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.

CDSL

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.

Central Depo Ser (I) Ltd

1479.8 +2.50 (0.17%)

L: 1470.6 H: 1492.9

Put-Call Ratio - CDSL

18 Dec 2025 02:42 PM IST

Live

Expiry

Put OI

9,684

Call OI

23,286

PCR

0.42

Put OI Chg

-73

Call OI Chg

-343

COI PCR

0.21

COI Strength

0.65

Interval

On 9:30 CDSL was trading at 1490 with pcr value 0.41

On 9:45 CDSL was trading at 1479.7 with pcr value 0.41

On 10:00 CDSL was trading at 1473.9 with pcr value 0.42

On 10:15 CDSL was trading at 1481.9 with pcr value 0.42

On 10:30 CDSL was trading at 1485.2 with pcr value 0.42

On 10:45 CDSL was trading at 1487.8 with pcr value 0.42

On 11:00 CDSL was trading at 1482.8 with pcr value 0.42

On 11:15 CDSL was trading at 1481.7 with pcr value 0.42

On 11:30 CDSL was trading at 1484 with pcr value 0.42

On 11:45 CDSL was trading at 1482.5 with pcr value 0.42

On 12:00 CDSL was trading at 1487 with pcr value 0.42

On 12:15 CDSL was trading at 1488.7 with pcr value 0.42

On 12:30 CDSL was trading at 1487.1 with pcr value 0.42

On 12:45 CDSL was trading at 1490.5 with pcr value 0.41

On 13:00 CDSL was trading at 1487.8 with pcr value 0.41

On 13:15 CDSL was trading at 1489 with pcr value 0.41

On 13:30 CDSL was trading at 1489.8 with pcr value 0.41

On 13:45 CDSL was trading at 1486.9 with pcr value 0.41

On 14:00 CDSL was trading at 1486.8 with pcr value 0.41

On 14:15 CDSL was trading at 1481.9 with pcr value 0.41

On 14:30 CDSL was trading at 1478 with pcr value 0.42

On 14:43 CDSL was trading at 1480.3 with pcr value 0.42

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	2,104	3,633	0.58	-38	203	-0.19
ABB	5,314	7,227	0.74	144	579	0.25
ABCAPITAL	4,771	8,217	0.58	-164	125	-1.31
ADANIENSOL	3,287	6,003	0.55	-56	181	-0.31
ADANIENT	26,107	44,071	0.59	-58	-364	0.16
ADANIGREEN	9,833	18,806	0.52	-328	-539	0.61
ADANIPORTS	9,165	18,809	0.49	27	-12	-2.25
ALKEM	1,190	2,094	0.57	-15	181	-0.08
AMBER	7,267	11,135	0.65	233	6	38.83
AMBUJACEM	8,256	11,422	0.72	-215	542	-0.40
ANGELONE	7,751	20,816	0.37	241	1,446	0.17
APLAPOLLO	2,211	2,600	0.85	-167	-438	0.38
APOLLOHOSP	9,007	18,574	0.48	188	-74	-2.54
ASHOKLEY	13,464	13,156	1.02	1,171	594	1.97
ASIANPAINT	16,761	34,363	0.49	-181	355	-0.51
ASTRAL	4,415	8,183	0.54	327	100	3.27
AUBANK	6,430	7,935	0.81	-75	-97	0.77
AUROPHARMA	4,736	10,191	0.46	255	-348	-0.73
AXISBANK	21,807	48,109	0.45	-1,850	-5,878	0.31
BAJAJ-AUTO	14,224	28,949	0.49	-397	621	-0.64
BAJAJFINSV	14,034	21,514	0.65	-3	15	-0.20
BAJFINANCE	23,522	40,048	0.59	-378	-876	0.43
BANDHANBNK	7,636	11,253	0.68	6	-125	-0.05
BANKBARODA	12,052	14,689	0.82	-151	-578	0.26
BANKINDIA	3,614	5,022	0.72	79	-32	-2.47
BDL	8,637	21,720	0.40	96	-246	-0.39
BEL	26,097	59,530	0.44	-491	-1,303	0.38
BHARATFORG	4,387	7,016	0.63	94	41	2.29
BHARTIARTL	18,554	38,957	0.48	-560	-55	10.18
BHEL	9,051	19,846	0.46	207	1,081	0.19
BIOCON	6,160	11,915	0.52	-168	-655	0.26
BLUESTARCO	2,062	1,903	1.08	484	-367	-1.32
BOSCHLTD	1,583	3,819	0.41	-43	329	-0.13
BPCL	5,418	9,449	0.57	-67	-8	8.38
BRITANNIA	6,483	11,164	0.58	193	1,331	0.15
BSE	17,391	32,738	0.53	-420	-4,346	0.10
CAMS	4,912	8,496	0.58	103	863	0.12
CANBK	12,248	15,223	0.80	-91	-61	1.49
CDSL	9,684	23,286	0.42	-73	-343	0.21
CGPOWER	4,546	10,763	0.42	-214	-193	1.11
CHOLAFIN	8,018	9,364	0.86	1,420	275	5.16
CIPLA	9,954	15,202	0.65	-35	-342	0.10
COALINDIA	13,109	13,078	1.00	141	-134	-1.05
COFORGE	8,738	20,231	0.43	-93	373	-0.25
COLPAL	7,871	12,860	0.61	-66	-286	0.23
CONCOR	7,702	10,181	0.76	-126	-243	0.52
CROMPTON	7,123	13,504	0.53	936	1,465	0.64
CUMMINSIND	3,896	6,621	0.59	61	1,361	0.04
CYIENT	2,317	3,763	0.62	-53	291	-0.18
DABUR	6,460	11,663	0.55	201	-28	-7.18
DALBHARAT	2,860	4,386	0.65	-13	447	-0.03
DELHIVERY	3,932	6,351	0.62	-85	-109	0.78
DIVISLAB	6,771	9,774	0.69	145	338	0.43
DIXON	35,570	66,766	0.53	235	-1,081	-0.22
DLF	17,073	25,680	0.66	412	-570	-0.72
DMART	7,193	17,339	0.41	205	1,941	0.11
DRREDDY	5,159	10,452	0.49	36	-164	-0.22
EICHERMOT	10,793	15,300	0.71	-356	-114	3.12
ETERNAL	18,948	36,989	0.51	-69	-189	0.37
EXIDEIND	4,345	6,696	0.65	161	675	0.24
FEDERALBNK	8,369	7,908	1.06	131	-373	-0.35
FORTIS	3,576	8,231	0.43	-44	-186	0.24
GAIL	13,255	20,283	0.65	-197	11	-17.91
GLENMARK	7,950	10,652	0.75	100	-266	-0.38
GMRAIRPORT	10,617	20,937	0.51	-312	882	-0.35
GODREJCP	3,826	5,611	0.68	130	-217	-0.60
GODREJPROP	6,905	12,251	0.56	-122	376	-0.32
GRASIM	9,434	8,613	1.10	-38	-2	19.00
HAL	28,510	55,334	0.52	402	-1,986	-0.20
HAVELLS	3,754	4,897	0.77	62	-153	-0.41
HCLTECH	11,671	21,286	0.55	330	901	0.37
HDFCAMC	10,822	11,699	0.93	5,238	4,576	1.14
HDFCBANK	43,019	76,515	0.56	467	2,619	0.18
HDFCLIFE	7,120	16,747	0.43	-49	-586	0.08
HEROMOTOCO	14,070	31,976	0.44	1,436	9,232	0.16
HFCL	4,968	11,840	0.42	44	-28	-1.57
HINDALCO	15,862	20,973	0.76	619	24	25.79
HINDPETRO	4,109	6,955	0.59	112	-57	-1.96
HINDUNILVR	9,829	20,860	0.47	-127	177	-0.72
HINDZINC	27,111	36,617	0.74	1,564	-1,429	-1.09
HUDCO	6,338	14,748	0.43	74	191	0.39
ICICIBANK	32,144	51,205	0.63	-497	-2,873	0.17
ICICIGI	3,227	5,911	0.55	128	-114	-1.12
ICICIPRULI	2,289	4,949	0.46	106	49	2.16
IDEA	14,199	25,228	0.56	-874	363	-2.41
IDFCFIRSTB	9,786	12,175	0.80	106	-410	-0.26
IEX	8,350	11,286	0.74	-31	-190	0.16
IIFL	2,655	4,377	0.61	-47	-99	0.47
INDHOTEL	6,354	10,066	0.63	324	-387	-0.83
INDIANB	4,818	11,985	0.40	-24	-206	0.12
INDIGO	52,943	97,930	0.54	3,237	-7,749	-0.42
INDUSINDBK	12,863	18,266	0.70	-162	-552	0.29
INDUSTOWER	8,563	14,567	0.59	-214	-731	0.29
INFY	44,938	63,923	0.70	5,597	248	22.57
INOXWIND	6,741	13,859	0.49	-24	-27	0.89
IOC	7,659	11,796	0.65	-253	-288	0.88
IRCTC	7,080	10,889	0.65	-567	-143	3.97
IREDA	5,130	10,365	0.49	61	103	0.59
IRFC	4,668	9,286	0.50	23	-264	-0.09
ITC	21,462	35,291	0.61	-280	72	-3.89
JINDALSTEL	5,774	9,317	0.62	265	106	2.50
JIOFIN	18,360	27,038	0.68	619	629	0.98
JSWENERGY	9,653	15,140	0.64	-448	61	-7.34
JSWSTEEL	11,836	27,960	0.42	-600	-1,140	0.53
JUBLFOOD	6,456	10,493	0.62	554	-372	-1.49
KALYANKJIL	4,802	9,635	0.50	148	437	0.34
KAYNES	29,691	75,666	0.39	-1,156	-1,399	0.83
KEI	2,613	3,794	0.69	25	-86	-0.29
KFINTECH	4,146	5,885	0.70	-40	-712	0.06
KOTAKBANK	17,767	21,323	0.83	-138	-9	15.33
KPITTECH	3,843	6,915	0.56	52	339	0.15
LAURUSLABS	5,301	9,338	0.57	103	-342	-0.30
LICHSGFIN	7,596	9,431	0.81	-14	-271	0.05
LICI	6,054	12,198	0.50	111	82	1.35
LODHA	4,903	11,049	0.44	203	-1,245	-0.16
LT	17,487	31,700	0.55	-492	96	-5.13
LTF	5,159	8,175	0.63	37	151	0.25
LTIM	4,649	6,386	0.73	124	595	0.21
LUPIN	5,308	6,751	0.79	109	-116	-0.94
M&M	17,041	33,473	0.51	352	1,213	0.29
MANAPPURAM	4,027	6,288	0.64	236	693	0.34
MANKIND	2,431	4,725	0.51	-8	-448	0.02
MARICO	3,113	4,914	0.63	-57	-314	0.18
MARUTI	28,035	31,274	0.90	-1,291	-259	4.98
MAXHEALTH	6,420	11,013	0.58	-417	-2,274	0.18
MAZDOCK	10,041	22,766	0.44	161	-470	-0.34
MCX	15,275	23,196	0.66	64	-1,122	-0.06
MFSL	2,413	4,402	0.55	51	-69	-0.74
MOTHERSON	6,014	8,833	0.68	-1,353	-455	2.97
MPHASIS	3,721	5,553	0.67	160	761	0.21
MUTHOOTFIN	5,522	10,703	0.52	-252	-252	1.00
NATIONALUM	6,884	8,250	0.83	246	4	61.50
NAUKRI	5,863	7,351	0.80	-147	131	-1.12
NBCC	3,410	9,142	0.37	150	684	0.22
NCC	3,825	9,144	0.42	142	370	0.38
NESTLEIND	4,298	14,312	0.30	-73	90	-0.81
NHPC	3,183	7,134	0.45	21	92	0.23
NMDC	10,025	13,838	0.72	-73	-17	4.27
NTPC	13,872	23,851	0.58	-142	1,322	-0.11
NUVAMA	3,041	6,287	0.48	521	2,162	0.24
NYKAA	2,808	7,265	0.39	29	294	0.10
OBEROIRLTY	3,919	5,203	0.75	336	-621	-0.54
OFSS	6,178	11,238	0.55	-243	1,033	-0.24
OIL	2,519	4,765	0.53	-44	-221	0.20
ONGC	10,747	26,839	0.40	-197	46	-4.28
PAGEIND	3,555	8,584	0.41	67	-26	-2.58
PATANJALI	4,846	8,539	0.57	618	-358	-1.73
PAYTM	8,078	13,944	0.58	247	-366	-0.67
PERSISTENT	6,760	11,113	0.61	271	-278	-0.97
PETRONET	9,001	8,550	1.05	101	78	1.29
PFC	21,427	34,760	0.62	458	-113	-4.05
PGEL	7,825	11,925	0.66	-64	-525	0.12
PHOENIXLTD	1,816	3,542	0.51	70	-105	-0.67
PIDILITIND	1,915	2,799	0.68	12	133	0.09
PIIND	3,728	5,712	0.65	195	-91	-2.14
PNB	11,601	21,084	0.55	-1	226	-0.00
PNBHOUSING	6,847	11,954	0.57	-227	551	-0.41
POLICYBZR	5,775	8,752	0.66	-45	-721	0.06
POLYCAB	4,842	7,913	0.61	-741	-608	1.22
POWERGRID	10,887	18,256	0.60	289	954	0.30
POWERINDIA	3,999	12,531	0.32	93	2,188	0.04
PPLPHARMA	3,029	7,299	0.41	27	200	0.14
PRESTIGE	2,814	4,427	0.64	45	78	0.58
RBLBANK	4,826	8,047	0.60	-48	-203	0.24
RECLTD	21,616	33,556	0.64	-513	-1,461	0.35
RELIANCE	49,634	95,739	0.52	-740	-1,202	0.62
RVNL	6,099	13,035	0.47	-150	-134	1.12
SAIL	5,926	10,848	0.55	63	427	0.15
SAMMAANCAP	8,403	13,461	0.62	-121	-518	0.23
SBICARD	4,835	7,204	0.67	-82	-681	0.12
SBILIFE	5,529	11,650	0.47	136	277	0.49
SBIN	41,323	59,163	0.70	-404	-1,211	0.33
SHREECEM	2,270	5,962	0.38	-15	573	-0.03
SHRIRAMFIN	15,290	23,311	0.66	1,114	-1,298	-0.86
SIEMENS	9,120	20,013	0.46	126	2,278	0.06
SOLARINDS	4,265	10,822	0.39	109	-165	-0.66
SONACOMS	2,544	5,702	0.45	-12	-158	0.08
SRF	7,613	9,292	0.82	448	-367	-1.22
SUNPHARMA	7,914	25,439	0.31	1,199	4,828	0.25
SUPREMEIND	4,180	6,988	0.60	-39	-215	0.18
SUZLON	10,036	25,049	0.40	-54	26	-2.08
SYNGENE	1,440	3,052	0.47	1	-18	-0.06
TATACONSUM	5,227	9,911	0.53	-62	-92	0.67
TATAELXSI	5,493	15,163	0.36	-11	-236	0.05
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,419	27,889	0.70	168	806	0.21
TATASTEEL	15,033	26,975	0.56	-687	696	-0.99
TATATECH	4,745	7,656	0.62	-56	79	-0.71
TCS	35,511	46,198	0.77	-1,982	-2,933	0.68
TECHM	8,478	10,003	0.85	773	-280	-2.76
TIINDIA	4,809	7,725	0.62	144	-75	-1.92
TITAGARH	2,712	5,672	0.48	122	441	0.28
TITAN	13,063	20,955	0.62	94	31	3.03
TMPV	40,531	82,245	0.49	-232	-3,976	0.06
TORNTPHARM	1,173	2,584	0.45	20	-10	-2.00
TORNTPOWER	1,834	3,543	0.52	-24	254	-0.09
TRENT	26,341	53,032	0.50	-388	1,379	-0.28
TVSMOTOR	9,418	9,810	0.96	-114	292	-0.39
ULTRACEMCO	11,555	21,839	0.53	269	2,388	0.11
UNIONBANK	5,328	7,986	0.67	-169	-317	0.53
UNITDSPR	10,281	10,309	1.00	2,039	572	3.56
UNOMINDA	2,748	5,329	0.52	-76	282	-0.27
UPL	4,877	6,913	0.71	39	24	1.63
VBL	9,465	19,057	0.50	-355	-4,197	0.08
VEDL	43,058	40,631	1.06	3,335	-2,377	-1.40
VOLTAS	6,877	8,748	0.79	691	523	1.32
WIPRO	11,304	14,240	0.79	368	298	1.23
YESBANK	6,392	13,039	0.49	-41	11	-3.73
ZYDUSLIFE	3,477	4,765	0.73	42	68	0.62

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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