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

279.25 -3.35 (-1.19%)

L: 275.8 H: 281.8

Put-Call Ratio - BHEL

16 Dec 2025 12:46 PM IST

Live

Expiry

Put OI

9,080

Call OI

18,064

PCR

0.50

Put OI Chg

-76

Call OI Chg

540

COI PCR

-0.14

COI Strength

-1.00

Interval

On 9:30 BHEL was trading at 277.85 with pcr value 0.51

On 9:45 BHEL was trading at 277.7 with pcr value 0.5

On 10:00 BHEL was trading at 277.05 with pcr value 0.49

On 10:15 BHEL was trading at 279 with pcr value 0.49

On 10:30 BHEL was trading at 279.8 with pcr value 0.5

On 10:45 BHEL was trading at 280 with pcr value 0.5

On 11:00 BHEL was trading at 280 with pcr value 0.5

On 11:15 BHEL was trading at 280.15 with pcr value 0.5

On 11:30 BHEL was trading at 279.85 with pcr value 0.5

On 11:45 BHEL was trading at 279 with pcr value 0.51

On 12:00 BHEL was trading at 278.95 with pcr value 0.5

On 12:15 BHEL was trading at 279.05 with pcr value 0.5

On 12:30 BHEL was trading at 279.3 with pcr value 0.5

On 12:45 BHEL was trading at 279.2 with pcr value 0.5

On 12:47 BHEL was trading at 279.25 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	2,057	3,263	0.63	-18	-17	1.06
ABB	5,407	6,683	0.81	-84	-12	7.00
ABCAPITAL	4,840	7,649	0.63	-76	-108	0.70
ADANIENSOL	3,499	5,535	0.63	-168	198	-0.85
ADANIENT	26,457	44,212	0.60	-737	796	-0.93
ADANIGREEN	10,985	19,654	0.56	-63	645	-0.10
ADANIPORTS	9,220	17,957	0.51	21	333	0.06
ALKEM	1,245	1,717	0.73	79	-1	-79.00
AMBER	7,102	10,579	0.67	-23	47	-0.49
AMBUJACEM	8,721	10,697	0.82	-465	198	-2.35
ANGELONE	7,645	17,618	0.43	-83	125	-0.66
APLAPOLLO	2,423	2,845	0.85	-71	8	-8.88
APOLLOHOSP	7,858	15,852	0.50	301	800	0.38
ASHOKLEY	12,346	13,381	0.92	572	924	0.62
ASIANPAINT	17,405	34,040	0.51	56	-611	-0.09
ASTRAL	4,679	8,059	0.58	573	319	1.80
AUBANK	6,427	7,569	0.85	-207	-35	5.91
AUROPHARMA	4,463	10,243	0.44	-183	114	-1.61
AXISBANK	19,983	48,498	0.41	5,626	19,226	0.29
BAJAJ-AUTO	14,850	28,668	0.52	471	979	0.48
BAJAJFINSV	13,455	19,868	0.68	96	748	0.13
BAJFINANCE	22,735	39,511	0.58	205	1,410	0.15
BANDHANBNK	7,666	11,442	0.67	-2	-6	0.33
BANKBARODA	12,255	17,024	0.72	138	910	0.15
BANKINDIA	3,353	4,681	0.72	29	58	0.50
BDL	8,877	20,218	0.44	1,339	2,259	0.59
BEL	27,320	61,682	0.44	749	1,973	0.38
BHARATFORG	4,216	6,914	0.61	46	98	0.47
BHARTIARTL	19,945	41,227	0.48	1,080	636	1.70
BHEL	9,075	18,066	0.50	-81	542	-0.15
BIOCON	6,451	12,823	0.50	55	299	0.18
BLUESTARCO	1,329	1,746	0.76	-54	32	-1.69
BOSCHLTD	1,606	3,235	0.50	63	228	0.28
BPCL	5,633	9,238	0.61	3	1,180	0.00
BRITANNIA	6,802	9,347	0.73	985	1,711	0.58
BSE	18,325	38,076	0.48	238	4,334	0.05
CAMS	4,350	7,513	0.58	-38	95	-0.40
CANBK	12,161	16,056	0.76	125	428	0.29
CDSL	9,581	21,744	0.44	-40	129	-0.31
CGPOWER	4,713	8,989	0.52	-53	113	-0.47
CHOLAFIN	3,642	5,699	0.64	17	400	0.04
CIPLA	10,087	15,253	0.66	59	495	0.12
COALINDIA	12,562	13,329	0.94	-44	307	-0.14
COFORGE	8,821	20,835	0.42	139	-520	-0.27
COLPAL	6,480	10,691	0.61	54	1,259	0.04
CONCOR	7,732	9,976	0.78	30	134	0.22
CROMPTON	6,414	11,785	0.54	14	71	0.20
CUMMINSIND	3,575	4,511	0.79	51	125	0.41
CYIENT	1,985	2,949	0.67	-6	27	-0.22
DABUR	5,699	11,129	0.51	479	782	0.61
DALBHARAT	2,878	3,779	0.76	-231	-510	0.45
DELHIVERY	3,850	6,194	0.62	16	425	0.04
DIVISLAB	6,540	9,098	0.72	-2	12	-0.17
DIXON	36,589	62,684	0.58	-703	3,346	-0.21
DLF	16,580	26,179	0.63	-83	494	-0.17
DMART	7,750	15,349	0.50	631	2,485	0.25
DRREDDY	5,428	10,816	0.50	-163	-23	7.09
EICHERMOT	11,515	16,118	0.71	395	164	2.41
ETERNAL	18,712	35,528	0.53	1,103	7,181	0.15
EXIDEIND	4,002	5,731	0.70	-7	182	-0.04
FEDERALBNK	8,288	8,089	1.02	-489	230	-2.13
FORTIS	3,721	9,004	0.41	117	-433	-0.27
GAIL	13,403	20,750	0.65	-65	157	-0.41
GLENMARK	7,960	10,786	0.74	109	353	0.31
GMRAIRPORT	10,837	19,236	0.56	-128	800	-0.16
GODREJCP	4,223	6,342	0.67	1,130	2,357	0.48
GODREJPROP	6,727	11,376	0.59	89	413	0.22
GRASIM	9,627	8,438	1.14	72	-120	-0.60
HAL	27,894	56,312	0.50	123	3,490	0.04
HAVELLS	3,616	4,662	0.78	48	-42	-1.14
HCLTECH	11,385	20,351	0.56	-115	1,063	-0.11
HDFCAMC	4,640	6,170	0.75	319	475	0.67
HDFCBANK	42,795	64,952	0.66	1,456	1,229	1.18
HDFCLIFE	7,824	18,484	0.42	199	1,007	0.20
HEROMOTOCO	13,146	18,420	0.71	391	170	2.30
HFCL	4,929	12,172	0.40	24	-216	-0.11
HINDALCO	15,661	21,267	0.74	-1,283	-51	25.16
HINDPETRO	3,874	6,631	0.58	-157	232	-0.68
HINDUNILVR	10,226	19,865	0.51	-471	-284	1.66
HINDZINC	24,753	35,630	0.69	-965	663	-1.46
HUDCO	6,308	14,304	0.44	43	174	0.25
ICICIBANK	31,797	50,661	0.63	636	765	0.83
ICICIGI	3,131	5,520	0.57	-32	-17	1.88
ICICIPRULI	2,440	4,823	0.51	28	238	0.12
IDEA	15,386	26,543	0.58	282	-347	-0.81
IDFCFIRSTB	9,947	12,577	0.79	-37	-32	1.16
IEX	8,416	11,667	0.72	-28	-241	0.12
IIFL	2,624	4,618	0.57	-2	421	-0.00
INDHOTEL	5,812	8,977	0.65	97	525	0.18
INDIANB	4,857	12,123	0.40	91	753	0.12
INDIGO	52,874	1,09,791	0.48	46	-2,985	-0.02
INDUSINDBK	12,500	18,497	0.68	123	775	0.16
INDUSTOWER	8,840	15,760	0.56	-78	-56	1.39
INFY	38,587	61,666	0.63	-1,954	596	-3.28
INOXWIND	7,147	13,994	0.51	-86	134	-0.64
IOC	7,328	12,868	0.57	577	1,676	0.34
IRCTC	7,339	11,141	0.66	106	76	1.39
IREDA	4,963	10,165	0.49	49	-147	-0.33
IRFC	4,459	9,423	0.47	-12	267	-0.04
ITC	23,471	34,284	0.68	-1,446	51	-28.35
JINDALSTEL	5,603	8,764	0.64	162	735	0.22
JIOFIN	17,956	25,677	0.70	-194	1,032	-0.19
JSWENERGY	10,448	15,558	0.67	-586	161	-3.64
JSWSTEEL	13,941	28,198	0.49	-379	1,059	-0.36
JUBLFOOD	6,571	9,209	0.71	587	1,140	0.51
KALYANKJIL	4,775	8,890	0.54	36	169	0.21
KAYNES	31,183	77,729	0.40	266	482	0.55
KEI	2,172	3,503	0.62	-67	13	-5.15
KFINTECH	4,216	6,767	0.62	153	12	12.75
KOTAKBANK	18,804	21,298	0.88	360	514	0.70
KPITTECH	3,434	6,310	0.54	75	754	0.10
LAURUSLABS	5,249	10,136	0.52	24	595	0.04
LICHSGFIN	7,538	10,111	0.75	-61	178	-0.34
LICI	6,526	12,275	0.53	38	515	0.07
LODHA	4,400	10,370	0.42	-210	395	-0.53
LT	18,718	32,536	0.58	-549	152	-3.61
LTF	5,011	7,987	0.63	-15	-94	0.16
LTIM	4,449	5,704	0.78	-18	53	-0.34
LUPIN	5,154	6,806	0.76	41	245	0.17
M&M	17,711	33,053	0.54	286	-626	-0.46
MANAPPURAM	3,776	5,322	0.71	-87	-124	0.70
MANKIND	2,374	4,791	0.50	17	311	0.05
MARICO	3,156	5,034	0.63	437	818	0.53
MARUTI	30,953	31,162	0.99	-694	-448	1.55
MAXHEALTH	5,092	10,159	0.50	15	308	0.05
MAZDOCK	10,238	22,201	0.46	266	882	0.30
MCX	15,295	23,146	0.66	644	1,023	0.63
MFSL	2,513	4,385	0.57	131	297	0.44
MOTHERSON	7,569	9,256	0.82	-26	-122	0.21
MPHASIS	3,528	4,864	0.73	-206	71	-2.90
MUTHOOTFIN	6,369	12,005	0.53	26	13	2.00
NATIONALUM	6,698	7,897	0.85	-228	-85	2.68
NAUKRI	5,962	7,377	0.81	71	255	0.28
NBCC	3,262	6,887	0.47	-193	237	-0.81
NCC	3,859	8,851	0.44	78	159	0.49
NESTLEIND	4,387	13,893	0.32	245	91	2.69
NHPC	3,223	7,077	0.46	25	292	0.09
NMDC	9,975	12,884	0.77	-440	50	-8.81
NTPC	13,908	22,759	0.61	-707	699	-1.01
NUVAMA	2,227	4,125	0.54	129	75	1.72
NYKAA	2,609	6,908	0.38	52	373	0.14
OBEROIRLTY	3,525	5,677	0.62	-59	-22	2.68
OFSS	7,074	9,552	0.74	-741	549	-1.35
OIL	2,442	4,460	0.55	14	129	0.11
ONGC	10,990	26,041	0.42	-562	169	-3.33
PAGEIND	3,479	7,563	0.46	10	97	0.10
PATANJALI	3,908	8,669	0.45	53	43	1.23
PAYTM	7,544	12,591	0.60	-112	747	-0.15
PERSISTENT	6,470	10,579	0.61	-144	145	-0.99
PETRONET	8,624	8,515	1.01	-6	148	-0.04
PFC	20,858	36,871	0.57	267	2,919	0.09
PGEL	7,834	12,426	0.63	-189	497	-0.38
PHOENIXLTD	1,679	3,385	0.50	-131	27	-4.85
PIDILITIND	2,014	2,653	0.76	24	22	1.09
PIIND	3,644	5,988	0.61	5	33	0.15
PNB	11,488	22,424	0.51	82	790	0.10
PNBHOUSING	7,281	11,699	0.62	-113	-289	0.39
POLICYBZR	6,107	8,857	0.69	1,097	2,288	0.48
POLYCAB	4,108	6,091	0.67	33	396	0.08
POWERGRID	10,840	17,591	0.62	-28	358	-0.08
POWERINDIA	4,163	10,779	0.39	-39	60	-0.65
PPLPHARMA	2,824	7,253	0.39	62	336	0.18
PRESTIGE	2,696	4,167	0.65	1	300	0.00
RBLBANK	4,789	7,799	0.61	121	427	0.28
RECLTD	21,937	34,310	0.64	250	1,155	0.22
RELIANCE	49,325	98,455	0.50	-831	3,235	-0.26
RVNL	6,299	12,214	0.52	-50	396	-0.13
SAIL	5,922	10,745	0.55	93	651	0.14
SAMMAANCAP	6,539	12,167	0.54	303	403	0.75
SBICARD	4,714	7,445	0.63	171	715	0.24
SBILIFE	6,726	11,880	0.57	591	190	3.11
SBIN	39,990	66,788	0.60	-286	2,073	-0.14
SHREECEM	2,216	4,790	0.46	280	1,345	0.21
SHRIRAMFIN	12,575	21,209	0.59	48	132	0.36
SIEMENS	9,263	18,053	0.51	-371	264	-1.41
SOLARINDS	3,841	10,199	0.38	-3	541	-0.01
SONACOMS	2,565	5,774	0.44	-29	177	-0.16
SRF	7,176	9,836	0.73	419	998	0.42
SUNPHARMA	6,446	19,427	0.33	-509	-458	1.11
SUPREMEIND	5,335	8,779	0.61	1,529	1,072	1.43
SUZLON	10,538	23,838	0.44	206	389	0.53
SYNGENE	1,520	2,766	0.55	-46	-39	1.18
TATACONSUM	5,194	10,667	0.49	331	960	0.34
TATAELXSI	5,574	14,727	0.38	-25	284	-0.09
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,455	26,785	0.73	-43	653	-0.07
TATASTEEL	15,532	26,480	0.59	-838	472	-1.78
TATATECH	4,650	7,501	0.62	46	76	0.61
TCS	37,492	49,523	0.76	-932	1,453	-0.64
TECHM	7,437	9,553	0.78	31	-24	-1.29
TIINDIA	4,702	7,858	0.60	-31	340	-0.09
TITAGARH	2,612	5,135	0.51	44	123	0.36
TITAN	13,005	21,145	0.62	968	510	1.90
TMPV	40,760	87,802	0.46	666	365	1.82
TORNTPHARM	1,152	2,643	0.44	25	183	0.14
TORNTPOWER	2,008	2,981	0.67	-67	191	-0.35
TRENT	26,742	50,449	0.53	221	1,373	0.16
TVSMOTOR	9,561	9,673	0.99	173	148	1.17
ULTRACEMCO	11,217	18,109	0.62	-292	899	-0.32
UNIONBANK	5,640	8,302	0.68	-39	56	-0.70
UNITDSPR	6,508	8,581	0.76	-22	6	-3.67
UNOMINDA	2,980	5,236	0.57	308	248	1.24
UPL	4,724	6,697	0.71	-107	62	-1.73
VBL	10,092	23,187	0.44	321	421	0.76
VEDL	29,948	36,410	0.82	1,599	2,680	0.60
VOLTAS	6,426	7,658	0.84	-93	119	-0.78
WIPRO	10,815	13,760	0.79	-169	-157	1.08
YESBANK	6,426	13,463	0.48	10	437	0.02
ZYDUSLIFE	3,346	4,820	0.69	53	363	0.15

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.

Related Pages for BHEL

BHEL

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

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