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

3608.6 +0.60 (0.02%)

L: 3577.9 H: 3627

Put-Call Ratio - M&M

16 Dec 2025 10:11 AM IST

Live

Expiry

Put OI

17,764

Call OI

34,047

PCR

0.52

Put OI Chg

339

Call OI Chg

368

COI PCR

0.92

COI Strength

-0.04

Interval

On 9:30 M&M was trading at 3613.9 with pcr value 0.52

On 9:45 M&M was trading at 3609.4 with pcr value 0.52

On 10:00 M&M was trading at 3621.8 with pcr value 0.52

On 10:12 M&M was trading at 3608 with pcr value 0.52

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	2,056	3,289	0.63	-19	9	-2.11
ABB	5,408	6,714	0.81	-83	19	-4.37
ABCAPITAL	4,918	7,868	0.63	2	111	0.02
ADANIENSOL	3,581	5,332	0.67	-86	-5	17.20
ADANIENT	26,754	44,226	0.60	-440	810	-0.54
ADANIGREEN	11,238	19,096	0.59	190	87	2.18
ADANIPORTS	9,199	17,833	0.52	0	209	0.00
ALKEM	1,211	1,673	0.72	45	-45	-1.00
AMBER	7,181	10,620	0.68	56	88	0.64
AMBUJACEM	8,847	10,557	0.84	-339	58	-5.84
ANGELONE	7,666	17,713	0.43	-62	220	-0.28
APLAPOLLO	2,449	2,883	0.85	-45	46	-0.98
APOLLOHOSP	7,780	15,784	0.49	223	732	0.30
ASHOKLEY	12,427	13,182	0.94	653	725	0.90
ASIANPAINT	17,360	34,263	0.51	11	-388	-0.03
ASTRAL	4,857	8,113	0.60	751	373	2.01
AUBANK	6,577	7,602	0.87	-57	-2	28.50
AUROPHARMA	4,470	10,233	0.44	-176	104	-1.69
AXISBANK	17,755	41,320	0.43	3,398	12,048	0.28
BAJAJ-AUTO	14,583	28,686	0.51	204	997	0.20
BAJAJFINSV	13,510	19,437	0.70	151	317	0.48
BAJFINANCE	22,731	39,028	0.58	201	927	0.22
BANDHANBNK	7,668	11,444	0.67	0	-4	0.00
BANKBARODA	12,205	16,784	0.73	88	670	0.13
BANKINDIA	3,314	4,660	0.71	-10	37	-0.27
BDL	7,969	19,131	0.42	431	1,172	0.37
BEL	26,821	61,410	0.44	250	1,701	0.15
BHARATFORG	4,207	6,901	0.61	37	85	0.44
BHARTIARTL	20,138	41,500	0.49	1,273	909	1.40
BHEL	9,008	18,463	0.49	-148	939	-0.16
BIOCON	6,460	12,704	0.51	64	180	0.36
BLUESTARCO	1,357	1,749	0.78	-26	35	-0.74
BOSCHLTD	1,566	3,083	0.51	23	76	0.30
BPCL	5,690	8,699	0.65	60	641	0.09
BRITANNIA	7,028	9,182	0.77	1,211	1,546	0.78
BSE	17,976	36,783	0.49	-111	3,041	-0.04
CAMS	4,375	7,439	0.59	-13	21	-0.62
CANBK	12,046	15,804	0.76	10	176	0.06
CDSL	9,600	21,894	0.44	-21	279	-0.08
CGPOWER	4,752	8,914	0.53	-14	38	-0.37
CHOLAFIN	3,617	5,439	0.67	-8	140	-0.06
CIPLA	10,050	14,997	0.67	22	239	0.09
COALINDIA	12,578	13,216	0.95	-28	194	-0.14
COFORGE	8,764	21,475	0.41	82	120	0.68
COLPAL	6,473	9,694	0.67	47	262	0.18
CONCOR	7,725	9,899	0.78	23	57	0.40
CROMPTON	6,387	11,802	0.54	-13	88	-0.15
CUMMINSIND	3,619	4,424	0.82	95	38	2.50
CYIENT	1,996	2,962	0.67	5	40	0.13
DABUR	5,303	10,819	0.49	83	472	0.18
DALBHARAT	2,971	4,393	0.68	-138	104	-1.33
DELHIVERY	3,883	5,989	0.65	49	220	0.22
DIVISLAB	6,542	9,163	0.71	0	77	0.00
DIXON	37,744	62,000	0.61	452	2,662	0.17
DLF	16,781	26,241	0.64	118	556	0.21
DMART	8,010	15,279	0.52	891	2,415	0.37
DRREDDY	5,481	10,841	0.51	-110	2	-55.00
EICHERMOT	10,920	16,182	0.67	-200	228	-0.88
ETERNAL	17,630	31,692	0.56	21	3,345	0.01
EXIDEIND	4,127	5,697	0.72	118	148	0.80
FEDERALBNK	8,718	8,016	1.09	-59	157	-0.38
FORTIS	3,685	9,374	0.39	81	-63	-1.29
GAIL	13,427	20,716	0.65	-41	123	-0.33
GLENMARK	7,900	10,438	0.76	49	5	9.80
GMRAIRPORT	11,104	18,905	0.59	139	469	0.30
GODREJCP	4,450	5,851	0.76	1,357	1,866	0.73
GODREJPROP	6,638	11,265	0.59	0	302	0.00
GRASIM	9,574	8,649	1.11	19	91	0.21
HAL	27,969	54,385	0.51	198	1,563	0.13
HAVELLS	3,573	4,685	0.76	5	-19	-0.26
HCLTECH	11,425	19,390	0.59	-75	102	-0.74
HDFCAMC	4,400	5,988	0.73	79	293	0.27
HDFCBANK	42,829	64,071	0.67	1,490	348	4.28
HDFCLIFE	7,761	17,469	0.44	136	-8	-17.00
HEROMOTOCO	13,000	18,401	0.71	245	151	1.62
HFCL	4,901	12,490	0.39	-4	102	-0.04
HINDALCO	16,175	21,138	0.77	-769	-180	4.27
HINDPETRO	4,000	6,480	0.62	-31	81	-0.38
HINDUNILVR	10,507	19,912	0.53	-190	-237	0.80
HINDZINC	25,371	36,001	0.70	-347	1,034	-0.34
HUDCO	6,297	14,422	0.44	32	292	0.11
ICICIBANK	31,520	50,850	0.62	359	954	0.38
ICICIGI	3,156	5,496	0.57	-7	-41	0.17
ICICIPRULI	2,411	4,642	0.52	-1	57	-0.02
IDEA	15,264	27,022	0.56	160	132	1.21
IDFCFIRSTB	9,660	12,568	0.77	-324	-41	7.90
IEX	8,386	11,930	0.70	-58	22	-2.64
IIFL	2,666	4,624	0.58	40	427	0.09
INDHOTEL	5,770	8,929	0.65	55	477	0.11
INDIANB	4,775	11,814	0.40	9	444	0.02
INDIGO	53,077	1,13,581	0.47	249	805	0.31
INDUSINDBK	12,508	18,515	0.68	131	793	0.17
INDUSTOWER	8,966	15,846	0.57	48	30	1.60
INFY	38,942	61,581	0.63	-1,599	511	-3.13
INOXWIND	7,172	14,033	0.51	-61	173	-0.35
IOC	7,078	12,127	0.58	327	935	0.35
IRCTC	7,308	11,183	0.65	75	118	0.64
IREDA	4,935	10,417	0.47	21	105	0.20
IRFC	4,473	9,254	0.48	2	98	0.02
ITC	24,679	34,591	0.71	-238	358	-0.66
JINDALSTEL	5,416	8,406	0.64	-25	377	-0.07
JIOFIN	18,025	25,305	0.71	-125	660	-0.19
JSWENERGY	10,769	15,426	0.70	-265	29	-9.14
JSWSTEEL	14,255	27,590	0.52	-65	451	-0.14
JUBLFOOD	6,217	8,543	0.73	233	474	0.49
KALYANKJIL	4,761	9,096	0.52	22	375	0.06
KAYNES	31,405	78,231	0.40	488	984	0.50
KEI	2,149	3,450	0.62	-90	-40	2.25
KFINTECH	4,244	7,058	0.60	181	303	0.60
KOTAKBANK	18,408	20,936	0.88	-36	152	-0.24
KPITTECH	3,452	5,926	0.58	93	370	0.25
LAURUSLABS	5,239	9,583	0.55	14	42	0.33
LICHSGFIN	7,588	10,080	0.75	-11	147	-0.07
LICI	6,524	12,309	0.53	36	549	0.07
LODHA	4,584	10,267	0.45	-26	292	-0.09
LT	18,688	32,820	0.57	-579	436	-1.33
LTF	5,056	8,104	0.62	30	23	1.30
LTIM	4,437	5,606	0.79	-30	-45	0.67
LUPIN	5,122	6,746	0.76	9	185	0.05
M&M	17,765	33,965	0.52	340	286	1.19
MANAPPURAM	3,809	5,377	0.71	-54	-69	0.78
MANKIND	2,363	4,584	0.52	6	104	0.06
MARICO	3,403	4,954	0.69	684	738	0.93
MARUTI	31,061	31,464	0.99	-586	-146	4.01
MAXHEALTH	5,108	10,157	0.50	31	306	0.10
MAZDOCK	10,150	21,939	0.46	178	620	0.29
MCX	14,806	22,861	0.65	155	738	0.21
MFSL	2,406	4,304	0.56	24	216	0.11
MOTHERSON	7,671	9,339	0.82	76	-39	-1.95
MPHASIS	3,550	4,917	0.72	-184	124	-1.48
MUTHOOTFIN	6,361	12,252	0.52	18	260	0.07
NATIONALUM	6,731	7,990	0.84	-195	8	-24.38
NAUKRI	5,867	7,225	0.81	-24	103	-0.23
NBCC	3,259	6,487	0.50	-196	-163	1.20
NCC	3,818	8,745	0.44	37	53	0.70
NESTLEIND	4,349	13,487	0.32	207	-315	-0.66
NHPC	3,198	6,887	0.46	0	102	0.00
NMDC	10,207	12,807	0.80	-208	-27	7.68
NTPC	14,158	22,237	0.64	-457	177	-2.59
NUVAMA	2,117	4,104	0.52	19	54	0.35
NYKAA	2,592	6,646	0.39	35	111	0.32
OBEROIRLTY	3,561	5,704	0.62	-23	5	-4.60
OFSS	7,585	9,184	0.83	-230	181	-1.27
OIL	2,448	4,419	0.55	20	88	0.23
ONGC	11,424	25,863	0.44	-128	-9	14.22
PAGEIND	3,472	7,519	0.46	3	53	0.06
PATANJALI	3,917	8,705	0.45	62	79	0.78
PAYTM	7,580	12,011	0.63	-76	167	-0.46
PERSISTENT	6,559	10,649	0.62	-55	215	-0.26
PETRONET	8,628	8,354	1.03	-2	-13	0.15
PFC	20,780	34,587	0.60	189	635	0.30
PGEL	7,942	12,427	0.64	-81	498	-0.16
PHOENIXLTD	1,697	3,346	0.51	-113	-12	9.42
PIDILITIND	2,078	2,724	0.76	88	93	0.95
PIIND	3,643	5,908	0.62	4	-47	-0.09
PNB	11,539	21,868	0.53	133	234	0.57
PNBHOUSING	7,362	11,822	0.62	-32	-166	0.19
POLICYBZR	4,824	7,031	0.69	-186	462	-0.40
POLYCAB	4,149	5,881	0.71	74	186	0.40
POWERGRID	10,911	17,589	0.62	43	356	0.12
POWERINDIA	4,210	10,776	0.39	8	57	0.14
PPLPHARMA	2,782	7,077	0.39	20	160	0.13
PRESTIGE	2,691	3,911	0.69	-4	44	-0.09
RBLBANK	4,806	7,600	0.63	138	228	0.61
RECLTD	21,777	33,510	0.65	90	355	0.25
RELIANCE	49,633	97,353	0.51	-523	2,133	-0.25
RVNL	6,350	12,054	0.53	1	236	0.00
SAIL	5,834	10,283	0.57	5	189	0.03
SAMMAANCAP	6,389	12,281	0.52	153	517	0.30
SBICARD	4,558	7,008	0.65	15	278	0.05
SBILIFE	6,258	11,839	0.53	123	149	0.83
SBIN	40,329	65,592	0.61	53	877	0.06
SHREECEM	2,183	3,897	0.56	247	452	0.55
SHRIRAMFIN	12,672	21,397	0.59	145	320	0.45
SIEMENS	9,502	17,883	0.53	-132	94	-1.40
SOLARINDS	3,966	9,804	0.40	122	146	0.84
SONACOMS	2,587	5,714	0.45	-7	117	-0.06
SRF	7,107	9,530	0.75	350	692	0.51
SUNPHARMA	6,413	19,208	0.33	-542	-677	0.80
SUPREMEIND	4,811	9,342	0.51	1,005	1,635	0.61
SUZLON	10,310	23,521	0.44	-22	72	-0.31
SYNGENE	1,521	2,821	0.54	-45	16	-2.81
TATACONSUM	4,998	10,425	0.48	135	718	0.19
TATAELXSI	5,541	14,784	0.37	-58	341	-0.17
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,433	26,582	0.73	-65	450	-0.14
TATASTEEL	15,844	26,299	0.60	-526	291	-1.81
TATATECH	4,635	7,485	0.62	31	60	0.52
TCS	37,609	48,968	0.77	-815	898	-0.91
TECHM	7,306	9,707	0.75	-100	130	-0.77
TIINDIA	4,700	7,601	0.62	-33	83	-0.40
TITAGARH	2,598	5,072	0.51	30	60	0.50
TITAN	12,747	20,932	0.61	710	297	2.39
TMPV	40,451	87,418	0.46	357	-19	-18.79
TORNTPHARM	1,158	2,560	0.45	31	100	0.31
TORNTPOWER	2,064	2,976	0.69	-11	186	-0.06
TRENT	26,750	50,240	0.53	229	1,164	0.20
TVSMOTOR	9,520	9,625	0.99	132	100	1.32
ULTRACEMCO	11,266	17,497	0.64	-243	287	-0.85
UNIONBANK	5,708	8,290	0.69	29	44	0.66
UNITDSPR	6,518	8,527	0.76	-12	-48	0.25
UNOMINDA	2,664	5,015	0.53	-8	27	-0.30
UPL	4,734	6,586	0.72	-97	-49	1.98
VBL	9,854	23,188	0.42	83	422	0.20
VEDL	29,646	35,776	0.83	1,297	2,046	0.63
VOLTAS	6,450	7,338	0.88	-69	-201	0.34
WIPRO	10,886	13,883	0.78	-98	-34	2.88
YESBANK	6,445	13,236	0.49	29	210	0.14
ZYDUSLIFE	3,335	4,757	0.70	42	300	0.14

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

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