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

3563.8 -49.00 (-1.36%)

L: 3540.1 H: 3611.9

Put-Call Ratio - M&M

18 Dec 2025 11:36 AM IST

Live

Expiry

Put OI

16,703

Call OI

34,674

PCR

0.48

Put OI Chg

14

Call OI Chg

2,414

COI PCR

0.01

COI Strength

-0.99

Interval

On 9:30 M&M was trading at 3561.2 with pcr value 0.49

On 9:45 M&M was trading at 3562.2 with pcr value 0.49

On 10:00 M&M was trading at 3550.7 with pcr value 0.49

On 10:15 M&M was trading at 3550.2 with pcr value 0.48

On 10:30 M&M was trading at 3563.2 with pcr value 0.48

On 10:45 M&M was trading at 3564.8 with pcr value 0.48

On 11:00 M&M was trading at 3564.2 with pcr value 0.48

On 11:15 M&M was trading at 3559.9 with pcr value 0.48

On 11:30 M&M was trading at 3563.5 with pcr value 0.48

On 11:37 M&M was trading at 3564.1 with pcr value 0.48

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	2,118	3,607	0.59	-24	177	-0.14
ABB	5,301	7,135	0.74	131	487	0.27
ABCAPITAL	4,920	7,949	0.62	-15	-143	0.10
ADANIENSOL	3,332	5,808	0.57	-11	-14	0.79
ADANIENT	26,004	44,049	0.59	-161	-386	0.42
ADANIGREEN	10,072	19,349	0.52	-89	4	-22.25
ADANIPORTS	9,093	18,700	0.49	-45	-121	0.37
ALKEM	1,215	1,969	0.62	10	56	0.18
AMBER	7,092	11,199	0.63	58	70	0.83
AMBUJACEM	8,326	11,113	0.75	-145	233	-0.62
ANGELONE	7,621	19,608	0.39	111	238	0.47
APLAPOLLO	2,125	2,725	0.78	-253	-313	0.81
APOLLOHOSP	9,142	18,384	0.50	323	-264	-1.22
ASHOKLEY	12,388	13,009	0.95	95	447	0.21
ASIANPAINT	16,738	34,180	0.49	-204	172	-1.19
ASTRAL	4,145	8,110	0.51	57	27	2.11
AUBANK	6,400	8,117	0.79	-105	85	-1.24
AUROPHARMA	4,669	10,263	0.45	188	-276	-0.68
AXISBANK	22,385	49,404	0.45	-1,272	-4,583	0.28
BAJAJ-AUTO	14,422	28,904	0.50	-199	576	-0.35
BAJAJFINSV	14,092	21,239	0.66	55	-260	-0.21
BAJFINANCE	23,955	40,443	0.59	55	-481	-0.11
BANDHANBNK	7,628	11,365	0.67	-2	-13	0.15
BANKBARODA	12,167	15,188	0.80	-36	-79	0.46
BANKINDIA	3,571	5,043	0.71	36	-11	-3.27
BDL	8,495	21,633	0.39	-46	-333	0.14
BEL	26,056	60,031	0.43	-532	-802	0.66
BHARATFORG	4,405	7,153	0.62	112	178	0.63
BHARTIARTL	19,051	38,749	0.49	-63	-263	0.24
BHEL	9,102	19,670	0.46	258	905	0.29
BIOCON	6,154	11,835	0.52	-174	-735	0.24
BLUESTARCO	1,636	2,261	0.72	58	-9	-6.44
BOSCHLTD	1,615	3,920	0.41	-11	430	-0.03
BPCL	5,395	9,301	0.58	-90	-156	0.58
BRITANNIA	6,335	10,997	0.58	45	1,164	0.04
BSE	18,098	33,744	0.54	287	-3,340	-0.09
CAMS	4,922	9,020	0.55	113	1,387	0.08
CANBK	12,404	15,719	0.79	65	435	0.15
CDSL	9,752	23,437	0.42	-5	-192	0.03
CGPOWER	4,504	10,688	0.42	-256	-268	0.96
CHOLAFIN	8,039	9,302	0.86	1,441	213	6.77
CIPLA	10,097	15,251	0.66	108	-293	-0.37
COALINDIA	13,202	13,078	1.01	234	-134	-1.75
COFORGE	8,749	20,116	0.43	-82	258	-0.32
COLPAL	8,101	13,553	0.60	164	407	0.40
CONCOR	7,835	10,404	0.75	7	-20	-0.35
CROMPTON	7,226	12,877	0.56	1,039	838	1.24
CUMMINSIND	3,841	6,273	0.61	6	1,013	0.01
CYIENT	2,302	3,680	0.63	-68	208	-0.33
DABUR	6,353	11,743	0.54	94	52	1.81
DALBHARAT	2,866	4,284	0.67	-7	345	-0.02
DELHIVERY	3,978	6,481	0.61	-39	21	-1.86
DIVISLAB	6,800	9,778	0.70	174	342	0.51
DIXON	36,122	67,328	0.54	787	-519	-1.52
DLF	16,965	25,689	0.66	304	-561	-0.54
DMART	6,980	15,770	0.44	-8	372	-0.02
DRREDDY	5,117	10,499	0.49	-6	-117	0.05
EICHERMOT	10,894	15,797	0.69	-255	383	-0.67
ETERNAL	19,035	37,454	0.51	18	276	0.07
EXIDEIND	4,303	6,365	0.68	119	344	0.35
FEDERALBNK	8,452	8,088	1.05	214	-193	-1.11
FORTIS	3,568	8,275	0.43	-52	-142	0.37
GAIL	13,398	20,352	0.66	-54	80	-0.68
GLENMARK	7,973	10,727	0.74	123	-191	-0.64
GMRAIRPORT	10,636	20,691	0.51	-293	636	-0.46
GODREJCP	3,649	5,740	0.64	-47	-88	0.53
GODREJPROP	6,985	11,953	0.58	-42	78	-0.54
GRASIM	9,475	8,630	1.10	3	15	0.20
HAL	28,382	56,059	0.51	274	-1,261	-0.22
HAVELLS	3,633	5,088	0.71	-59	38	-1.55
HCLTECH	11,524	21,174	0.54	183	789	0.23
HDFCAMC	7,705	8,228	0.94	2,121	1,105	1.92
HDFCBANK	42,824	73,558	0.58	272	-338	-0.80
HDFCLIFE	7,079	16,920	0.42	-90	-413	0.22
HEROMOTOCO	13,831	31,318	0.44	1,197	8,574	0.14
HFCL	4,968	11,843	0.42	44	-25	-1.76
HINDALCO	15,810	21,092	0.75	567	143	3.97
HINDPETRO	4,026	7,132	0.56	29	120	0.24
HINDUNILVR	9,886	20,474	0.48	-70	-209	0.33
HINDZINC	27,402	36,624	0.75	1,855	-1,422	-1.30
HUDCO	6,315	14,720	0.43	51	163	0.31
ICICIBANK	33,360	51,618	0.65	719	-2,460	-0.29
ICICIGI	3,255	5,996	0.54	156	-29	-5.38
ICICIPRULI	2,244	4,904	0.46	61	4	15.25
IDEA	14,755	25,736	0.57	-318	871	-0.37
IDFCFIRSTB	9,736	12,249	0.79	56	-336	-0.17
IEX	8,381	11,350	0.74	0	-126	0.00
IIFL	2,691	4,411	0.61	-11	-65	0.17
INDHOTEL	6,362	10,346	0.61	332	-107	-3.08
INDIANB	4,830	12,269	0.39	-12	78	-0.15
INDIGO	48,311	1,00,959	0.48	-1,395	-4,720	0.30
INDUSINDBK	12,941	18,330	0.71	-84	-488	0.17
INDUSTOWER	8,626	14,820	0.58	-151	-478	0.32
INFY	43,460	64,025	0.68	4,119	350	11.77
INOXWIND	7,072	13,871	0.51	307	-15	-20.47
IOC	7,652	11,759	0.65	-260	-325	0.80
IRCTC	7,194	10,883	0.66	-453	-149	3.04
IREDA	5,054	10,412	0.49	-15	150	-0.10
IRFC	4,742	9,525	0.50	97	-25	-3.88
ITC	21,549	35,163	0.61	-193	-56	3.45
JINDALSTEL	5,820	9,472	0.61	311	261	1.19
JIOFIN	18,166	26,935	0.67	425	526	0.81
JSWENERGY	9,853	15,095	0.65	-248	16	-15.50
JSWSTEEL	11,990	29,773	0.40	-446	673	-0.66
JUBLFOOD	6,391	10,701	0.60	489	-164	-2.98
KALYANKJIL	4,795	9,731	0.49	141	533	0.26
KAYNES	30,886	77,277	0.40	39	212	0.18
KEI	2,572	3,776	0.68	-16	-104	0.15
KFINTECH	4,118	6,458	0.64	-68	-139	0.49
KOTAKBANK	18,117	21,273	0.85	212	-59	-3.59
KPITTECH	3,815	6,818	0.56	24	242	0.10
LAURUSLABS	5,303	9,805	0.54	105	125	0.84
LICHSGFIN	7,602	9,493	0.80	-8	-209	0.04
LICI	6,020	12,168	0.49	77	52	1.48
LODHA	4,770	11,930	0.40	70	-364	-0.19
LT	17,780	31,964	0.56	-199	360	-0.55
LTF	5,273	8,132	0.65	151	108	1.40
LTIM	4,546	6,179	0.74	21	388	0.05
LUPIN	5,305	6,818	0.78	106	-49	-2.16
M&M	16,703	34,674	0.48	14	2,414	0.01
MANAPPURAM	3,959	6,489	0.61	168	894	0.19
MANKIND	2,480	5,117	0.48	41	-56	-0.73
MARICO	3,061	5,188	0.59	-109	-40	2.73
MARUTI	27,694	31,840	0.87	-1,632	307	-5.32
MAXHEALTH	6,361	11,911	0.53	-476	-1,376	0.35
MAZDOCK	10,012	22,769	0.44	132	-467	-0.28
MCX	15,592	24,575	0.63	381	257	1.48
MFSL	2,356	4,539	0.52	-6	68	-0.09
MOTHERSON	6,064	8,860	0.68	-1,303	-428	3.04
MPHASIS	3,634	5,524	0.66	73	732	0.10
MUTHOOTFIN	5,746	10,776	0.53	-28	-179	0.16
NATIONALUM	6,691	8,259	0.81	53	13	4.08
NAUKRI	5,959	7,263	0.82	-51	43	-1.19
NBCC	3,356	9,182	0.37	96	724	0.13
NCC	3,736	9,033	0.41	53	259	0.20
NESTLEIND	4,355	14,351	0.30	-16	129	-0.12
NHPC	3,184	7,213	0.44	22	171	0.13
NMDC	10,068	13,680	0.74	-30	-175	0.17
NTPC	13,693	23,317	0.59	-321	788	-0.41
NUVAMA	3,243	6,753	0.48	723	2,628	0.28
NYKAA	2,815	7,252	0.39	36	281	0.13
OBEROIRLTY	3,579	5,704	0.63	-4	-120	0.03
OFSS	6,386	10,627	0.60	-35	422	-0.08
OIL	2,519	4,791	0.53	-44	-195	0.23
ONGC	10,737	26,974	0.40	-207	181	-1.14
PAGEIND	3,648	8,634	0.42	160	24	6.67
PATANJALI	4,825	8,274	0.58	597	-623	-0.96
PAYTM	7,878	14,407	0.55	47	97	0.48
PERSISTENT	6,631	11,346	0.58	142	-45	-3.16
PETRONET	9,028	8,599	1.05	128	127	1.01
PFC	21,076	35,635	0.59	107	762	0.14
PGEL	7,888	12,454	0.63	-1	4	-0.25
PHOENIXLTD	1,762	3,558	0.50	16	-89	-0.18
PIDILITIND	1,928	2,772	0.70	25	106	0.24
PIIND	3,593	5,794	0.62	60	-9	-6.67
PNB	11,546	21,054	0.55	-56	196	-0.28
PNBHOUSING	6,831	11,895	0.57	-243	492	-0.49
POLICYBZR	5,849	9,065	0.65	29	-408	-0.07
POLYCAB	5,148	8,294	0.62	-435	-227	1.92
POWERGRID	10,740	17,911	0.60	142	609	0.23
POWERINDIA	4,283	11,508	0.37	377	1,165	0.32
PPLPHARMA	3,046	7,199	0.42	44	100	0.44
PRESTIGE	2,811	4,476	0.63	42	127	0.33
RBLBANK	4,903	8,311	0.59	29	61	0.48
RECLTD	21,905	34,435	0.64	-224	-582	0.38
RELIANCE	50,129	98,024	0.51	-245	1,083	-0.23
RVNL	6,153	13,178	0.47	-96	9	-10.67
SAIL	5,938	10,371	0.57	75	-50	-1.50
SAMMAANCAP	8,310	13,644	0.61	-214	-335	0.64
SBICARD	4,934	7,549	0.65	17	-336	-0.05
SBILIFE	5,445	11,283	0.48	52	-90	-0.58
SBIN	42,166	59,771	0.71	439	-603	-0.73
SHREECEM	2,314	5,492	0.42	29	103	0.28
SHRIRAMFIN	15,326	23,338	0.66	1,150	-1,271	-0.90
SIEMENS	9,156	18,003	0.51	162	268	0.60
SOLARINDS	4,312	10,983	0.39	156	-4	-39.00
SONACOMS	2,578	5,734	0.45	22	-126	-0.17
SRF	7,624	9,924	0.77	459	265	1.73
SUNPHARMA	7,536	24,000	0.31	821	3,389	0.24
SUPREMEIND	4,206	7,079	0.59	-13	-124	0.10
SUZLON	10,000	25,092	0.40	-90	69	-1.30
SYNGENE	1,415	2,981	0.47	-24	-89	0.27
TATACONSUM	5,324	9,925	0.54	35	-78	-0.45
TATAELXSI	5,562	15,405	0.36	58	6	9.67
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,318	28,053	0.69	67	970	0.07
TATASTEEL	15,551	26,274	0.59	-169	-5	33.80
TATATECH	4,706	7,621	0.62	-95	44	-2.16
TCS	38,481	47,027	0.82	988	-2,104	-0.47
TECHM	7,862	10,306	0.76	157	23	6.83
TIINDIA	4,760	7,623	0.62	95	-177	-0.54
TITAGARH	2,740	5,752	0.48	150	521	0.29
TITAN	12,959	20,663	0.63	-10	-261	0.04
TMPV	40,963	87,503	0.47	200	1,282	0.16
TORNTPHARM	1,175	2,603	0.45	22	9	2.44
TORNTPOWER	1,989	3,373	0.59	131	84	1.56
TRENT	26,233	51,795	0.51	-496	142	-3.49
TVSMOTOR	9,500	9,887	0.96	-32	369	-0.09
ULTRACEMCO	11,389	20,748	0.55	103	1,297	0.08
UNIONBANK	5,451	8,263	0.66	-46	-40	1.15
UNITDSPR	10,033	10,613	0.95	1,791	876	2.04
UNOMINDA	2,755	5,255	0.52	-69	208	-0.33
UPL	4,827	6,886	0.70	-11	-3	3.67
VBL	9,668	22,668	0.43	-152	-586	0.26
VEDL	41,450	42,019	0.99	1,727	-989	-1.75
VOLTAS	6,487	7,436	0.87	301	-789	-0.38
WIPRO	11,420	14,162	0.81	484	220	2.20
YESBANK	6,435	12,979	0.50	2	-49	-0.04
ZYDUSLIFE	3,471	4,688	0.74	36	-9	-4.00

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

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