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

3628 +20.00 (0.55%)

L: 3577.9 H: 3633.5

Put-Call Ratio - M&M

16 Dec 2025 02:16 PM IST

Live

Expiry

Put OI

17,607

Call OI

32,953

PCR

0.53

Put OI Chg

182

Call OI Chg

-726

COI PCR

-0.25

COI Strength

1.00

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 10:15 M&M was trading at 3608 with pcr value 0.52

On 10:30 M&M was trading at 3622.7 with pcr value 0.53

On 10:45 M&M was trading at 3621.1 with pcr value 0.53

On 11:00 M&M was trading at 3620.9 with pcr value 0.53

On 11:15 M&M was trading at 3620.9 with pcr value 0.53

On 11:30 M&M was trading at 3621.2 with pcr value 0.53

On 11:45 M&M was trading at 3621.7 with pcr value 0.53

On 12:00 M&M was trading at 3620.2 with pcr value 0.54

On 12:15 M&M was trading at 3627.5 with pcr value 0.54

On 12:30 M&M was trading at 3627.5 with pcr value 0.54

On 12:45 M&M was trading at 3622.4 with pcr value 0.54

On 13:00 M&M was trading at 3626.1 with pcr value 0.53

On 13:15 M&M was trading at 3625.4 with pcr value 0.54

On 13:30 M&M was trading at 3625.9 with pcr value 0.54

On 13:45 M&M was trading at 3631 with pcr value 0.54

On 14:00 M&M was trading at 3629.5 with pcr value 0.54

On 14:15 M&M was trading at 3629.7 with pcr value 0.53

On 14:17 M&M was trading at 3625.8 with pcr value 0.53

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	2,044	3,259	0.63	-31	-21	1.48
ABB	5,399	6,547	0.82	-92	-148	0.62
ABCAPITAL	4,865	7,721	0.63	-51	-36	1.42
ADANIENSOL	3,486	5,627	0.62	-181	290	-0.62
ADANIENT	26,578	44,140	0.60	-616	724	-0.85
ADANIGREEN	10,623	19,654	0.54	-425	645	-0.66
ADANIPORTS	9,207	17,970	0.51	8	346	0.02
ALKEM	1,239	1,719	0.72	73	1	73.00
AMBER	7,187	10,545	0.68	62	13	4.77
AMBUJACEM	8,624	10,475	0.82	-562	-24	23.42
ANGELONE	7,634	17,885	0.43	-94	392	-0.24
APLAPOLLO	2,463	2,823	0.87	-31	-14	2.21
APOLLOHOSP	7,872	16,247	0.48	315	1,195	0.26
ASHOKLEY	12,437	13,290	0.94	663	833	0.80
ASIANPAINT	17,355	34,156	0.51	6	-495	-0.01
ASTRAL	4,531	8,018	0.57	425	278	1.53
AUBANK	6,440	7,560	0.85	-194	-44	4.41
AUROPHARMA	4,482	10,335	0.43	-164	206	-0.80
AXISBANK	21,277	53,423	0.40	6,920	24,151	0.29
BAJAJ-AUTO	14,939	28,026	0.53	560	337	1.66
BAJAJFINSV	13,550	20,169	0.67	191	1,049	0.18
BAJFINANCE	23,152	40,495	0.57	622	2,394	0.26
BANDHANBNK	7,659	11,418	0.67	-9	-30	0.30
BANKBARODA	12,295	16,942	0.73	178	828	0.21
BANKINDIA	3,343	4,711	0.71	19	88	0.22
BDL	8,764	20,727	0.42	1,226	2,768	0.44
BEL	27,423	62,077	0.44	852	2,368	0.36
BHARATFORG	4,331	6,990	0.62	161	174	0.93
BHARTIARTL	20,131	41,020	0.49	1,266	429	2.95
BHEL	9,024	18,151	0.50	-132	627	-0.21
BIOCON	6,440	12,949	0.50	44	425	0.10
BLUESTARCO	1,340	1,802	0.74	-43	88	-0.49
BOSCHLTD	1,604	3,217	0.50	61	210	0.29
BPCL	5,528	9,070	0.61	-102	1,012	-0.10
BRITANNIA	6,566	9,587	0.68	749	1,951	0.38
BSE	18,511	38,407	0.48	424	4,665	0.09
CAMS	4,336	7,331	0.59	-52	-87	0.60
CANBK	12,133	16,129	0.75	97	501	0.19
CDSL	9,611	21,963	0.44	-10	348	-0.03
CGPOWER	4,678	8,994	0.52	-88	118	-0.75
CHOLAFIN	3,653	5,725	0.64	28	426	0.07
CIPLA	10,144	15,383	0.66	116	625	0.19
COALINDIA	12,563	13,026	0.96	-43	4	-10.75
COFORGE	8,769	20,655	0.42	87	-700	-0.12
COLPAL	6,491	10,746	0.60	65	1,314	0.05
CONCOR	7,740	10,118	0.76	38	276	0.14
CROMPTON	6,373	11,780	0.54	-27	66	-0.41
CUMMINSIND	3,570	4,562	0.78	46	176	0.26
CYIENT	1,980	2,920	0.68	-11	-2	5.50
DABUR	5,687	11,183	0.51	467	836	0.56
DALBHARAT	2,905	3,811	0.76	-204	-478	0.43
DELHIVERY	3,884	6,402	0.61	50	633	0.08
DIVISLAB	6,583	9,114	0.72	41	28	1.46
DIXON	36,432	62,788	0.58	-860	3,450	-0.25
DLF	16,624	26,146	0.64	-39	461	-0.08
DMART	7,413	15,571	0.48	294	2,707	0.11
DRREDDY	5,399	10,760	0.50	-192	-79	2.43
EICHERMOT	11,456	16,086	0.71	336	132	2.55
ETERNAL	18,931	35,141	0.54	1,322	6,794	0.19
EXIDEIND	4,024	5,700	0.71	15	151	0.10
FEDERALBNK	8,307	8,087	1.03	-470	228	-2.06
FORTIS	3,675	8,886	0.41	71	-551	-0.13
GAIL	13,438	20,822	0.65	-30	229	-0.13
GLENMARK	8,150	11,017	0.74	299	584	0.51
GMRAIRPORT	10,928	19,629	0.56	-37	1,193	-0.03
GODREJCP	4,121	6,767	0.61	1,028	2,782	0.37
GODREJPROP	7,036	11,685	0.60	398	722	0.55
GRASIM	9,648	8,614	1.12	93	56	1.66
HAL	27,739	57,180	0.49	-32	4,358	-0.01
HAVELLS	3,596	4,726	0.76	28	22	1.27
HCLTECH	11,377	20,404	0.56	-123	1,116	-0.11
HDFCAMC	4,615	6,166	0.75	294	471	0.62
HDFCBANK	43,562	63,729	0.68	2,223	6	370.50
HDFCLIFE	7,741	18,796	0.41	116	1,319	0.09
HEROMOTOCO	13,095	18,441	0.71	340	191	1.78
HFCL	4,962	12,016	0.41	57	-372	-0.15
HINDALCO	15,481	21,558	0.72	-1,463	240	-6.10
HINDPETRO	3,899	6,713	0.58	-132	314	-0.42
HINDUNILVR	10,074	19,934	0.51	-623	-215	2.90
HINDZINC	24,690	35,662	0.69	-1,028	695	-1.48
HUDCO	6,276	14,343	0.44	11	213	0.05
ICICIBANK	32,150	50,815	0.63	989	919	1.08
ICICIGI	3,118	5,515	0.57	-45	-22	2.05
ICICIPRULI	2,413	4,796	0.50	1	211	0.00
IDEA	15,283	26,713	0.57	179	-177	-1.01
IDFCFIRSTB	9,844	12,529	0.79	-140	-80	1.75
IEX	8,434	11,575	0.73	-10	-333	0.03
IIFL	2,625	4,578	0.57	-1	381	-0.00
INDHOTEL	5,800	9,100	0.64	85	648	0.13
INDIANB	4,840	12,160	0.40	74	790	0.09
INDIGO	52,575	1,09,622	0.48	-253	-3,154	0.08
INDUSINDBK	12,487	18,641	0.67	110	919	0.12
INDUSTOWER	8,883	15,870	0.56	-35	54	-0.65
INFY	38,449	61,887	0.62	-2,092	817	-2.56
INOXWIND	7,167	14,049	0.51	-66	189	-0.35
IOC	7,232	13,056	0.55	481	1,864	0.26
IRCTC	7,325	11,156	0.66	92	91	1.01
IREDA	4,938	10,178	0.49	24	-134	-0.18
IRFC	4,453	9,396	0.47	-18	240	-0.07
ITC	22,577	34,330	0.66	-2,340	97	-24.12
JINDALSTEL	5,541	8,807	0.63	100	778	0.13
JIOFIN	17,914	25,607	0.70	-236	962	-0.25
JSWENERGY	10,308	15,326	0.67	-726	-71	10.23
JSWSTEEL	13,127	28,174	0.47	-1,193	1,035	-1.15
JUBLFOOD	6,625	9,628	0.69	641	1,559	0.41
KALYANKJIL	4,778	8,830	0.54	39	109	0.36
KAYNES	30,986	77,079	0.40	69	-168	-0.41
KEI	2,167	3,512	0.62	-72	22	-3.27
KFINTECH	4,266	6,745	0.63	203	-10	-20.30
KOTAKBANK	18,822	21,611	0.87	378	827	0.46
KPITTECH	3,505	6,388	0.55	146	832	0.18
LAURUSLABS	5,285	10,124	0.52	60	583	0.10
LICHSGFIN	7,575	10,266	0.74	-24	333	-0.07
LICI	6,301	12,349	0.51	-187	589	-0.32
LODHA	4,408	10,501	0.42	-202	526	-0.38
LT	18,542	32,580	0.57	-725	196	-3.70
LTF	5,003	7,940	0.63	-23	-141	0.16
LTIM	4,408	5,677	0.78	-59	26	-2.27
LUPIN	5,127	6,849	0.75	14	288	0.05
M&M	17,607	32,953	0.53	182	-726	-0.25
MANAPPURAM	3,753	5,363	0.70	-110	-83	1.33
MANKIND	2,369	4,844	0.49	12	364	0.03
MARICO	3,087	5,201	0.59	368	985	0.37
MARUTI	30,711	30,994	0.99	-936	-616	1.52
MAXHEALTH	5,109	10,230	0.50	32	379	0.08
MAZDOCK	10,257	22,132	0.46	285	813	0.35
MCX	15,289	23,200	0.66	638	1,077	0.59
MFSL	2,516	4,446	0.57	134	358	0.37
MOTHERSON	7,556	9,261	0.82	-39	-117	0.33
MPHASIS	3,513	4,882	0.72	-221	89	-2.48
MUTHOOTFIN	6,396	11,937	0.54	53	-55	-0.96
NATIONALUM	6,702	7,884	0.85	-224	-98	2.29
NAUKRI	5,996	7,390	0.81	105	268	0.39
NBCC	3,220	7,057	0.46	-235	407	-0.58
NCC	3,817	8,938	0.43	36	246	0.15
NESTLEIND	4,345	13,961	0.31	203	159	1.28
NHPC	3,215	7,201	0.45	17	416	0.04
NMDC	9,955	13,062	0.76	-460	228	-2.02
NTPC	13,605	22,848	0.60	-1,010	788	-1.28
NUVAMA	2,165	4,099	0.53	67	49	1.37
NYKAA	2,603	7,007	0.37	46	472	0.10
OBEROIRLTY	3,527	5,757	0.61	-57	58	-0.98
OFSS	7,118	9,495	0.75	-697	492	-1.42
OIL	2,436	4,529	0.54	8	198	0.04
ONGC	10,887	26,263	0.41	-665	391	-1.70
PAGEIND	3,470	7,604	0.46	1	138	0.01
PATANJALI	3,922	8,814	0.44	67	188	0.36
PAYTM	7,659	12,677	0.60	3	833	0.00
PERSISTENT	6,409	10,626	0.60	-205	192	-1.07
PETRONET	8,661	8,554	1.01	31	187	0.17
PFC	21,057	37,419	0.56	466	3,467	0.13
PGEL	7,822	12,198	0.64	-201	269	-0.75
PHOENIXLTD	1,702	3,435	0.50	-108	77	-1.40
PIDILITIND	1,973	2,624	0.75	-17	-7	2.43
PIIND	3,642	6,033	0.60	3	78	0.04
PNB	11,730	22,558	0.52	324	924	0.35
PNBHOUSING	7,248	11,942	0.61	-146	-46	3.17
POLICYBZR	6,249	8,353	0.75	1,239	1,784	0.69
POLYCAB	4,109	6,220	0.66	34	525	0.06
POWERGRID	10,788	17,616	0.61	-80	383	-0.21
POWERINDIA	4,088	10,901	0.38	-114	182	-0.63
PPLPHARMA	2,880	7,343	0.39	118	426	0.28
PRESTIGE	2,771	4,195	0.66	76	328	0.23
RBLBANK	4,752	7,874	0.60	84	502	0.17
RECLTD	22,153	34,619	0.64	466	1,464	0.32
RELIANCE	49,552	97,549	0.51	-604	2,329	-0.26
RVNL	6,440	12,409	0.52	91	591	0.15
SAIL	5,928	10,876	0.55	99	782	0.13
SAMMAANCAP	6,575	12,270	0.54	339	506	0.67
SBICARD	4,761	7,364	0.65	218	634	0.34
SBILIFE	6,809	12,080	0.56	674	390	1.73
SBIN	40,210	67,310	0.60	-66	2,595	-0.03
SHREECEM	2,268	5,708	0.40	332	2,263	0.15
SHRIRAMFIN	12,594	21,153	0.60	67	76	0.88
SIEMENS	9,096	18,043	0.50	-538	254	-2.12
SOLARINDS	3,927	10,522	0.37	83	864	0.10
SONACOMS	2,555	5,583	0.46	-39	-14	2.79
SRF	7,268	9,773	0.74	511	935	0.55
SUNPHARMA	6,481	19,482	0.33	-474	-403	1.17
SUPREMEIND	5,361	8,393	0.64	1,555	686	2.27
SUZLON	10,588	23,779	0.45	256	330	0.78
SYNGENE	1,534	2,779	0.55	-32	-26	1.23
TATACONSUM	5,102	10,531	0.48	239	824	0.29
TATAELXSI	5,532	14,786	0.37	-67	343	-0.20
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,443	27,129	0.72	-55	997	-0.06
TATASTEEL	15,577	26,397	0.59	-793	389	-2.04
TATATECH	4,659	7,528	0.62	55	103	0.53
TCS	37,406	49,630	0.75	-1,018	1,560	-0.65
TECHM	7,461	9,626	0.78	55	49	1.12
TIINDIA	4,717	7,866	0.60	-16	348	-0.05
TITAGARH	2,610	5,127	0.51	42	115	0.37
TITAN	13,360	21,203	0.63	1,323	568	2.33
TMPV	40,691	88,371	0.46	597	934	0.64
TORNTPHARM	1,149	2,710	0.42	22	250	0.09
TORNTPOWER	2,193	3,196	0.69	118	406	0.29
TRENT	26,681	50,374	0.53	160	1,298	0.12
TVSMOTOR	9,558	9,719	0.98	170	194	0.88
ULTRACEMCO	11,233	18,282	0.61	-276	1,072	-0.26
UNIONBANK	5,624	8,267	0.68	-55	21	-2.62
UNITDSPR	6,546	8,601	0.76	16	26	0.62
UNOMINDA	2,934	5,065	0.58	262	77	3.40
UPL	4,699	6,816	0.69	-132	181	-0.73
VBL	10,098	23,440	0.43	327	674	0.49
VEDL	30,196	37,224	0.81	1,847	3,494	0.53
VOLTAS	6,477	7,390	0.88	-42	-149	0.28
WIPRO	10,798	13,764	0.78	-186	-153	1.22
YESBANK	6,420	13,375	0.48	4	349	0.01
ZYDUSLIFE	3,358	4,880	0.69	65	423	0.15

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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