,214	7,026	0.46	16	241	0.07
NMDC	9,990	13,221	0.76	-425	387	-1.10
NTPC	13,471	22,834	0.59	-1,144	774	-1.48
NUVAMA	2,152	4,144	0.52	54	94	0.57
NYKAA	2,598	7,073	0.37	41	538	0.08
OBEROIRLTY	3,496	5,929	0.59	-88	230	-0.38
OFSS	7,089	9,413	0.75	-726	410	-1.77
OIL	2,464	4,538	0.54	36	207	0.17
ONGC	10,799	26,088	0.41	-753	216	-3.49
PAGEIND	3,363	7,931	0.42	-106	465	-0.23
PATANJALI	3,911	8,748	0.45	56	122	0.46
PAYTM	7,686	12,869	0.60	30	1,025	0.03
PERSISTENT	6,318	10,856	0.58	-296	422	-0.70
PETRONET	8,622	8,596	1.00	-8	229	-0.03
PFC	20,950	37,075	0.57	359	3,123	0.11
PGEL	7,788	12,164	0.64	-235	235	-1.00
PHOENIXLTD	1,682	3,422	0.49	-128	64	-2.00
PIDILITIND	1,949	2,550	0.76	-41	-81	0.51
PIIND	3,586	5,790	0.62	-53	-165	0.32
PNB	11,703	22,572	0.52	297	938	0.32
PNBHOUSING	7,297	11,981	0.61	-97	-7	13.86
POLICYBZR	6,124	8,648	0.71	1,114	2,079	0.54
POLYCAB	4,172	6,045	0.69	97	350	0.28
POWERGRID	10,792	17,448	0.62	-76	215	-0.35
POWERINDIA	4,106	10,954	0.37	-96	235	-0.41
PPLPHARMA	2,892	7,233	0.40	130	316	0.41
PRESTIGE	2,788	4,278	0.65	93	411	0.23
RBLBANK	4,778	7,839	0.61	110	467	0.24
RECLTD	22,310	35,230	0.63	623	2,075	0.30
RELIANCE	49,454	97,967	0.50	-702	2,747	-0.26
RVNL	6,427	12,380	0.52	78	562	0.14
SAIL	5,948	10,707	0.56	119	613	0.19
SAMMAANCAP	6,605	12,286	0.54	369	522	0.71
SBICARD	4,842	7,348	0.66	299	618	0.48
SBILIFE	6,591	12,118	0.54	456	428	1.07
SBIN	40,164	67,371	0.60	-112	2,656	-0.04
SHREECEM	2,318	5,935	0.39	382	2,490	0.15
SHRIRAMFIN	12,593	21,036	0.60	66	-41	-1.61
SIEMENS	8,955	17,997	0.50	-679	208	-3.26
SOLARINDS	4,036	10,521	0.38	192	863	0.22
SONACOMS	2,548	5,571	0.46	-46	-26	1.77
SRF	7,240	9,637	0.75	483	799	0.60
SUNPHARMA	6,523	19,950	0.33	-432	65	-6.76
SUPREMEIND	5,069	8,073	0.63	1,263	366	3.45
SUZLON	10,617	23,609	0.45	285	160	1.78
SYNGENE	1,433	2,788	0.51	-133	-17	7.82
TATACONSUM	5,142	10,313	0.50	279	606	0.46
TATAELXSI	5,487	14,881	0.37	-112	438	-0.26
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,458	27,166	0.72	-40	1,034	-0.04
TATASTEEL	15,609	26,261	0.59	-761	253	-3.01
TATATECH	4,655	7,537	0.62	51	112	0.46
TCS	37,776	49,256	0.77	-648	1,186	-0.55
TECHM	7,459	9,595	0.78	53	18	2.94
TIINDIA	4,722	7,779	0.61	-11	261	-0.04
TITAGARH	2,624	5,172	0.51	56	160	0.35
TITAN	14,102	21,278	0.66	2,065	643	3.21
TMPV	40,571	88,709	0.46	477	1,272	0.38
TORNTPHARM	1,141	2,645	0.43	14	185	0.08
TORNTPOWER	2,085	3,207	0.65	10	417	0.02
TRENT	26,645	50,186	0.53	124	1,110	0.11
TVSMOTOR	9,529	9,575	1.00	141	50	2.82
ULTRACEMCO	11,137	18,676	0.60	-372	1,466	-0.25
UNIONBANK	5,577	8,236	0.68	-102	-10	10.20
UNITDSPR	6,537	8,647	0.76	7	72	0.10
UNOMINDA	2,914	5,055	0.58	242	67	3.61
UPL	4,664	6,745	0.69	-167	110	-1.52
VBL	10,095	23,454	0.43	324	688	0.47
VEDL	35,778	40,451	0.88	7,429	6,721	1.11
VOLTAS	6,544	7,216	0.91	25	-323	-0.08
WIPRO	10,864	13,813	0.79	-120	-104	1.15
YESBANK	6,427	13,349	0.48	11	323	0.03
ZYDUSLIFE	3,422	4,861	0.70	129	404	0.32

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|)

> 0.3

Bullish

Strong put buildup dominance

-0.3 to 0.3

Neutral

Balanced intraday activity

< -0.3

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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