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.

M&M

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.

Mahindra & Mahindra Ltd

3627.5 -2.50 (-0.07%)

L: 3615.9 H: 3641.8

Put-Call Ratio - M&M

11 Dec 2025 11:39 AM IST

Live

Expiry

Put OI

16,309

Call OI

28,265

PCR

0.58

Put OI Chg

-104

Call OI Chg

797

COI PCR

-0.13

COI Strength

-1.00

Interval

On 9:30 M&M was trading at 3627.4 with pcr value 0.59

On 9:45 M&M was trading at 3630 with pcr value 0.59

On 10:00 M&M was trading at 3633.4 with pcr value 0.59

On 10:15 M&M was trading at 3638.2 with pcr value 0.59

On 10:30 M&M was trading at 3630.6 with pcr value 0.59

On 10:45 M&M was trading at 3626.5 with pcr value 0.58

On 11:00 M&M was trading at 3624.6 with pcr value 0.58

On 11:15 M&M was trading at 3622 with pcr value 0.58

On 11:30 M&M was trading at 3630 with pcr value 0.58

On 11:40 M&M was trading at 3628.6 with pcr value 0.58

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	1,656	3,176	0.52	-33	83	-0.40
ABB	4,989	6,666	0.75	31	400	0.08
ABCAPITAL	4,854	7,664	0.63	233	271	0.86
ADANIENSOL	3,299	5,444	0.61	-56	-143	0.39
ADANIENT	27,055	45,394	0.60	444	112	3.96
ADANIGREEN	10,852	21,578	0.50	512	-103	-4.97
ADANIPORTS	9,868	18,913	0.52	156	-317	-0.49
ALKEM	1,119	1,841	0.61	45	89	0.51
AMBER	7,064	11,626	0.61	166	-233	-0.71
AMBUJACEM	9,520	12,171	0.78	173	254	0.68
ANGELONE	8,245	18,802	0.44	-174	-469	0.37
APLAPOLLO	2,156	2,752	0.78	156	-36	-4.33
APOLLOHOSP	6,825	14,758	0.46	18	253	0.07
ASHOKLEY	10,011	12,638	0.79	368	-22	-16.73
ASIANPAINT	17,647	30,450	0.58	721	2,107	0.34
ASTRAL	4,328	7,917	0.55	257	351	0.73
AUBANK	6,867	7,648	0.90	-235	-123	1.91
AUROPHARMA	4,446	10,243	0.43	53	-147	-0.36
AXISBANK	14,142	29,382	0.48	-47	-278	0.17
BAJAJ-AUTO	14,805	25,878	0.57	32	-182	-0.18
BAJAJFINSV	13,504	19,438	0.69	11	-153	-0.07
BAJFINANCE	21,677	35,384	0.61	21	420	0.05
BANDHANBNK	8,445	12,439	0.68	-16	-23	0.70
BANKBARODA	12,588	14,859	0.85	34	362	0.09
BANKINDIA	3,205	4,638	0.69	65	-31	-2.10
BDL	7,695	17,164	0.45	-162	-249	0.65
BEL	26,211	56,947	0.46	143	-146	-0.98
BHARATFORG	3,930	6,479	0.61	38	94	0.40
BHARTIARTL	18,405	40,482	0.45	504	2,185	0.23
BHEL	9,595	18,906	0.51	158	-96	-1.65
BIOCON	6,511	13,223	0.49	25	-150	-0.17
BLUESTARCO	833	1,322	0.63	40	-66	-0.61
BOSCHLTD	1,509	2,716	0.56	28	-147	-0.19
BPCL	4,837	7,395	0.65	69	190	0.36
BRITANNIA	4,639	7,494	0.62	-5	41	-0.12
BSE	17,617	31,409	0.56	456	-943	-0.48
CAMS	4,410	7,980	0.55	-22	-90	0.24
CANBK	12,169	15,696	0.78	208	-302	-0.69
CDSL	10,035	21,195	0.47	-51	-689	0.07
CGPOWER	4,813	8,760	0.55	-55	-54	1.02
CHOLAFIN	3,401	5,231	0.65	25	-136	-0.18
CIPLA	10,780	15,805	0.68	-23	255	-0.09
COALINDIA	12,607	11,689	1.08	123	-451	-0.27
COFORGE	8,529	21,648	0.39	-262	638	-0.41
COLPAL	6,640	9,184	0.72	-91	348	-0.26
CONCOR	7,183	9,518	0.75	-35	147	-0.24
CROMPTON	6,442	11,148	0.58	108	82	1.32
CUMMINSIND	3,627	4,354	0.83	211	-44	-4.80
CYIENT	1,878	2,770	0.68	5	2	2.50
DABUR	4,693	8,818	0.53	23	275	0.08
DALBHARAT	1,772	2,925	0.61	14	-19	-0.74
DELHIVERY	3,923	5,745	0.68	-6	2	-3.00
DIVISLAB	6,570	9,015	0.73	252	-181	-1.39
DIXON	33,798	72,155	0.47	4,246	1,899	2.24
DLF	16,453	25,045	0.66	113	310	0.36
DMART	7,209	13,085	0.55	273	465	0.59
DRREDDY	5,256	10,341	0.51	376	-350	-1.07
EICHERMOT	11,260	14,248	0.79	672	1,275	0.53
ETERNAL	17,767	31,217	0.57	29	-1,049	-0.03
EXIDEIND	3,947	5,095	0.77	14	-30	-0.47
FEDERALBNK	7,602	8,355	0.91	469	61	7.69
FORTIS	3,435	9,148	0.38	-1	76	-0.01
GAIL	12,915	19,620	0.66	-76	-41	1.85
GLENMARK	8,657	11,358	0.76	-57	-34	1.68
GMRAIRPORT	9,899	18,667	0.53	99	465	0.21
GODREJCP	2,889	4,158	0.69	1	-22	-0.05
GODREJPROP	7,036	12,126	0.58	-59	-29	2.03
GRASIM	8,545	9,367	0.91	56	-314	-0.18
HAL	27,928	53,380	0.52	-215	-598	0.36
HAVELLS	3,816	5,064	0.75	-68	60	-1.13
HCLTECH	11,764	18,975	0.62	-61	335	-0.18
HDFCAMC	4,400	5,194	0.85	104	-290	-0.36
HDFCBANK	42,328	64,580	0.66	119	-3,304	-0.04
HDFCLIFE	6,852	14,865	0.46	64	429	0.15
HEROMOTOCO	11,921	16,822	0.71	104	-446	-0.23
HFCL	4,503	10,145	0.44	63	-409	-0.15
HINDALCO	15,257	20,217	0.75	120	11	10.91
HINDPETRO	4,089	6,430	0.64	39	116	0.34
HINDUNILVR	7,015	15,855	0.44	-37	-105	0.35
HINDZINC	12,507	18,306	0.68	1,887	1,107	1.70
HUDCO	6,377	13,134	0.49	-66	-176	0.38
ICICIBANK	30,511	47,948	0.64	133	1,828	0.07
ICICIGI	3,205	5,023	0.64	60	3	20.00
ICICIPRULI	2,405	4,299	0.56	-166	-20	8.30
IDEA	15,462	27,363	0.57	587	-201	-2.92
IDFCFIRSTB	8,855	13,802	0.64	191	183	1.04
IEX	8,400	12,119	0.69	-82	88	-0.93
IIFL	2,493	3,762	0.66	-7	10	-0.70
INDHOTEL	5,639	8,600	0.66	79	-10	-7.43
INDIANB	4,675	10,885	0.43	-69	119	-0.58
INDIGO	57,435	1,17,945	0.49	2,953	6,098	0.48
INDUSINDBK	12,656	18,301	0.69	185	-106	-1.75
INDUSTOWER	8,297	12,813	0.65	-84	-470	0.18
INFY	36,973	59,009	0.63	-1,070	-121	8.84
INOXWIND	7,103	14,170	0.50	94	-781	-0.12
IOC	6,125	11,443	0.54	104	758	0.14
IRCTC	7,148	11,292	0.63	51	-35	-1.46
IREDA	5,082	10,737	0.47	-81	-99	0.82
IRFC	4,467	8,866	0.50	56	5	11.20
ITC	24,588	32,809	0.75	146	373	0.39
JINDALSTEL	5,475	7,954	0.69	49	7	7.00
JIOFIN	18,697	26,695	0.70	-176	-385	0.46
JSWENERGY	10,352	18,719	0.55	-183	-291	0.63
JSWSTEEL	14,415	27,790	0.52	-56	-357	0.16
JUBLFOOD	3,967	5,861	0.68	-39	-222	0.18
KALYANKJIL	4,574	8,686	0.53	265	-239	-1.11
KAYNES	31,006	83,400	0.37	1,669	5,016	0.33
KEI	1,596	3,339	0.48	-5	89	-0.06
KFINTECH	4,121	6,060	0.68	1	-103	-0.01
KOTAKBANK	19,674	20,188	0.97	4,827	1,522	3.17
KPITTECH	3,062	5,156	0.59	74	-384	-0.19
LAURUSLABS	5,080	8,849	0.57	220	-171	-1.29
LICHSGFIN	7,514	9,130	0.82	1	-3	-0.33
LICI	6,279	10,223	0.61	54	-37	-1.46
LODHA	4,627	10,325	0.45	-12	91	-0.13
LT	17,651	31,367	0.56	-74	745	-0.10
LTF	5,123	7,861	0.65	-39	-67	0.58
LTIM	4,814	6,050	0.80	-58	30	-1.93
LUPIN	4,823	6,624	0.73	98	-152	-0.64
M&M	16,309	28,265	0.58	-104	797	-0.13
MANAPPURAM	3,466	5,595	0.62	39	-34	-1.15
MANKIND	2,213	4,110	0.54	1	11	0.09
MARICO	2,771	4,110	0.67	-30	-62	0.48
MARUTI	23,167	29,043	0.80	2,887	-716	-4.03
MAXHEALTH	5,343	10,120	0.53	-105	39	-2.69
MAZDOCK	9,675	19,999	0.48	-275	201	-1.37
MCX	14,677	23,239	0.63	-301	641	-0.47
MFSL	2,465	4,371	0.56	15	6	2.50
MOTHERSON	6,242	9,628	0.65	306	221	1.38
MPHASIS	3,579	4,606	0.78	-32	-41	0.78
MUTHOOTFIN	4,817	9,870	0.49	187	173	1.08
NATIONALUM	6,018	8,170	0.74	40	199	0.20
NAUKRI	5,606	8,388	0.67	44	360	0.12
NBCC	3,156	6,674	0.47	18	150	0.12
NCC	3,514	7,149	0.49	40	42	0.95
NESTLEIND	4,495	15,276	0.29	-15	-84	0.18
NHPC	3,171	7,266	0.44	2	-112	-0.02
NMDC	10,014	12,988	0.77	-97	-275	0.35
NTPC	14,120	22,871	0.62	-38	-158	0.25
NUVAMA	2,244	4,320	0.52	84	123	0.68
NYKAA	2,697	6,611	0.41	27	217	0.12
OBEROIRLTY	3,944	5,843	0.67	-33	-185	0.18
OFSS	10,841	8,853	1.22	5,062	112	45.20
OIL	2,539	4,264	0.60	32	-13	-2.46
ONGC	8,417	19,049	0.44	11	-175	-0.06
PAGEIND	3,392	6,855	0.49	-71	-79	0.90
PATANJALI	3,445	7,742	0.44	-8	-33	0.24
PAYTM	7,966	12,480	0.64	-154	-141	1.09
PERSISTENT	6,101	10,249	0.60	560	618	0.91
PETRONET	8,527	8,097	1.05	31	33	0.94
PFC	20,087	32,058	0.63	178	840	0.21
PGEL	8,344	12,950	0.64	-94	92	-1.02
PHOENIXLTD	1,455	2,838	0.51	16	31	0.52
PIDILITIND	1,948	2,540	0.77	-2	-48	0.04
PIIND	2,594	3,883	0.67	-26	20	-1.30
PNB	11,637	21,976	0.53	-4	383	-0.01
PNBHOUSING	4,034	5,159	0.78	24	6	4.00
POLICYBZR	4,610	5,652	0.82	-56	-119	0.47
POLYCAB	4,188	5,791	0.72	197	-197	-1.00
POWERGRID	10,616	15,540	0.68	186	223	0.83
POWERINDIA	4,436	12,178	0.36	-107	573	-0.19
PPLPHARMA	2,527	6,145	0.41	-3	113	-0.03
PRESTIGE	2,970	3,627	0.82	139	-56	-2.48
RBLBANK	4,357	6,533	0.67	145	-254	-0.57
RECLTD	21,195	31,299	0.68	8	422	0.02
RELIANCE	51,138	95,448	0.54	634	1,792	0.35
RVNL	6,633	12,698	0.52	53	303	0.17
SAIL	5,729	9,872	0.58	59	-43	-1.37
SAMMAANCAP	5,937	9,007	0.66	-2	-4	0.50
SBICARD	4,542	7,072	0.64	-62	-208	0.30
SBILIFE	4,775	8,712	0.55	-58	-20	2.90
SBIN	41,169	66,012	0.62	439	-276	-1.59
SHREECEM	1,450	2,732	0.53	185	-218	-0.85
SHRIRAMFIN	12,284	17,900	0.69	20	-114	-0.18
SIEMENS	5,570	12,329	0.45	117	239	0.49
SOLARINDS	3,464	8,099	0.43	-88	236	-0.37
SONACOMS	2,620	5,690	0.46	260	-6	-43.33
SRF	6,357	10,425	0.61	407	206	1.98
SUNPHARMA	6,286	15,171	0.41	-504	-1,230	0.41
SUPREMEIND	3,902	6,969	0.56	607	676	0.90
SUZLON	9,804	22,930	0.43	144	-76	-1.89
SYNGENE	1,669	2,522	0.66	29	-30	-0.97
TATACONSUM	4,603	8,525	0.54	17	-151	-0.11
TATAELXSI	5,287	15,343	0.34	46	41	1.12
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,645	25,921	0.76	-258	105	-2.46
TATASTEEL	15,798	32,979	0.48	350	-606	-0.58
TATATECH	4,682	7,642	0.61	17	-51	-0.33
TCS	37,277	49,413	0.75	980	2,512	0.39
TECHM	7,231	9,287	0.78	-201	-162	1.24
TIINDIA	4,622	7,606	0.61	75	67	1.12
TITAGARH	2,535	5,691	0.45	7	80	0.09
TITAN	12,142	20,125	0.60	607	4	151.75
TMPV	39,678	89,464	0.44	282	860	0.33
TORNTPHARM	1,187	2,236	0.53	-20	21	-0.95
TORNTPOWER	2,075	2,872	0.72	199	-97	-2.05
TRENT	26,592	49,938	0.53	1,289	4,838	0.27
TVSMOTOR	9,408	9,846	0.96	28	-101	-0.28
ULTRACEMCO	10,545	18,852	0.56	181	30	6.03
UNIONBANK	5,655	9,401	0.60	36	114	0.32
UNITDSPR	6,367	8,370	0.76	27	-12	-2.25
UNOMINDA	2,756	5,006	0.55	-79	3	-26.33
UPL	4,019	5,645	0.71	49	-37	-1.32
VBL	8,916	22,250	0.40	-91	139	-0.65
VEDL	22,208	32,976	0.67	1,207	-265	-4.55
VOLTAS	6,869	7,900	0.87	-63	-52	1.21
WIPRO	10,981	13,707	0.80	31	-391	-0.08
YESBANK	6,306	12,161	0.52	105	-77	-1.36
ZYDUSLIFE	3,273	4,311	0.76	-7	67	-0.10

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 M&M

M&M

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

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