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 of intraday OI changes scaled to percent. Values > 60% indicate bullish sentiment, < -60% indicate bearish sentiment, and -60% to 60% indicate neutral activity.

What is OI Strength and how do I use it?

OI Strength % = ((PE OI - CE OI) / (|PE OI| + |CE OI|)) × 100. This normalized indicator measures directional bias of total OI scaled to percent. Values > 60% indicate bullish sentiment, < -60% indicate bearish sentiment, and -60% to 60% 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 % and OI 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 % and OI Strength % values at support/resistance for reversal signals. Monitor sudden COI Strength % shifts as they often precede intraday trend changes.

GOLDM

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 of intraday OI changes scaled to percent. Values > 60% indicate bullish sentiment, < -60% indicate bearish sentiment, and -60% to 60% indicate neutral activity.

Q: What is OI Strength and how do I use it?

OI Strength % = ((PE OI - CE OI) / (|PE OI| + |CE OI|)) × 100. This normalized indicator measures directional bias of total OI scaled to percent. Values > 60% indicate bullish sentiment, < -60% indicate bearish sentiment, and -60% to 60% 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 % and OI Strength % for clearer signals in these cases.

Gold Mini

178399 +11307.00 (6.77%)

L: 168000 H: 182130

Put-Call Ratio - GOLDM

29 Jan 2026 07:10 PM IST

Live

Expiry

Put OI

1,60,993

Call OI

16,034

PCR

10.04

OI Strength %

81.89 %

Put OI Chg

71,353

Call OI Chg

-1,127

COI PCR

-63.31

COI Strength %

100.00 %

Interval

On 9:30 GOLDM was trading at 177117 with pcr value 6.21

On 9:45 GOLDM was trading at 180159 with pcr value 6.33

On 10:00 GOLDM was trading at 181306 with pcr value 8.84

On 10:15 GOLDM was trading at 179900 with pcr value 7.48

On 10:30 GOLDM was trading at 179437 with pcr value 7.66

On 10:45 GOLDM was trading at 180182 with pcr value 7.64

On 11:00 GOLDM was trading at 178552 with pcr value 6.51

On 11:15 GOLDM was trading at 179270 with pcr value 7.58

On 11:30 GOLDM was trading at 179477 with pcr value 7.48

On 11:45 GOLDM was trading at 179438 with pcr value 7.56

On 12:00 GOLDM was trading at 179583 with pcr value 7.72

On 12:15 GOLDM was trading at 179470 with pcr value 7.7

On 12:30 GOLDM was trading at 178962 with pcr value 7.64

On 12:45 GOLDM was trading at 178497 with pcr value 7.47

On 13:00 GOLDM was trading at 177526 with pcr value 7.33

On 13:15 GOLDM was trading at 177977 with pcr value 7.3

On 13:30 GOLDM was trading at 177838 with pcr value 7.26

On 13:45 GOLDM was trading at 177258 with pcr value 7.31

On 14:00 GOLDM was trading at 175219 with pcr value 7.23

On 14:15 GOLDM was trading at 174729 with pcr value 7.06

On 14:30 GOLDM was trading at 176063 with pcr value 6.9

On 14:45 GOLDM was trading at 175978 with pcr value 6.9

On 15:00 GOLDM was trading at 176245 with pcr value 6.87

On 15:15 GOLDM was trading at 176821 with pcr value 7.03

On 15:30 GOLDM was trading at 176169 with pcr value 7.33

On 15:45 GOLDM was trading at 176235 with pcr value 7.64

On 16:00 GOLDM was trading at 176110 with pcr value 7.78

On 16:15 GOLDM was trading at 175731 with pcr value 7.76

On 16:30 GOLDM was trading at 175680 with pcr value 7.84

On 16:45 GOLDM was trading at 176024 with pcr value 8.13

On 17:00 GOLDM was trading at 176234 with pcr value 8.22

On 17:15 GOLDM was trading at 176647 with pcr value 8.45

On 17:30 GOLDM was trading at 177865 with pcr value 8.76

On 17:45 GOLDM was trading at 178345 with pcr value 9

On 18:00 GOLDM was trading at 179275 with pcr value 9.38

On 18:15 GOLDM was trading at 178222 with pcr value 9.44

On 18:30 GOLDM was trading at 178669 with pcr value 9.71

On 18:45 GOLDM was trading at 178372 with pcr value 9.89

On 19:00 GOLDM was trading at 178449 with pcr value 10

On 19:11 GOLDM was trading at 178399 with pcr value 10.04

Put-Call-Ratio Table for Commodity

Stock PCR Index PCR

<= 0.8 Bearish Trend

>= 1.2 Bullish Trend

0.8 - 1.2 Neutral Trend

Understanding PCR, COI Strength %, OI Strength %

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 %, OI Strength %

COI Strength % = ((PE COI - CE COI) / (|PE COI| + |CE COI|)) × 100

OI Strength % = ((PE OI - CE OI) / (|PE OI| + |CE OI|)) × 100

> 60%

Bullish

Strong put dominance

-60% to 60%

Neutral

Balanced activity

< -60%

Bearish

Strong call 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|)) × 100

This normalized indicator measures the directional bias of intraday Open Interest changes scaled to percent:

> 60% (Bullish): Put side dominance - fresh put writing or buying suggests bullish positioning.
-60% to 60% (Neutral): Balanced activity on both sides - no clear directional conviction.
< -60% (Bearish): Call side dominance - fresh call writing or buying suggests bearish positioning.

Advantages over PCR:

Normalized scale makes comparison across symbols easier
Not affected by extreme ratios when one side is very small
Clearly shows which side has stronger intraday momentum

OI Strength % = ((PE OI - CE OI) / (|PE OI| + |CE OI|)) × 100

This normalized indicator measures the directional bias of total Open Interest scaled to percent:

> 60% (Bullish): Put OI dominance - more total puts than calls suggests bullish positioning.
-60% to 60% (Neutral): Balanced total OI on both sides - no clear directional conviction.
< -60% (Bearish): Call OI dominance - more total calls than puts suggests bearish positioning.

Difference from COI Strength %:

OI Strength %: Uses total accumulated OI (all-time positions)
COI Strength %: Uses only intraday OI changes (today's activity)

Use Case: OI Strength % shows overall market positioning, while COI Strength % shows fresh intraday momentum. Use both together for a complete picture.

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 % and OI Strength % instead - they handle these edge cases better and provide 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 % or OI Strength % (>60% or <-60%) combined with price at support/resistance can signal strong reversals.
Intraday Pivots: Watch for sudden COI Strength % shifts (e.g., from +50% to -30%) 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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