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.

INDIGO

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.

Interglobe Aviation Ltd

4997 +16.50 (0.33%)

L: 4957 H: 5002

Put-Call Ratio - INDIGO

18 Dec 2025 09:26 AM IST

Live

Expiry

Put OI

49,821

Call OI

1,05,080

PCR

0.47

Put OI Chg

115

Call OI Chg

-599

COI PCR

-0.19

COI Strength

1.00

Interval

On 9:27 INDIGO was trading at 4990.5 with pcr value 0.47

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	2,120	3,571	0.59	-22	141	-0.16
ABB	5,154	6,787	0.76	-16	139	-0.12
ABCAPITAL	4,917	8,102	0.61	-18	10	-1.80
ADANIENSOL	3,341	5,827	0.57	-2	5	-0.40
ADANIENT	26,140	44,254	0.59	-25	294	-0.09
ADANIGREEN	10,162	19,427	0.52	1	82	0.01
ADANIPORTS	9,160	18,908	0.48	22	87	0.25
ALKEM	1,258	1,922	0.65	53	9	5.89
AMBER	7,023	11,245	0.62	-11	116	-0.09
AMBUJACEM	8,454	10,927	0.77	-17	47	-0.36
ANGELONE	7,575	19,420	0.39	65	50	1.30
APLAPOLLO	2,385	2,887	0.83	7	-151	-0.05
APOLLOHOSP	6,877	18,686	0.37	62	38	1.63
ASHOKLEY	12,341	12,660	0.97	48	98	0.49
ASIANPAINT	16,955	34,062	0.50	13	54	0.24
ASTRAL	4,103	8,103	0.51	15	20	0.75
AUBANK	6,494	8,034	0.81	-11	2	-5.50
AUROPHARMA	4,524	10,620	0.43	43	81	0.53
AXISBANK	23,709	53,919	0.44	52	-68	-0.76
BAJAJ-AUTO	14,603	28,757	0.51	-18	429	-0.04
BAJAJFINSV	14,053	21,545	0.65	16	46	0.35
BAJFINANCE	23,883	40,867	0.58	-17	-57	0.30
BANDHANBNK	7,630	11,378	0.67	0	0	0.00
BANKBARODA	12,289	15,287	0.80	86	20	4.30
BANKINDIA	3,539	5,072	0.70	4	18	0.22
BDL	8,428	21,907	0.38	-113	-59	1.92
BEL	26,615	60,946	0.44	27	113	0.24
BHARATFORG	4,312	7,062	0.61	19	87	0.22
BHARTIARTL	19,161	39,048	0.49	47	36	1.31
BHEL	8,849	18,910	0.47	5	145	0.03
BIOCON	6,368	12,573	0.51	40	3	13.33
BLUESTARCO	1,577	2,243	0.70	-1	-27	0.04
BOSCHLTD	1,620	3,505	0.46	-6	15	-0.40
BPCL	5,517	9,309	0.59	32	-148	-0.22
BRITANNIA	6,399	10,292	0.62	109	459	0.24
BSE	17,757	36,905	0.48	-54	-179	0.30
CAMS	4,895	7,803	0.63	86	170	0.51
CANBK	12,330	15,473	0.80	-9	189	-0.05
CDSL	9,784	23,609	0.41	27	-20	-1.35
CGPOWER	4,704	10,945	0.43	-56	-11	5.09
CHOLAFIN	6,653	9,124	0.73	55	35	1.57
CIPLA	10,002	15,542	0.64	13	-2	-6.50
COALINDIA	12,975	13,191	0.98	7	-21	-0.33
COFORGE	8,852	19,685	0.45	21	-173	-0.12
COLPAL	8,033	13,556	0.59	96	410	0.23
CONCOR	7,832	10,420	0.75	4	-4	-1.00
CROMPTON	6,218	11,973	0.52	31	-66	-0.47
CUMMINSIND	3,828	5,341	0.72	-7	81	-0.09
CYIENT	2,372	3,559	0.67	2	87	0.02
DABUR	6,251	11,739	0.53	-8	48	-0.17
DALBHARAT	2,897	3,947	0.73	24	8	3.00
DELHIVERY	4,017	6,466	0.62	0	6	0.00
DIVISLAB	6,668	9,466	0.70	42	30	1.40
DIXON	35,629	68,481	0.52	294	634	0.46
DLF	16,737	26,270	0.64	76	20	3.80
DMART	6,971	15,665	0.45	-17	267	-0.06
DRREDDY	5,134	10,620	0.48	11	4	2.75
EICHERMOT	11,005	15,714	0.70	-144	300	-0.48
ETERNAL	19,069	37,348	0.51	52	170	0.31
EXIDEIND	4,214	6,052	0.70	30	31	0.97
FEDERALBNK	8,230	8,293	0.99	-8	12	-0.67
FORTIS	3,615	8,406	0.43	-5	-11	0.45
GAIL	13,468	20,228	0.67	16	-44	-0.36
GLENMARK	7,857	10,955	0.72	7	37	0.19
GMRAIRPORT	10,954	20,093	0.55	25	38	0.66
GODREJCP	3,685	5,921	0.62	-11	93	-0.12
GODREJPROP	7,015	11,902	0.59	-12	27	-0.44
GRASIM	9,471	8,716	1.09	-1	101	-0.01
HAL	28,214	57,280	0.49	106	-40	-2.65
HAVELLS	3,691	5,060	0.73	-1	10	-0.10
HCLTECH	11,374	20,144	0.56	33	-241	-0.14
HDFCAMC	6,161	7,947	0.78	577	824	0.70
HDFCBANK	42,845	74,044	0.58	293	148	1.98
HDFCLIFE	7,164	17,397	0.41	-5	64	-0.08
HEROMOTOCO	13,498	25,898	0.52	864	3,154	0.27
HFCL	4,913	11,942	0.41	-11	74	-0.15
HINDALCO	15,324	20,994	0.73	81	45	1.80
HINDPETRO	4,037	7,054	0.57	40	42	0.95
HINDUNILVR	9,972	20,654	0.48	16	-29	-0.55
HINDZINC	25,797	38,278	0.67	250	232	1.08
HUDCO	6,266	14,560	0.43	2	3	0.67
ICICIBANK	32,757	54,249	0.60	116	171	0.68
ICICIGI	3,097	6,025	0.51	-2	0	0.00
ICICIPRULI	2,182	4,896	0.45	-1	-4	0.25
IDEA	15,055	24,922	0.60	-18	57	-0.32
IDFCFIRSTB	9,682	12,536	0.77	2	-49	-0.04
IEX	8,390	11,502	0.73	9	26	0.35
IIFL	2,711	4,496	0.60	9	20	0.45
INDHOTEL	6,074	10,467	0.58	44	14	3.19
INDIANB	4,846	12,218	0.40	4	27	0.15
INDIGO	49,821	1,05,080	0.47	115	-599	-0.19
INDUSINDBK	13,012	19,085	0.68	-13	267	-0.05
INDUSTOWER	8,720	15,189	0.57	-57	-109	0.52
INFY	41,608	64,520	0.64	2,267	845	2.68
INOXWIND	6,767	13,926	0.49	2	40	0.05
IOC	7,961	11,873	0.67	49	-211	-0.23
IRCTC	7,622	11,056	0.69	-25	24	-1.04
IREDA	5,072	10,278	0.49	3	16	0.19
IRFC	4,641	9,593	0.48	-4	43	-0.09
ITC	21,794	35,176	0.62	52	-43	-1.21
JINDALSTEL	5,521	9,299	0.59	12	88	0.14
JIOFIN	17,797	26,493	0.67	56	84	0.67
JSWENERGY	10,085	15,037	0.67	-16	-42	0.38
JSWSTEEL	12,435	29,059	0.43	-1	-41	0.02
JUBLFOOD	6,114	10,818	0.57	212	-47	-4.51
KALYANKJIL	4,667	9,287	0.50	13	89	0.15
KAYNES	31,313	77,475	0.40	466	410	1.14
KEI	2,541	3,883	0.65	-47	3	-15.67
KFINTECH	4,193	6,373	0.66	7	-224	-0.03
KOTAKBANK	17,863	21,451	0.83	-42	119	-0.35
KPITTECH	3,811	6,615	0.58	20	39	0.51
LAURUSLABS	5,224	9,794	0.53	26	114	0.23
LICHSGFIN	7,612	9,701	0.78	2	-1	-2.00
LICI	5,904	12,205	0.48	-39	89	-0.44
LODHA	4,722	12,265	0.38	22	-29	-0.76
LT	17,945	31,964	0.56	-34	360	-0.09
LTF	5,135	8,063	0.64	13	39	0.33
LTIM	4,570	5,886	0.78	45	95	0.47
LUPIN	5,221	7,008	0.75	22	141	0.16
M&M	16,517	33,469	0.49	-172	1,209	-0.14
MANAPPURAM	3,796	5,581	0.68	5	-14	-0.36
MANKIND	2,450	5,184	0.47	11	11	1.00
MARICO	3,171	5,224	0.61	1	-4	-0.25
MARUTI	28,558	31,866	0.90	-768	333	-2.31
MAXHEALTH	6,850	13,186	0.52	13	-101	-0.13
MAZDOCK	10,125	23,267	0.44	245	31	7.90
MCX	15,382	24,450	0.63	171	132	1.30
MFSL	2,367	4,492	0.53	5	21	0.24
MOTHERSON	7,270	9,275	0.78	-97	-13	7.46
MPHASIS	3,565	5,030	0.71	4	238	0.02
MUTHOOTFIN	5,705	10,922	0.52	-69	-33	2.09
NATIONALUM	6,619	8,348	0.79	-19	102	-0.19
NAUKRI	6,012	7,258	0.83	2	38	0.05
NBCC	3,253	8,544	0.38	-7	86	-0.08
NCC	3,688	8,787	0.42	5	13	0.38
NESTLEIND	4,367	14,243	0.31	-4	21	-0.19
NHPC	3,164	7,029	0.45	2	-13	-0.15
NMDC	10,104	13,882	0.73	6	27	0.23
NTPC	13,643	22,657	0.60	-371	128	-2.91
NUVAMA	2,564	4,317	0.59	44	192	0.23
NYKAA	2,825	6,967	0.41	46	-4	-11.50
OBEROIRLTY	3,577	5,844	0.61	-6	20	-0.30
OFSS	6,457	10,359	0.62	36	154	0.23
OIL	2,563	4,985	0.51	0	-1	0.00
ONGC	10,918	26,844	0.41	-26	51	-0.51
PAGEIND	3,507	8,456	0.41	19	-154	-0.12
PATANJALI	4,228	8,834	0.48	0	-63	0.00
PAYTM	7,834	14,516	0.54	3	206	0.01
PERSISTENT	6,578	11,395	0.58	89	4	22.25
PETRONET	8,936	8,492	1.05	36	20	1.80
PFC	21,036	35,009	0.60	67	136	0.49
PGEL	7,895	12,472	0.63	6	22	0.27
PHOENIXLTD	1,771	3,621	0.49	25	-26	-0.96
PIDILITIND	1,904	2,672	0.71	1	6	0.17
PIIND	3,542	5,812	0.61	9	9	1.00
PNB	11,647	20,948	0.56	45	90	0.50
PNBHOUSING	7,076	11,421	0.62	2	18	0.11
POLICYBZR	5,922	9,444	0.63	102	-29	-3.52
POLYCAB	5,557	8,593	0.65	-26	72	-0.36
POWERGRID	10,594	17,277	0.61	-4	-25	0.16
POWERINDIA	3,920	10,539	0.37	14	196	0.07
PPLPHARMA	3,003	7,105	0.42	1	6	0.17
PRESTIGE	2,786	4,347	0.64	17	-2	-8.50
RBLBANK	4,874	8,269	0.59	0	19	0.00
RECLTD	22,109	35,053	0.63	-20	36	-0.56
RELIANCE	50,446	97,159	0.52	72	218	0.33
RVNL	6,241	13,192	0.47	-8	23	-0.35
SAIL	5,864	10,450	0.56	1	29	0.03
SAMMAANCAP	8,481	13,913	0.61	-43	-66	0.65
SBICARD	4,969	7,725	0.64	52	-160	-0.33
SBILIFE	5,386	11,340	0.47	-7	-33	0.21
SBIN	42,011	60,658	0.69	284	284	1.00
SHREECEM	2,304	5,406	0.43	19	17	1.12
SHRIRAMFIN	14,366	24,675	0.58	190	66	2.88
SIEMENS	9,047	18,179	0.50	53	444	0.12
SOLARINDS	4,191	11,092	0.38	35	105	0.33
SONACOMS	2,559	5,893	0.43	3	33	0.09
SRF	7,183	9,708	0.74	18	49	0.37
SUNPHARMA	6,999	20,715	0.34	284	104	2.77
SUPREMEIND	4,241	7,232	0.59	22	29	0.76
SUZLON	10,090	24,997	0.40	0	-26	0.00
SYNGENE	1,442	3,075	0.47	3	5	0.60
TATACONSUM	5,290	10,017	0.53	1	14	0.07
TATAELXSI	5,573	15,400	0.36	69	1	69.00
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,299	27,314	0.71	48	231	0.21
TATASTEEL	15,676	26,411	0.59	-44	132	-0.33
TATATECH	4,746	7,610	0.62	-55	33	-1.67
TCS	37,918	49,133	0.77	425	2	212.50
TECHM	7,914	10,325	0.77	209	42	4.98
TIINDIA	4,663	7,821	0.60	-2	21	-0.10
TITAGARH	2,606	5,437	0.48	16	206	0.08
TITAN	13,003	20,906	0.62	34	-18	-1.89
TMPV	41,680	87,428	0.48	917	1,207	0.76
TORNTPHARM	1,161	2,605	0.45	8	11	0.73
TORNTPOWER	1,859	3,301	0.56	1	12	0.08
TRENT	26,783	51,686	0.52	54	33	1.64
TVSMOTOR	9,643	9,658	1.00	111	140	0.79
ULTRACEMCO	11,265	19,571	0.58	-21	120	-0.17
UNIONBANK	5,498	8,314	0.66	1	11	0.09
UNITDSPR	8,291	9,737	0.85	49	0	0.00
UNOMINDA	2,819	5,053	0.56	-5	6	-0.83
UPL	4,805	6,963	0.69	-33	74	-0.45
VBL	9,774	23,296	0.42	-46	42	-1.10
VEDL	39,919	42,930	0.93	196	-78	-2.51
VOLTAS	6,476	7,479	0.87	290	-746	-0.39
WIPRO	11,239	13,808	0.81	303	-134	-2.26
YESBANK	6,434	13,092	0.49	1	64	0.02
ZYDUSLIFE	3,347	4,688	0.71	2	-9	-0.22

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 INDIGO

INDIGO

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

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD