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

59274.3 +313.90 (0.53%)

L: 58799.9 H: 59423.35

Put-Call Ratio - BANKNIFTY

11 Dec 2025 01:51 PM IST

Live

Expiry

Put OI

3,95,322

Call OI

4,41,655

PCR

0.90

Put OI Chg

18,260

Call OI Chg

-22,467

COI PCR

-0.81

COI Strength

1.00

Interval

On 9:30 BANKNIFTY was trading at 59090.1 with pcr value 0.82

On 9:45 BANKNIFTY was trading at 58865.8 with pcr value 0.81

On 10:00 BANKNIFTY was trading at 58848.7 with pcr value 0.81

On 10:15 BANKNIFTY was trading at 59039.25 with pcr value 0.81

On 10:30 BANKNIFTY was trading at 59134.85 with pcr value 0.82

On 10:45 BANKNIFTY was trading at 59172.05 with pcr value 0.83

On 11:00 BANKNIFTY was trading at 59159.75 with pcr value 0.84

On 11:15 BANKNIFTY was trading at 59139.5 with pcr value 0.84

On 11:30 BANKNIFTY was trading at 59186.85 with pcr value 0.85

On 11:45 BANKNIFTY was trading at 59230.9 with pcr value 0.85

On 12:00 BANKNIFTY was trading at 59249.6 with pcr value 0.86

On 12:15 BANKNIFTY was trading at 59349.85 with pcr value 0.9

On 12:30 BANKNIFTY was trading at 59399.5 with pcr value 0.9

On 12:45 BANKNIFTY was trading at 59349.5 with pcr value 0.91

On 13:00 BANKNIFTY was trading at 59329.15 with pcr value 0.91

On 13:15 BANKNIFTY was trading at 59176.35 with pcr value 0.9

On 13:30 BANKNIFTY was trading at 59206.85 with pcr value 0.89

On 13:45 BANKNIFTY was trading at 59245.95 with pcr value 0.89

On 13:52 BANKNIFTY was trading at 59276.45 with pcr value 0.9

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	1,653	3,058	0.54	-36	-35	1.03
ABB	5,046	6,674	0.76	88	408	0.22
ABCAPITAL	4,915	7,715	0.64	294	322	0.91
ADANIENSOL	3,349	5,367	0.62	-6	-220	0.03
ADANIENT	27,242	44,513	0.61	631	-769	-0.82
ADANIGREEN	11,099	20,896	0.53	759	-785	-0.97
ADANIPORTS	9,862	18,352	0.54	150	-878	-0.17
ALKEM	1,150	1,780	0.65	76	28	2.71
AMBER	6,995	11,470	0.61	97	-389	-0.25
AMBUJACEM	9,228	12,091	0.76	-119	174	-0.68
ANGELONE	8,206	17,606	0.47	-213	-1,665	0.13
APLAPOLLO	2,421	2,713	0.89	421	-75	-5.61
APOLLOHOSP	7,221	15,351	0.47	414	846	0.49
ASHOKLEY	9,932	12,492	0.80	289	-168	-1.72
ASIANPAINT	17,342	30,217	0.57	416	1,874	0.22
ASTRAL	4,271	7,903	0.54	200	337	0.59
AUBANK	6,496	7,832	0.83	-606	61	-9.93
AUROPHARMA	4,453	10,365	0.43	60	-25	-2.40
AXISBANK	14,111	29,610	0.48	-78	-50	1.56
BAJAJ-AUTO	14,843	25,014	0.59	70	-1,046	-0.07
BAJAJFINSV	13,358	19,441	0.69	-135	-150	0.90
BAJFINANCE	22,395	37,200	0.60	739	2,236	0.33
BANDHANBNK	8,429	12,399	0.68	-32	-63	0.51
BANKBARODA	12,472	14,899	0.84	-82	402	-0.20
BANKINDIA	3,213	4,582	0.70	73	-87	-0.84
BDL	7,571	16,978	0.45	-286	-435	0.66
BEL	26,199	56,736	0.46	131	-357	-0.37
BHARATFORG	4,033	6,340	0.64	141	-45	-3.13
BHARTIARTL	18,388	40,311	0.46	487	2,014	0.24
BHEL	9,549	18,636	0.51	112	-366	-0.31
BIOCON	6,514	13,384	0.49	28	11	2.55
BLUESTARCO	880	1,305	0.67	87	-83	-1.05
BOSCHLTD	1,502	2,539	0.59	21	-324	-0.06
BPCL	5,016	7,565	0.66	248	360	0.69
BRITANNIA	4,605	7,310	0.63	-39	-143	0.27
BSE	17,806	30,312	0.59	645	-2,040	-0.32
CAMS	4,417	7,828	0.56	-15	-242	0.06
CANBK	12,150	15,565	0.78	189	-433	-0.44
CDSL	10,022	20,496	0.49	-64	-1,388	0.05
CGPOWER	4,777	8,774	0.54	-91	-40	2.27
CHOLAFIN	3,428	5,297	0.65	52	-70	-0.74
CIPLA	10,807	15,454	0.70	4	-96	-0.04
COALINDIA	12,659	11,545	1.10	175	-595	-0.29
COFORGE	8,625	21,856	0.39	-166	846	-0.20
COLPAL	6,605	8,921	0.74	-126	85	-1.48
CONCOR	7,109	9,458	0.75	-109	87	-1.25
CROMPTON	6,438	11,186	0.58	104	120	0.87
CUMMINSIND	3,602	4,361	0.83	186	-37	-5.03
CYIENT	1,870	2,734	0.68	-3	-34	0.09
DABUR	4,707	8,864	0.53	37	321	0.12
DALBHARAT	1,791	2,746	0.65	33	-198	-0.17
DELHIVERY	3,927	5,755	0.68	-2	12	-0.17
DIVISLAB	6,765	9,003	0.75	447	-193	-2.32
DIXON	34,773	72,576	0.48	5,221	2,320	2.25
DLF	16,395	24,190	0.68	55	-545	-0.10
DMART	7,329	13,101	0.56	393	481	0.82
DRREDDY	5,455	10,177	0.54	575	-514	-1.12
EICHERMOT	11,326	14,232	0.80	738	1,259	0.59
ETERNAL	17,898	31,202	0.57	160	-1,064	-0.15
EXIDEIND	3,900	5,076	0.77	-33	-49	0.67
FEDERALBNK	7,821	8,250	0.95	688	-44	-15.64
FORTIS	3,488	9,136	0.38	52	64	0.81
GAIL	12,866	19,569	0.66	-125	-92	1.36
GLENMARK	8,352	11,566	0.72	-362	174	-2.08
GMRAIRPORT	9,972	18,710	0.53	172	508	0.34
GODREJCP	2,848	4,005	0.71	-40	-175	0.23
GODREJPROP	6,986	11,998	0.58	-109	-157	0.69
GRASIM	8,625	9,157	0.94	136	-524	-0.26
HAL	27,887	52,678	0.53	-256	-1,300	0.20
HAVELLS	3,839	5,109	0.75	-45	105	-0.43
HCLTECH	11,724	19,206	0.61	-101	566	-0.18
HDFCAMC	4,296	5,207	0.83	0	-277	0.00
HDFCBANK	41,098	61,055	0.67	-1,111	-6,829	0.16
HDFCLIFE	6,945	15,070	0.46	157	634	0.25
HEROMOTOCO	11,964	16,638	0.72	147	-630	-0.23
HFCL	4,448	10,088	0.44	8	-466	-0.02
HINDALCO	15,210	20,291	0.75	73	85	0.86
HINDPETRO	4,156	6,397	0.65	106	83	1.28
HINDUNILVR	7,095	15,941	0.45	43	-19	-2.26
HINDZINC	12,051	18,707	0.64	1,431	1,508	0.95
HUDCO	6,275	13,084	0.48	-168	-226	0.74
ICICIBANK	30,804	48,101	0.64	426	1,981	0.22
ICICIGI	3,219	5,011	0.64	74	-9	-8.22
ICICIPRULI	2,370	4,368	0.54	-201	49	-4.10
IDEA	15,181	27,468	0.55	306	-96	-3.19
IDFCFIRSTB	8,724	13,971	0.62	60	352	0.17
IEX	8,548	12,011	0.71	66	-20	-3.30
IIFL	2,503	3,817	0.66	3	65	0.05
INDHOTEL	5,688	8,559	0.66	128	-51	-2.47
INDIANB	4,677	10,783	0.43	-67	17	-3.94
INDIGO	57,781	1,18,542	0.49	3,299	6,695	0.49
INDUSINDBK	12,614	18,117	0.70	143	-290	-0.49
INDUSTOWER	8,295	12,915	0.64	-86	-368	0.23
INFY	37,076	58,783	0.63	-967	-347	2.79
INOXWIND	7,140	14,332	0.50	131	-619	-0.21
IOC	6,154	11,373	0.54	133	688	0.19
IRCTC	7,155	11,212	0.64	58	-115	-0.50
IREDA	5,065	10,649	0.48	-98	-187	0.52
IRFC	4,475	8,845	0.51	64	-16	-4.00
ITC	24,590	32,795	0.75	148	359	0.41
JINDALSTEL	5,449	7,995	0.68	23	48	0.48
JIOFIN	18,686	25,817	0.72	-187	-1,263	0.15
JSWENERGY	10,268	18,558	0.55	-267	-452	0.59
JSWSTEEL	14,463	27,921	0.52	-8	-226	0.04
JUBLFOOD	3,902	5,656	0.69	-104	-427	0.24
KALYANKJIL	4,594	8,815	0.52	285	-110	-2.59
KAYNES	30,823	81,941	0.38	1,486	3,557	0.42
KEI	1,625	3,131	0.52	24	-119	-0.20
KFINTECH	4,437	6,025	0.74	317	-138	-2.30
KOTAKBANK	21,606	21,858	0.99	6,759	3,192	2.12
KPITTECH	3,166	5,015	0.63	178	-525	-0.34
LAURUSLABS	5,093	8,732	0.58	233	-288	-0.81
LICHSGFIN	7,485	9,154	0.82	-28	21	-1.33
LICI	6,289	10,256	0.61	64	-4	-16.00
LODHA	4,624	10,305	0.45	-15	71	-0.21
LT	17,645	31,407	0.56	-80	785	-0.10
LTF	5,171	7,864	0.66	9	-64	-0.14
LTIM	4,680	6,099	0.77	-192	79	-2.43
LUPIN	4,931	6,458	0.76	206	-318	-0.65
M&M	16,368	27,783	0.59	-45	315	-0.14
MANAPPURAM	3,459	5,570	0.62	32	-59	-0.54
MANKIND	2,191	4,189	0.52	-21	90	-0.23
MARICO	2,692	3,931	0.68	-109	-241	0.45
MARUTI	24,644	29,200	0.84	4,364	-559	-7.81
MAXHEALTH	5,325	9,988	0.53	-123	-93	1.32
MAZDOCK	9,736	19,583	0.50	-214	-215	1.00
MCX	14,711	23,181	0.63	-267	583	-0.46
MFSL	2,476	4,214	0.59	26	-151	-0.17
MOTHERSON	6,490	9,930	0.65	554	523	1.06
MPHASIS	3,635	4,604	0.79	24	-43	-0.56
MUTHOOTFIN	4,832	9,908	0.49	202	211	0.96
NATIONALUM	6,026	8,187	0.74	48	216	0.22
NAUKRI	5,755	8,203	0.70	193	175	1.10
NBCC	3,202	6,670	0.48	64	146	0.44
NCC	3,570	7,130	0.50	96	23	4.17
NESTLEIND	4,486	15,209	0.29	-24	-151	0.16
NHPC	3,182	7,200	0.44	13	-178	-0.07
NMDC	9,971	12,701	0.79	-140	-562	0.25
NTPC	14,224	22,683	0.63	66	-346	-0.19
NUVAMA	2,305	4,280	0.54	145	83	1.75
NYKAA	2,717	6,602	0.41	47	208	0.23
OBEROIRLTY	3,968	5,662	0.70	-9	-366	0.02
OFSS	10,272	8,349	1.23	4,493	-392	-11.46
OIL	2,502	4,029	0.62	-5	-248	0.02
ONGC	8,368	19,097	0.44	-38	-127	0.30
PAGEIND	3,379	6,793	0.50	-84	-141	0.60
PATANJALI	3,626	7,889	0.46	173	114	1.52
PAYTM	7,943	12,331	0.64	-177	-290	0.61
PERSISTENT	6,246	9,945	0.63	705	314	2.25
PETRONET	8,500	8,047	1.06	4	-17	-0.24
PFC	20,138	32,234	0.62	229	1,016	0.23
PGEL	8,237	12,791	0.64	-201	-67	3.00
PHOENIXLTD	1,446	2,823	0.51	7	16	0.44
PIDILITIND	1,919	2,537	0.76	-31	-51	0.61
PIIND	2,570	3,755	0.68	-50	-108	0.46
PNB	11,572	21,904	0.53	-69	311	-0.22
PNBHOUSING	4,051	5,023	0.81	41	-130	-0.32
POLICYBZR	4,694	5,720	0.82	28	-51	-0.55
POLYCAB	4,138	5,860	0.71	147	-128	-1.15
POWERGRID	10,616	15,695	0.68	186	378	0.49
POWERINDIA	4,390	12,137	0.36	-153	532	-0.29
PPLPHARMA	2,524	6,075	0.42	-6	43	-0.14
PRESTIGE	2,981	3,637	0.82	150	-46	-3.26
RBLBANK	4,491	6,840	0.66	279	53	5.26
RECLTD	21,131	31,248	0.68	-56	371	-0.15
RELIANCE	51,729	96,251	0.54	1,225	2,595	0.47
RVNL	6,586	12,489	0.53	6	94	0.06
SAIL	5,752	9,917	0.58	82	2	41.00
SAMMAANCAP	5,937	9,003	0.66	-2	-8	0.25
SBICARD	4,568	6,976	0.65	-36	-304	0.12
SBILIFE	4,793	8,936	0.54	-40	204	-0.20
SBIN	39,719	65,279	0.61	-1,011	-1,009	1.00
SHREECEM	1,526	2,715	0.56	261	-235	-1.11
SHRIRAMFIN	12,115	17,768	0.68	-149	-246	0.61
SIEMENS	5,676	12,590	0.45	223	500	0.45
SOLARINDS	3,525	8,107	0.43	-27	244	-0.11
SONACOMS	2,659	5,522	0.48	299	-174	-1.72
SRF	6,724	10,168	0.66	774	-51	-15.18
SUNPHARMA	6,311	15,216	0.41	-479	-1,185	0.40
SUPREMEIND	3,827	6,980	0.55	532	687	0.77
SUZLON	9,817	23,102	0.42	157	96	1.64
SYNGENE	1,627	2,488	0.65	-13	-64	0.20
TATACONSUM	4,560	8,487	0.54	-26	-189	0.14
TATAELXSI	5,177	15,084	0.34	-64	-218	0.29
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,640	25,787	0.76	-263	-29	9.07
TATASTEEL	15,892	32,681	0.49	444	-904	-0.49
TATATECH	4,686	7,474	0.63	21	-219	-0.10
TCS	37,899	49,060	0.77	1,602	2,159	0.74
TECHM	7,237	9,218	0.79	-195	-231	0.84
TIINDIA	4,621	7,454	0.62	74	-85	-0.87
TITAGARH	2,524	5,536	0.46	-4	-75	0.05
TITAN	12,192	20,689	0.59	657	568	1.16
TMPV	39,957	86,774	0.46	561	-1,830	-0.31
TORNTPHARM	1,183	2,339	0.51	-24	124	-0.19
TORNTPOWER	2,104	2,820	0.75	228	-149	-1.53
TRENT	26,689	48,860	0.55	1,386	3,760	0.37
TVSMOTOR	9,357	9,739	0.96	-23	-208	0.11
ULTRACEMCO	10,580	18,555	0.57	216	-267	-0.81
UNIONBANK	5,698	9,225	0.62	79	-62	-1.27
UNITDSPR	6,389	8,453	0.76	49	71	0.69
UNOMINDA	2,734	4,989	0.55	-101	-14	7.21
UPL	4,075	5,553	0.73	105	-129	-0.81
VBL	8,940	22,267	0.40	-67	156	-0.43
VEDL	22,210	32,846	0.68	1,209	-395	-3.06
VOLTAS	6,792	7,791	0.87	-140	-161	0.87
WIPRO	11,022	13,760	0.80	72	-338	-0.21
YESBANK	6,297	12,241	0.51	96	3	32.00
ZYDUSLIFE	3,292	4,364	0.75	12	120	0.10

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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