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.

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|). 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.

Gold Mini

132641 -474.00 (-0.36%)

L: 132090 H: 133629

Put-Call Ratio - GOLDM

18 Dec 2025 11:58 PM IST Market Closed

Expiry

Put OI

46,622

Call OI

39,399

PCR

1.18

Put OI Chg

-424

Call OI Chg

8,275

COI PCR

-0.05

COI Strength

-1.00

Interval

On 9:30 GOLDM was trading at 133068 with pcr value 1.43

On 9:45 GOLDM was trading at 132989 with pcr value 1.43

On 10:00 GOLDM was trading at 132940 with pcr value 1.46

On 10:15 GOLDM was trading at 132957 with pcr value 1.46

On 10:30 GOLDM was trading at 133000 with pcr value 1.44

On 10:45 GOLDM was trading at 132940 with pcr value 1.42

On 11:00 GOLDM was trading at 132920 with pcr value 1.42

On 11:15 GOLDM was trading at 132946 with pcr value 1.43

On 11:30 GOLDM was trading at 132818 with pcr value 1.4

On 11:45 GOLDM was trading at 132868 with pcr value 1.38

On 12:00 GOLDM was trading at 132775 with pcr value 1.37

On 12:15 GOLDM was trading at 132702 with pcr value 1.38

On 12:30 GOLDM was trading at 132749 with pcr value 1.39

On 12:45 GOLDM was trading at 132675 with pcr value 1.38

On 13:00 GOLDM was trading at 132749 with pcr value 1.38

On 13:15 GOLDM was trading at 132820 with pcr value 1.38

On 13:30 GOLDM was trading at 132777 with pcr value 1.36

On 13:45 GOLDM was trading at 132708 with pcr value 1.32

On 14:00 GOLDM was trading at 132643 with pcr value 1.31

On 14:15 GOLDM was trading at 132676 with pcr value 1.3

On 14:30 GOLDM was trading at 132714 with pcr value 1.28

On 14:45 GOLDM was trading at 132700 with pcr value 1.27

On 15:00 GOLDM was trading at 132690 with pcr value 1.27

On 15:15 GOLDM was trading at 132684 with pcr value 1.26

On 15:30 GOLDM was trading at 132650 with pcr value 1.25

On 15:45 GOLDM was trading at 132650 with pcr value 1.25

On 16:00 GOLDM was trading at 132630 with pcr value 1.25

On 16:15 GOLDM was trading at 132700 with pcr value 1.24

On 16:30 GOLDM was trading at 132687 with pcr value 1.23

On 16:45 GOLDM was trading at 132772 with pcr value 1.23

On 17:00 GOLDM was trading at 132725 with pcr value 1.23

On 17:15 GOLDM was trading at 132800 with pcr value 1.22

On 17:30 GOLDM was trading at 132795 with pcr value 1.22

On 17:45 GOLDM was trading at 132769 with pcr value 1.21

On 18:00 GOLDM was trading at 132588 with pcr value 1.21

On 18:15 GOLDM was trading at 132667 with pcr value 1.2

On 18:30 GOLDM was trading at 132610 with pcr value 1.2

On 18:45 GOLDM was trading at 132479 with pcr value 1.18

On 19:00 GOLDM was trading at 132563 with pcr value 1.18

On 19:15 GOLDM was trading at 132871 with pcr value 1.18

On 19:30 GOLDM was trading at 132854 with pcr value 1.18

On 19:45 GOLDM was trading at 132910 with pcr value 1.17

On 20:00 GOLDM was trading at 132800 with pcr value 1.16

On 20:15 GOLDM was trading at 132268 with pcr value 1.16

On 20:30 GOLDM was trading at 132625 with pcr value 1.16

On 20:45 GOLDM was trading at 132550 with pcr value 1.18

On 21:00 GOLDM was trading at 132621 with pcr value 1.18

On 21:15 GOLDM was trading at 132701 with pcr value 1.19

On 21:30 GOLDM was trading at 132762 with pcr value 1.21

On 21:45 GOLDM was trading at 133472 with pcr value 1.22

On 22:00 GOLDM was trading at 133422 with pcr value 1.22

On 22:15 GOLDM was trading at 133482 with pcr value 1.22

On 22:30 GOLDM was trading at 133347 with pcr value 1.23

On 22:45 GOLDM was trading at 132529 with pcr value 1.23

On 23:00 GOLDM was trading at 132616 with pcr value 1.24

On 23:15 GOLDM was trading at 132733 with pcr value 1.25

On 23:30 GOLDM was trading at 132666 with pcr value 1.24

On 23:45 GOLDM was trading at 132762 with pcr value 1.19

On 23:59 GOLDM was trading at 132641 with pcr value 1.18

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	2,080	3,580	0.58	-62	150	-0.41
ABB	5,336	7,089	0.75	166	441	0.38
ABCAPITAL	4,681	8,137	0.58	-254	45	-5.64
ADANIENSOL	3,275	6,015	0.54	-68	193	-0.35
ADANIENT	26,002	43,721	0.59	-163	-714	0.23
ADANIGREEN	9,739	18,502	0.53	-422	-843	0.50
ADANIPORTS	9,209	18,562	0.50	71	-259	-0.27
ALKEM	1,217	2,077	0.59	12	164	0.07
AMBER	7,294	11,025	0.66	260	-104	-2.50
AMBUJACEM	8,284	11,483	0.72	-187	603	-0.31
ANGELONE	7,701	20,705	0.37	191	1,335	0.14
APLAPOLLO	2,231	2,602	0.86	-147	-436	0.34
APOLLOHOSP	8,865	18,303	0.48	46	-345	-0.13
ASHOKLEY	13,490	13,370	1.01	1,197	808	1.48
ASIANPAINT	16,695	34,670	0.48	-247	662	-0.37
ASTRAL	4,278	8,041	0.53	190	-42	-4.52
AUBANK	6,470	7,861	0.82	-35	-171	0.20
AUROPHARMA	4,748	10,153	0.47	267	-386	-0.69
AXISBANK	21,800	47,558	0.46	-1,857	-6,429	0.29
BAJAJ-AUTO	14,218	28,491	0.50	-403	163	-2.47
BAJAJFINSV	14,096	21,233	0.66	59	-266	-0.22
BAJFINANCE	23,403	39,810	0.59	-497	-1,114	0.45
BANDHANBNK	7,637	11,222	0.68	7	-156	-0.04
BANKBARODA	11,960	14,540	0.82	-243	-727	0.33
BANKINDIA	3,601	4,996	0.72	66	-58	-1.14
BDL	8,526	21,612	0.39	-15	-354	0.04
BEL	26,108	59,252	0.44	-480	-1,581	0.30
BHARATFORG	4,337	6,925	0.63	44	-50	-0.88
BHARTIARTL	18,627	39,076	0.48	-487	64	-7.61
BHEL	8,800	19,213	0.46	-44	448	-0.10
BIOCON	6,059	11,827	0.51	-269	-743	0.36
BLUESTARCO	1,854	1,855	1.00	276	-415	-0.67
BOSCHLTD	1,593	3,820	0.42	-33	330	-0.10
BPCL	5,398	9,382	0.58	-87	-75	1.16
BRITANNIA	6,202	10,560	0.59	-88	727	-0.12
BSE	17,030	32,179	0.53	-781	-4,905	0.16
CAMS	4,802	7,918	0.61	-7	285	-0.02
CANBK	12,157	15,139	0.80	-182	-145	1.26
CDSL	9,680	22,945	0.42	-77	-684	0.11
CGPOWER	4,597	10,707	0.43	-163	-249	0.65
CHOLAFIN	8,241	9,371	0.88	1,643	282	5.83
CIPLA	9,941	15,099	0.66	-48	-445	0.11
COALINDIA	13,054	12,989	1.01	86	-223	-0.39
COFORGE	8,858	19,663	0.45	27	-195	-0.14
COLPAL	7,843	12,568	0.62	-94	-578	0.16
CONCOR	7,742	10,181	0.76	-86	-243	0.35
CROMPTON	6,889	13,447	0.51	702	1,408	0.50
CUMMINSIND	3,870	6,390	0.61	35	1,130	0.03
CYIENT	2,338	3,677	0.64	-32	205	-0.16
DABUR	6,483	11,624	0.56	224	-67	-3.34
DALBHARAT	2,793	4,409	0.63	-80	470	-0.17
DELHIVERY	4,028	6,356	0.63	11	-104	-0.11
DIVISLAB	6,755	9,675	0.70	129	239	0.54
DIXON	35,274	66,697	0.53	-61	-1,150	0.05
DLF	17,585	26,016	0.68	924	-234	-3.95
DMART	7,329	17,378	0.42	341	1,980	0.17
DRREDDY	5,199	10,390	0.50	76	-226	-0.34
EICHERMOT	10,579	14,991	0.71	-570	-423	1.35
ETERNAL	18,756	36,434	0.51	-261	-744	0.35
EXIDEIND	4,357	6,760	0.64	173	739	0.23
FEDERALBNK	8,312	7,923	1.05	74	-358	-0.21
FORTIS	3,520	8,031	0.44	-100	-386	0.26
GAIL	13,157	20,057	0.66	-295	-215	1.37
GLENMARK	7,813	10,556	0.74	-37	-362	0.10
GMRAIRPORT	10,530	20,841	0.51	-399	786	-0.51
GODREJCP	3,801	5,481	0.69	105	-347	-0.30
GODREJPROP	6,887	12,033	0.57	-140	158	-0.89
GRASIM	9,427	8,579	1.10	-45	-36	1.25
HAL	28,579	54,917	0.52	471	-2,403	-0.20
HAVELLS	3,768	4,883	0.77	76	-167	-0.46
HCLTECH	11,793	20,600	0.57	452	215	2.10
HDFCAMC	11,309	11,692	0.97	5,725	4,569	1.25
HDFCBANK	42,896	77,008	0.56	344	3,112	0.11
HDFCLIFE	7,116	16,357	0.44	-53	-976	0.05
HEROMOTOCO	13,617	31,771	0.43	983	9,027	0.11
HFCL	4,963	11,650	0.43	39	-218	-0.18
HINDALCO	15,765	20,649	0.76	522	-300	-1.74
HINDPETRO	4,063	6,905	0.59	66	-107	-0.62
HINDUNILVR	9,826	20,611	0.48	-130	-72	1.81
HINDZINC	26,918	35,934	0.75	1,371	-2,112	-0.65
HUDCO	6,398	14,745	0.43	134	188	0.71
ICICIBANK	31,506	50,354	0.63	-1,135	-3,724	0.30
ICICIGI	3,199	5,984	0.53	100	-41	-2.44
ICICIPRULI	2,340	4,888	0.48	157	-12	-13.08
IDEA	14,075	25,309	0.56	-998	444	-2.25
IDFCFIRSTB	9,768	12,165	0.80	88	-420	-0.21
IEX	8,321	11,289	0.74	-60	-187	0.32
IIFL	2,643	4,369	0.60	-59	-107	0.55
INDHOTEL	6,275	9,926	0.63	245	-527	-0.46
INDIANB	4,805	11,932	0.40	-37	-259	0.14
INDIGO	53,662	97,153	0.55	3,956	-8,526	-0.46
INDUSINDBK	12,781	18,136	0.70	-244	-682	0.36
INDUSTOWER	8,526	14,554	0.59	-251	-744	0.34
INFY	47,212	64,060	0.74	7,871	385	20.44
INOXWIND	6,739	13,814	0.49	-26	-72	0.36
IOC	7,679	11,668	0.66	-233	-416	0.56
IRCTC	7,091	10,648	0.67	-556	-384	1.45
IREDA	5,130	10,307	0.50	61	45	1.36
IRFC	4,663	9,327	0.50	18	-223	-0.08
ITC	21,410	35,035	0.61	-332	-184	1.80
JINDALSTEL	5,671	9,202	0.62	162	-9	-18.00
JIOFIN	18,277	26,741	0.68	536	332	1.61
JSWENERGY	9,610	15,132	0.64	-491	53	-9.26
JSWSTEEL	11,800	27,585	0.43	-636	-1,515	0.42
JUBLFOOD	6,399	10,333	0.62	497	-532	-0.93
KALYANKJIL	4,781	9,407	0.51	127	209	0.61
KAYNES	29,350	75,179	0.39	-1,497	-1,886	0.79
KEI	2,566	3,767	0.68	-22	-113	0.19
KFINTECH	4,220	5,559	0.76	34	-1,038	-0.03
KOTAKBANK	17,637	21,058	0.84	-268	-274	0.98
KPITTECH	3,870	6,862	0.56	79	286	0.28
LAURUSLABS	5,253	9,283	0.57	55	-397	-0.14
LICHSGFIN	7,589	9,296	0.82	-21	-406	0.05
LICI	6,032	11,985	0.50	89	-131	-0.68
LODHA	4,860	10,957	0.44	160	-1,337	-0.12
LT	17,564	31,659	0.55	-415	55	-7.55
LTF	5,099	8,015	0.64	-23	-9	2.56
LTIM	4,728	6,203	0.76	203	412	0.49
LUPIN	5,282	6,660	0.79	83	-207	-0.40
M&M	17,137	32,723	0.52	448	463	0.97
MANAPPURAM	3,789	6,380	0.59	-2	785	-0.00
MANKIND	2,351	4,576	0.51	-88	-597	0.15
MARICO	3,158	4,879	0.65	-12	-349	0.03
MARUTI	28,132	31,113	0.90	-1,194	-420	2.84
MAXHEALTH	6,367	11,118	0.57	-470	-2,169	0.22
MAZDOCK	10,113	22,580	0.45	233	-656	-0.36
MCX	15,106	22,713	0.67	-105	-1,605	0.07
MFSL	2,407	4,383	0.55	45	-88	-0.51
MOTHERSON	6,040	8,905	0.68	-1,327	-383	3.46
MPHASIS	3,870	5,292	0.73	309	500	0.62
MUTHOOTFIN	5,493	10,639	0.52	-281	-316	0.89
NATIONALUM	6,898	8,294	0.83	260	48	5.42
NAUKRI	5,801	7,238	0.80	-209	18	-11.61
NBCC	3,369	9,123	0.37	109	665	0.16
NCC	3,741	9,063	0.41	58	289	0.20
NESTLEIND	4,318	14,269	0.30	-53	47	-1.13
NHPC	3,167	7,127	0.44	5	85	0.06
NMDC	10,040	13,769	0.73	-58	-86	0.67
NTPC	13,925	23,646	0.59	-89	1,117	-0.08
NUVAMA	2,960	5,843	0.51	440	1,718	0.26
NYKAA	2,797	7,186	0.39	18	215	0.08
OBEROIRLTY	3,719	5,175	0.72	136	-649	-0.21
OFSS	6,033	11,124	0.54	-388	919	-0.42
OIL	2,533	4,744	0.53	-30	-242	0.12
ONGC	10,736	26,869	0.40	-208	76	-2.74
PAGEIND	3,568	8,605	0.41	80	-5	-16.00
PATANJALI	4,748	8,489	0.56	520	-408	-1.27
PAYTM	8,013	13,947	0.57	182	-363	-0.50
PERSISTENT	6,814	10,988	0.62	325	-403	-0.81
PETRONET	8,987	8,531	1.05	87	59	1.47
PFC	21,423	34,833	0.62	454	-40	-11.35
PGEL	7,727	11,838	0.65	-162	-612	0.26
PHOENIXLTD	1,773	3,459	0.51	27	-188	-0.14
PIDILITIND	1,935	2,764	0.70	32	98	0.33
PIIND	3,757	5,645	0.67	224	-158	-1.42
PNB	11,558	21,002	0.55	-44	144	-0.30
PNBHOUSING	6,900	11,943	0.58	-174	540	-0.32
POLICYBZR	5,852	8,400	0.70	32	-1,073	-0.03
POLYCAB	4,713	7,785	0.61	-870	-736	1.18
POWERGRID	10,742	17,886	0.60	144	584	0.25
POWERINDIA	4,090	12,899	0.32	184	2,556	0.07
PPLPHARMA	3,010	7,149	0.42	8	50	0.16
PRESTIGE	2,743	4,342	0.63	-26	-7	3.71
RBLBANK	4,836	8,031	0.60	-38	-219	0.17
RECLTD	21,691	33,334	0.65	-438	-1,683	0.26
RELIANCE	49,328	94,861	0.52	-1,046	-2,080	0.50
RVNL	6,099	12,978	0.47	-150	-191	0.79
SAIL	5,955	10,851	0.55	92	430	0.21
SAMMAANCAP	9,380	13,565	0.69	856	-414	-2.07
SBICARD	4,777	7,058	0.68	-140	-827	0.17
SBILIFE	5,523	11,589	0.48	130	216	0.60
SBIN	41,512	58,401	0.71	-215	-1,973	0.11
SHREECEM	2,279	5,989	0.38	-6	600	-0.01
SHRIRAMFIN	15,435	22,935	0.67	1,259	-1,674	-0.75
SIEMENS	8,883	19,678	0.45	-111	1,943	-0.06
SOLARINDS	4,233	10,615	0.40	77	-372	-0.21
SONACOMS	2,573	5,600	0.46	17	-260	-0.07
SRF	7,434	8,970	0.83	269	-689	-0.39
SUNPHARMA	8,184	25,097	0.33	1,469	4,486	0.33
SUPREMEIND	4,195	6,997	0.60	-24	-206	0.12
SUZLON	10,115	24,951	0.41	25	-72	-0.35
SYNGENE	1,463	3,453	0.42	24	383	0.06
TATACONSUM	5,178	9,785	0.53	-111	-218	0.51
TATAELXSI	5,489	15,021	0.37	-15	-378	0.04
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,166	28,412	0.67	-85	1,329	-0.06
TATASTEEL	14,904	27,040	0.55	-816	761	-1.07
TATATECH	4,718	7,592	0.62	-83	15	-5.53
TCS	35,831	46,832	0.77	-1,662	-2,299	0.72
TECHM	8,693	10,112	0.86	988	-171	-5.78
TIINDIA	4,928	7,712	0.64	263	-88	-2.99
TITAGARH	2,716	5,590	0.49	126	359	0.35
TITAN	13,202	20,715	0.64	233	-209	-1.11
TMPV	40,330	80,299	0.50	-433	-5,922	0.07
TORNTPHARM	1,179	2,512	0.47	26	-82	-0.32
TORNTPOWER	1,824	3,532	0.52	-34	243	-0.14
TRENT	26,236	52,087	0.50	-493	434	-1.14
TVSMOTOR	9,125	9,561	0.95	-407	43	-9.47
ULTRACEMCO	11,472	21,441	0.54	186	1,990	0.09
UNIONBANK	5,258	7,929	0.66	-239	-374	0.64
UNITDSPR	10,157	10,093	1.01	1,915	356	5.38
UNOMINDA	2,785	5,349	0.52	-39	302	-0.13
UPL	4,863	6,852	0.71	25	-37	-0.68
VBL	9,375	18,696	0.50	-445	-4,558	0.10
VEDL	42,647	40,090	1.06	2,924	-2,918	-1.00
VOLTAS	6,779	8,850	0.77	593	625	0.95
WIPRO	11,792	14,174	0.83	856	232	3.69
YESBANK	6,377	12,984	0.49	-56	-44	1.27
ZYDUSLIFE	3,517	4,770	0.74	82	73	1.12

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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