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.

BHEL

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.

Bhel

276.5 +1.50 (0.55%)

L: 273.8 H: 279.15

Put-Call Ratio - BHEL

11 Dec 2025 03:13 PM IST

Live

Expiry

Put OI

9,414

Call OI

18,733

PCR

0.50

Put OI Chg

-23

Call OI Chg

-269

COI PCR

0.09

COI Strength

0.84

Interval

On 9:30 BHEL was trading at 276.75 with pcr value 0.5

On 9:45 BHEL was trading at 275.8 with pcr value 0.51

On 10:00 BHEL was trading at 275.9 with pcr value 0.5

On 10:15 BHEL was trading at 276.6 with pcr value 0.5

On 10:30 BHEL was trading at 278.25 with pcr value 0.5

On 10:45 BHEL was trading at 277.95 with pcr value 0.51

On 11:00 BHEL was trading at 278.1 with pcr value 0.51

On 11:15 BHEL was trading at 276.95 with pcr value 0.51

On 11:30 BHEL was trading at 277.2 with pcr value 0.51

On 11:45 BHEL was trading at 276.55 with pcr value 0.51

On 12:00 BHEL was trading at 276.55 with pcr value 0.51

On 12:15 BHEL was trading at 277.15 with pcr value 0.51

On 12:30 BHEL was trading at 277.6 with pcr value 0.51

On 12:45 BHEL was trading at 278.5 with pcr value 0.51

On 13:00 BHEL was trading at 278.5 with pcr value 0.51

On 13:15 BHEL was trading at 277.2 with pcr value 0.51

On 13:30 BHEL was trading at 277.8 with pcr value 0.51

On 13:45 BHEL was trading at 278.25 with pcr value 0.51

On 14:00 BHEL was trading at 277.65 with pcr value 0.51

On 14:15 BHEL was trading at 277.1 with pcr value 0.51

On 14:30 BHEL was trading at 277.45 with pcr value 0.51

On 14:45 BHEL was trading at 275.85 with pcr value 0.51

On 15:00 BHEL was trading at 275.95 with pcr value 0.5

On 15:14 BHEL was trading at 276.4 with pcr value 0.5

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	1,636	3,059	0.53	-53	-34	1.56
ABB	5,111	6,736	0.76	153	470	0.33
ABCAPITAL	4,956	7,677	0.65	335	284	1.18
ADANIENSOL	3,359	5,432	0.62	4	-155	-0.03
ADANIENT	27,577	42,708	0.65	966	-2,574	-0.38
ADANIGREEN	11,213	20,803	0.54	873	-878	-0.99
ADANIPORTS	9,704	18,417	0.53	-8	-813	0.01
ALKEM	1,138	1,786	0.64	64	34	1.88
AMBER	6,928	11,475	0.60	30	-384	-0.08
AMBUJACEM	9,130	12,172	0.75	-217	255	-0.85
ANGELONE	8,262	17,630	0.47	-157	-1,641	0.10
APLAPOLLO	2,390	2,702	0.88	390	-86	-4.53
APOLLOHOSP	7,442	15,433	0.48	635	928	0.68
ASHOKLEY	9,830	12,521	0.79	187	-139	-1.35
ASIANPAINT	17,241	30,094	0.57	315	1,751	0.18
ASTRAL	4,248	7,860	0.54	177	294	0.60
AUBANK	6,801	7,960	0.85	-301	189	-1.59
AUROPHARMA	4,438	10,337	0.43	45	-53	-0.85
AXISBANK	14,038	29,626	0.47	-151	-34	4.44
BAJAJ-AUTO	14,504	25,037	0.58	-269	-1,023	0.26
BAJAJFINSV	13,434	19,286	0.70	-59	-305	0.19
BAJFINANCE	22,475	37,106	0.61	819	2,142	0.38
BANDHANBNK	8,377	12,332	0.68	-84	-130	0.65
BANKBARODA	12,423	14,862	0.84	-131	365	-0.36
BANKINDIA	3,268	4,594	0.71	128	-75	-1.71
BDL	7,428	17,000	0.44	-429	-413	1.04
BEL	26,174	57,351	0.46	106	258	0.41
BHARATFORG	4,033	6,297	0.64	141	-88	-1.60
BHARTIARTL	18,536	40,343	0.46	635	2,046	0.31
BHEL	9,414	18,733	0.50	-23	-269	0.09
BIOCON	6,618	13,391	0.49	132	18	7.33
BLUESTARCO	889	1,294	0.69	96	-94	-1.02
BOSCHLTD	1,500	2,565	0.58	19	-298	-0.06
BPCL	5,107	7,680	0.66	339	475	0.71
BRITANNIA	4,592	7,442	0.62	-52	-11	4.73
BSE	17,525	29,643	0.59	364	-2,709	-0.13
CAMS	4,406	7,810	0.56	-26	-260	0.10
CANBK	12,079	15,588	0.77	118	-410	-0.29
CDSL	10,051	20,316	0.49	-35	-1,568	0.02
CGPOWER	4,765	8,811	0.54	-103	-3	34.33
CHOLAFIN	3,388	5,360	0.63	12	-7	-1.71
CIPLA	10,680	15,151	0.70	-123	-399	0.31
COALINDIA	12,555	11,476	1.09	71	-664	-0.11
COFORGE	8,617	21,995	0.39	-174	985	-0.18
COLPAL	6,610	8,852	0.75	-121	16	-7.56
CONCOR	7,088	9,395	0.75	-130	24	-5.42
CROMPTON	6,464	11,108	0.58	130	42	3.10
CUMMINSIND	3,556	4,295	0.83	140	-103	-1.36
CYIENT	1,875	2,736	0.69	2	-32	-0.06
DABUR	4,713	8,892	0.53	43	349	0.12
DALBHARAT	1,789	2,773	0.65	31	-171	-0.18
DELHIVERY	3,947	5,712	0.69	18	-31	-0.58
DIVISLAB	6,674	8,776	0.76	356	-420	-0.85
DIXON	35,119	70,922	0.50	5,567	666	8.36
DLF	16,342	24,069	0.68	2	-666	-0.00
DMART	7,567	13,025	0.58	631	405	1.56
DRREDDY	5,538	10,952	0.51	658	261	2.52
EICHERMOT	11,297	14,021	0.81	709	1,048	0.68
ETERNAL	18,078	30,846	0.59	340	-1,420	-0.24
EXIDEIND	3,888	5,102	0.76	-45	-23	1.96
FEDERALBNK	7,729	8,265	0.94	596	-29	-20.55
FORTIS	3,494	9,180	0.38	58	108	0.54
GAIL	12,893	19,684	0.65	-98	23	-4.26
GLENMARK	8,358	11,572	0.72	-356	180	-1.98
GMRAIRPORT	10,002	18,970	0.53	202	768	0.26
GODREJCP	2,892	3,969	0.73	4	-211	-0.02
GODREJPROP	6,949	12,028	0.58	-146	-127	1.15
GRASIM	8,856	9,327	0.95	367	-354	-1.04
HAL	27,450	53,063	0.52	-693	-915	0.76
HAVELLS	3,852	4,984	0.77	-32	-20	1.60
HCLTECH	11,648	19,068	0.61	-177	428	-0.41
HDFCAMC	4,095	5,161	0.79	-201	-323	0.62
HDFCBANK	41,439	60,478	0.69	-770	-7,406	0.10
HDFCLIFE	7,131	15,174	0.47	343	738	0.46
HEROMOTOCO	11,893	16,314	0.73	76	-954	-0.08
HFCL	4,428	10,111	0.44	-12	-443	0.03
HINDALCO	15,213	20,042	0.76	76	-164	-0.46
HINDPETRO	4,156	6,438	0.65	106	124	0.85
HINDUNILVR	7,136	16,116	0.44	84	156	0.54
HINDZINC	11,886	18,406	0.65	1,266	1,207	1.05
HUDCO	6,263	13,060	0.48	-180	-250	0.72
ICICIBANK	30,803	48,334	0.64	425	2,214	0.19
ICICIGI	3,220	5,061	0.64	75	41	1.83
ICICIPRULI	2,314	4,463	0.52	-257	144	-1.78
IDEA	15,526	26,740	0.58	651	-824	-0.79
IDFCFIRSTB	8,856	14,374	0.62	192	755	0.25
IEX	8,543	11,904	0.72	61	-127	-0.48
IIFL	2,492	3,898	0.64	-8	146	-0.05
INDHOTEL	5,717	8,540	0.67	157	-70	-2.21
INDIANB	4,697	10,902	0.43	-47	136	-0.35
INDIGO	56,331	1,18,368	0.48	1,849	6,521	0.28
INDUSINDBK	12,655	18,297	0.69	184	-110	-1.67
INDUSTOWER	8,328	13,421	0.62	-53	138	-0.38
INFY	37,369	58,737	0.64	-674	-393	1.72
INOXWIND	7,045	14,365	0.49	36	-586	-0.06
IOC	6,167	11,417	0.54	146	732	0.20
IRCTC	7,152	11,176	0.64	55	-151	-0.36
IREDA	5,058	10,669	0.47	-105	-167	0.63
IRFC	4,466	8,857	0.50	55	-4	-13.75
ITC	24,632	32,626	0.75	190	190	1.00
JINDALSTEL	5,443	8,036	0.68	17	89	0.19
JIOFIN	18,766	25,035	0.75	-107	-2,045	0.05
JSWENERGY	10,168	18,544	0.55	-367	-466	0.79
JSWSTEEL	14,418	27,710	0.52	-53	-437	0.12
JUBLFOOD	3,912	5,796	0.67	-94	-287	0.33
KALYANKJIL	4,715	8,887	0.53	406	-38	-10.68
KAYNES	30,259	80,514	0.38	922	2,130	0.43
KEI	1,627	3,076	0.53	26	-174	-0.15
KFINTECH	4,347	5,934	0.73	227	-229	-0.99
KOTAKBANK	20,679	21,807	0.95	5,832	3,141	1.86
KPITTECH	3,162	4,940	0.64	174	-600	-0.29
LAURUSLABS	5,065	9,001	0.56	205	-19	-10.79
LICHSGFIN	7,458	9,222	0.81	-55	89	-0.62
LICI	6,279	10,388	0.60	54	128	0.42
LODHA	4,621	10,305	0.45	-18	71	-0.25
LT	17,755	31,031	0.57	30	409	0.07
LTF	5,141	7,898	0.65	-21	-30	0.70
LTIM	4,687	6,043	0.78	-185	23	-8.04
LUPIN	4,898	6,366	0.77	173	-410	-0.42
M&M	16,360	27,595	0.59	-53	127	-0.42
MANAPPURAM	3,446	5,571	0.62	19	-58	-0.33
MANKIND	2,191	4,328	0.51	-21	229	-0.09
MARICO	2,663	3,899	0.68	-138	-273	0.51
MARUTI	24,791	30,171	0.82	4,511	412	10.95
MAXHEALTH	5,447	10,058	0.54	-1	-23	0.04
MAZDOCK	9,751	19,558	0.50	-199	-240	0.83
MCX	15,037	23,449	0.64	59	851	0.07
MFSL	2,449	4,230	0.58	-1	-135	0.01
MOTHERSON	6,434	9,929	0.65	498	522	0.95
MPHASIS	3,676	4,647	0.79	65	0	0.00
MUTHOOTFIN	4,846	9,959	0.49	216	262	0.82
NATIONALUM	6,020	8,125	0.74	42	154	0.27
NAUKRI	5,725	8,540	0.67	163	512	0.32
NBCC	3,195	6,693	0.48	57	169	0.34
NCC	3,569	7,094	0.50	95	-13	-7.31
NESTLEIND	4,450	15,270	0.29	-60	-90	0.67
NHPC	3,176	6,780	0.47	7	-598	-0.01
NMDC	9,918	12,692	0.78	-193	-571	0.34
NTPC	14,211	22,726	0.63	53	-303	-0.17
NUVAMA	2,202	4,200	0.52	42	3	14.00
NYKAA	2,713	6,565	0.41	43	171	0.25
OBEROIRLTY	3,921	5,649	0.69	-56	-379	0.15
OFSS	10,162	8,343	1.22	4,383	-398	-11.01
OIL	2,511	4,156	0.60	4	-121	-0.03
ONGC	8,388	20,071	0.42	-18	847	-0.02
PAGEIND	3,351	6,745	0.50	-112	-189	0.59
PATANJALI	3,661	7,998	0.46	208	223	0.93
PAYTM	7,789	12,095	0.64	-331	-526	0.63
PERSISTENT	6,160	9,788	0.63	619	157	3.94
PETRONET	8,487	7,998	1.06	-9	-66	0.14
PFC	20,196	32,197	0.63	287	979	0.29
PGEL	8,354	12,807	0.65	-84	-51	1.65
PHOENIXLTD	1,441	2,772	0.52	2	-35	-0.06
PIDILITIND	1,939	2,569	0.75	-11	-19	0.58
PIIND	2,555	3,743	0.68	-65	-120	0.54
PNB	11,512	21,917	0.53	-129	324	-0.40
PNBHOUSING	4,033	5,164	0.78	23	11	2.09
POLICYBZR	4,686	5,705	0.82	20	-66	-0.30
POLYCAB	4,239	5,848	0.72	248	-140	-1.77
POWERGRID	10,647	15,805	0.67	217	488	0.44
POWERINDIA	4,414	11,880	0.37	-129	275	-0.47
PPLPHARMA	2,525	6,099	0.41	-5	67	-0.07
PRESTIGE	2,953	3,596	0.82	122	-87	-1.40
RBLBANK	4,532	6,968	0.65	320	181	1.77
RECLTD	21,147	31,138	0.68	-40	261	-0.15
RELIANCE	51,054	96,266	0.53	550	2,610	0.21
RVNL	6,504	12,169	0.53	-76	-226	0.34
SAIL	5,754	9,937	0.58	84	22	3.82
SAMMAANCAP	5,935	8,985	0.66	-4	-26	0.15
SBICARD	4,579	7,021	0.65	-25	-259	0.10
SBILIFE	5,321	10,248	0.52	488	1,516	0.32
SBIN	39,395	65,086	0.61	-1,335	-1,202	1.11
SHREECEM	1,513	2,843	0.53	248	-107	-2.32
SHRIRAMFIN	12,123	17,672	0.69	-141	-342	0.41
SIEMENS	5,974	12,534	0.48	521	444	1.17
SOLARINDS	3,515	8,079	0.44	-37	216	-0.17
SONACOMS	2,632	5,496	0.48	272	-200	-1.36
SRF	6,643	10,044	0.66	693	-175	-3.96
SUNPHARMA	6,640	15,198	0.44	-150	-1,203	0.12
SUPREMEIND	3,662	6,977	0.52	367	684	0.54
SUZLON	9,792	23,012	0.43	132	6	22.00
SYNGENE	1,619	2,601	0.62	-21	49	-0.43
TATACONSUM	4,552	8,815	0.52	-34	139	-0.24
TATAELXSI	5,368	14,585	0.37	127	-717	-0.18
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,669	25,783	0.76	-234	-33	7.09
TATASTEEL	15,727	31,473	0.50	279	-2,112	-0.13
TATATECH	4,685	7,315	0.64	20	-378	-0.05
TCS	37,747	48,827	0.77	1,450	1,926	0.75
TECHM	7,179	9,191	0.78	-253	-258	0.98
TIINDIA	4,652	7,325	0.64	105	-214	-0.49
TITAGARH	2,512	5,482	0.46	-16	-129	0.12
TITAN	12,108	20,567	0.59	573	446	1.28
TMPV	39,752	85,623	0.46	356	-2,981	-0.12
TORNTPHARM	1,191	2,334	0.51	-16	119	-0.13
TORNTPOWER	2,095	2,837	0.74	219	-132	-1.66
TRENT	26,682	48,710	0.55	1,379	3,610	0.38
TVSMOTOR	9,371	9,647	0.97	-9	-300	0.03
ULTRACEMCO	10,566	18,711	0.56	202	-111	-1.82
UNIONBANK	5,664	9,259	0.61	45	-28	-1.61
UNITDSPR	6,388	8,423	0.76	48	41	1.17
UNOMINDA	2,727	5,022	0.54	-108	19	-5.68
UPL	4,078	5,506	0.74	108	-176	-0.61
VBL	9,001	21,645	0.42	-6	-466	0.01
VEDL	22,096	32,792	0.67	1,095	-449	-2.44
VOLTAS	6,777	7,724	0.88	-155	-228	0.68
WIPRO	11,049	13,775	0.80	99	-323	-0.31
YESBANK	6,264	12,195	0.51	63	-43	-1.47
ZYDUSLIFE	3,279	4,380	0.75	-1	136	-0.01

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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