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.

BSE

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.

Bse Limited

2670.9 -66.60 (-2.43%)

L: 2665.2 H: 2749

Put-Call Ratio - BSE

25 Dec 2025 11:13 AM IST

Expiry

Put OI

14,706

Call OI

33,485

PCR

0.44

Put OI Chg

-1,708

Call OI Chg

1,093

COI PCR

-1.56

COI Strength %

-100.00 %

Interval

On 3 Oct BSE was trading at 2093.4 with pcr value 0

On 6 Oct BSE was trading at 2217.9 with pcr value 0

On 7 Oct BSE was trading at 2231.2 with pcr value 0

On 8 Oct BSE was trading at 2244.2 with pcr value 0

On 9 Oct BSE was trading at 2330.2 with pcr value 2.4

On 10 Oct BSE was trading at 2385 with pcr value 3.86

On 13 Oct BSE was trading at 2476 with pcr value 4.3

On 14 Oct BSE was trading at 2448.3 with pcr value 5.56

On 15 Oct BSE was trading at 2456.3 with pcr value 2

On 16 Oct BSE was trading at 2509.2 with pcr value 3.14

On 17 Oct BSE was trading at 2485.6 with pcr value 3.5

On 20 Oct BSE was trading at 2494.1 with pcr value 4.77

On 21 Oct BSE was trading at 2487.8 with pcr value

On 23 Oct BSE was trading at 2487.5 with pcr value 3.62

On 24 Oct BSE was trading at 2475 with pcr value 0

On 27 Oct BSE was trading at 2510.2 with pcr value 3.94

On 28 Oct BSE was trading at 2419.7 with pcr value 3.14

On 29 Oct BSE was trading at 2447.3 with pcr value 1.18

On 30 Oct BSE was trading at 2442.8 with pcr value 1.19

On 31 Oct BSE was trading at 2479 with pcr value 0.75

On 3 Nov BSE was trading at 2548.3 with pcr value 1.22

On 4 Nov BSE was trading at 2496.6 with pcr value 1.43

On 6 Nov BSE was trading at 2455.5 with pcr value 1.66

On 7 Nov BSE was trading at 2678.3 with pcr value 1.09

On 10 Nov BSE was trading at 2625.3 with pcr value 0.98

On 11 Nov BSE was trading at 2644.2 with pcr value 0.87

On 12 Nov BSE was trading at 2775.4 with pcr value 0.93

On 13 Nov BSE was trading at 2760.2 with pcr value 0.98

On 14 Nov BSE was trading at 2827.6 with pcr value 0.97

On 17 Nov BSE was trading at 2811.9 with pcr value 1.04

On 18 Nov BSE was trading at 2834.1 with pcr value 0.9

On 19 Nov BSE was trading at 2898.3 with pcr value 0.86

On 20 Nov BSE was trading at 2895.5 with pcr value 0.83

On 21 Nov BSE was trading at 2858.3 with pcr value 0.78

On 24 Nov BSE was trading at 2802.2 with pcr value 0.73

On 25 Nov BSE was trading at 2840.6 with pcr value 0.7

On 26 Nov BSE was trading at 2886.7 with pcr value 0.71

On 27 Nov BSE was trading at 2929.1 with pcr value 0.74

On 28 Nov BSE was trading at 2902.4 with pcr value 0.73

On 1 Dec BSE was trading at 2886.6 with pcr value 0.72

On 2 Dec BSE was trading at 2843.2 with pcr value 0.64

On 3 Dec BSE was trading at 2751.1 with pcr value 0.64

On 4 Dec BSE was trading at 2765 with pcr value 0.64

On 5 Dec BSE was trading at 2815.9 with pcr value 0.67

On 8 Dec BSE was trading at 2798.8 with pcr value 0.65

On 9 Dec BSE was trading at 2715.8 with pcr value 0.59

On 10 Dec BSE was trading at 2581.7 with pcr value 0.53

On 11 Dec BSE was trading at 2698.8 with pcr value 0.59

On 12 Dec BSE was trading at 2735 with pcr value 0.6

On 15 Dec BSE was trading at 2648.9 with pcr value 0.53

On 16 Dec BSE was trading at 2605.9 with pcr value 0.49

On 17 Dec BSE was trading at 2630.5 with pcr value 0.48

On 18 Dec BSE was trading at 2682.9 with pcr value 0.53

On 19 Dec BSE was trading at 2684.8 with pcr value 0.51

On 22 Dec BSE was trading at 2775.5 with pcr value 0.6

On 23 Dec BSE was trading at 2737.5 with pcr value 0.51

On 24 Dec BSE was trading at 2670.9 with pcr value 0.44

On 25 Dec BSE was trading at 2670.9 with pcr value 0.44

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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