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

3619.6 -60.00 (-1.63%)

L: 3610 H: 3665.4

Put-Call Ratio - M&M

15 Dec 2025 12:06 PM IST

Live

Expiry

Put OI

15,480

Call OI

31,667

PCR

0.49

Put OI Chg

1,096

Call OI Chg

4,313

COI PCR

0.25

COI Strength

-0.59

Interval

On 9:30 M&M was trading at 3624.2 with pcr value 0.48

On 9:45 M&M was trading at 3623.5 with pcr value 0.52

On 10:00 M&M was trading at 3626.9 with pcr value 0.49

On 10:15 M&M was trading at 3631.7 with pcr value 0.49

On 10:30 M&M was trading at 3624.4 with pcr value 0.49

On 10:45 M&M was trading at 3626 with pcr value 0.49

On 11:00 M&M was trading at 3629.7 with pcr value 0.5

On 11:15 M&M was trading at 3626.2 with pcr value 0.5

On 11:30 M&M was trading at 3621.9 with pcr value 0.5

On 11:45 M&M was trading at 3620.7 with pcr value 0.5

On 12:00 M&M was trading at 3621.5 with pcr value 0.49

On 12:07 M&M was trading at 3617.8 with pcr value 0.49

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	2,819	3,952	0.71	1,277	937	1.36
ABB	4,643	6,918	0.67	-118	413	-0.29
ABCAPITAL	4,727	7,168	0.66	-424	19	-22.32
ADANIENSOL	3,581	5,277	0.68	401	282	1.42
ADANIENT	24,400	43,306	0.56	-257	1,156	-0.22
ADANIGREEN	11,370	19,392	0.59	88	269	0.33
ADANIPORTS	8,826	17,095	0.52	-116	530	-0.22
ALKEM	553	1,165	0.47	-2	-1	2.00
AMBER	7,050	12,087	0.58	488	780	0.63
AMBUJACEM	8,758	10,461	0.84	138	-197	-0.70
ANGELONE	7,349	17,362	0.42	9	537	0.02
APLAPOLLO	1,817	2,638	0.69	46	114	0.40
APOLLOHOSP	7,168	15,124	0.47	115	417	0.28
ASHOKLEY	10,519	11,346	0.93	738	45	16.40
ASIANPAINT	16,688	32,628	0.51	34	368	0.09
ASTRAL	3,250	7,223	0.45	31	96	0.32
AUBANK	6,403	7,731	0.83	135	92	1.47
AUROPHARMA	4,033	10,096	0.40	55	169	0.33
AXISBANK	13,397	27,542	0.49	-30	379	-0.08
BAJAJ-AUTO	12,989	28,860	0.45	104	2,855	0.04
BAJAJFINSV	10,011	15,892	0.63	9	-117	-0.08
BAJFINANCE	21,221	37,286	0.57	-65	661	-0.10
BANDHANBNK	6,138	11,547	0.53	-51	-123	0.41
BANKBARODA	11,632	15,689	0.74	0	355	0.00
BANKINDIA	2,579	4,129	0.62	-9	-13	0.69
BDL	7,145	17,248	0.41	72	500	0.14
BEL	25,797	59,144	0.44	453	1,794	0.25
BHARATFORG	4,098	7,172	0.57	247	1,247	0.20
BHARTIARTL	17,906	40,549	0.44	199	796	0.25
BHEL	8,540	17,405	0.49	-183	1,048	-0.17
BIOCON	5,646	12,765	0.44	6	504	0.01
BLUESTARCO	1,134	1,754	0.65	193	591	0.33
BOSCHLTD	1,334	2,685	0.50	45	49	0.92
BPCL	5,475	7,469	0.73	280	856	0.33
BRITANNIA	5,543	8,113	0.68	1,018	1,441	0.71
BSE	16,364	29,928	0.55	-217	1,589	-0.14
CAMS	3,149	7,112	0.44	13	27	0.48
CANBK	11,315	15,422	0.73	206	128	1.61
CDSL	8,760	20,715	0.42	5	549	0.01
CGPOWER	3,870	8,660	0.45	46	131	0.35
CHOLAFIN	3,306	5,625	0.59	29	569	0.05
CIPLA	8,621	13,941	0.62	-34	58	-0.59
COALINDIA	10,438	11,344	0.92	273	86	3.17
COFORGE	7,797	22,307	0.35	-200	255	-0.78
COLPAL	5,178	9,086	0.57	-102	295	-0.35
CONCOR	5,555	9,064	0.61	95	239	0.40
CROMPTON	5,138	11,138	0.46	-58	81	-0.72
CUMMINSIND	3,203	4,396	0.73	-258	244	-1.06
CYIENT	1,789	2,841	0.63	-3	177	-0.02
DABUR	4,814	9,159	0.53	47	28	1.68
DALBHARAT	3,028	3,280	0.92	107	-457	-0.23
DELHIVERY	3,703	4,973	0.74	-6	124	-0.05
DIVISLAB	6,125	8,513	0.72	7	72	0.10
DIXON	35,867	62,960	0.57	1,391	-2,423	-0.57
DLF	14,645	25,717	0.57	156	589	0.26
DMART	6,006	12,724	0.47	-97	134	-0.72
DRREDDY	5,285	10,847	0.49	186	148	1.26
EICHERMOT	10,114	15,547	0.65	-190	1,687	-0.11
ETERNAL	17,325	28,305	0.61	-367	165	-2.22
EXIDEIND	3,448	5,361	0.64	113	279	0.41
FEDERALBNK	8,167	7,645	1.07	646	105	6.15
FORTIS	3,074	9,124	0.34	52	293	0.18
GAIL	11,389	20,064	0.57	85	585	0.15
GLENMARK	6,958	10,140	0.69	0	-58	0.00
GMRAIRPORT	10,551	18,033	0.59	653	1,073	0.61
GODREJCP	2,642	3,760	0.70	-87	-124	0.70
GODREJPROP	4,596	10,128	0.45	-3	-12	0.25
GRASIM	8,371	8,394	1.00	106	94	1.13
HAL	25,627	53,162	0.48	147	-237	-0.62
HAVELLS	3,141	4,238	0.74	-70	-18	3.89
HCLTECH	9,973	19,518	0.51	236	966	0.24
HDFCAMC	3,781	4,776	0.79	84	206	0.41
HDFCBANK	40,101	63,383	0.63	-872	4,218	-0.21
HDFCLIFE	7,059	17,288	0.41	-40	1,292	-0.03
HEROMOTOCO	12,073	18,237	0.66	203	1,253	0.16
HFCL	3,304	11,278	0.29	-37	116	-0.32
HINDALCO	17,337	21,478	0.81	-420	729	-0.58
HINDPETRO	4,076	6,290	0.65	13	92	0.14
HINDUNILVR	10,933	22,106	0.49	330	-814	-0.41
HINDZINC	25,218	36,272	0.70	1,319	6,973	0.19
HUDCO	4,785	13,647	0.35	14	678	0.02
ICICIBANK	29,735	49,140	0.61	460	1,714	0.27
ICICIGI	2,567	4,580	0.56	-91	188	-0.48
ICICIPRULI	2,024	4,525	0.45	-45	-223	0.20
IDEA	15,288	25,976	0.59	132	1,088	0.12
IDFCFIRSTB	9,483	12,461	0.76	725	-473	-1.53
IEX	7,729	11,534	0.67	-58	30	-1.93
IIFL	2,177	3,839	0.57	-15	184	-0.08
INDHOTEL	4,829	7,979	0.61	117	111	1.05
INDIANB	3,619	10,330	0.35	114	404	0.28
INDIGO	51,829	1,13,047	0.46	1,887	-5,123	-0.37
INDUSINDBK	11,794	17,929	0.66	-93	50	-1.86
INDUSTOWER	8,409	16,074	0.52	509	3,424	0.15
INFY	38,461	61,202	0.63	1,364	970	1.41
INOXWIND	5,982	13,570	0.44	63	114	0.55
IOC	6,242	10,959	0.57	148	139	1.06
IRCTC	5,482	10,790	0.51	59	307	0.19
IREDA	4,291	9,537	0.45	-15	44	-0.34
IRFC	3,276	8,664	0.38	1	115	0.01
ITC	24,110	34,109	0.71	321	-123	-2.61
JINDALSTEL	4,664	7,402	0.63	29	395	0.07
JIOFIN	14,889	24,699	0.60	-172	538	-0.32
JSWENERGY	10,474	15,990	0.66	1,053	718	1.47
JSWSTEEL	14,078	24,822	0.57	76	532	0.14
JUBLFOOD	6,496	7,819	0.83	12	416	0.03
KALYANKJIL	4,615	8,606	0.54	17	3	5.67
KAYNES	29,112	75,879	0.38	1,292	2,273	0.57
KEI	2,084	3,416	0.61	571	585	0.98
KFINTECH	3,777	6,541	0.58	20	444	0.05
KOTAKBANK	17,291	21,246	0.81	-1,440	11	-130.91
KPITTECH	2,535	4,679	0.54	-7	214	-0.03
LAURUSLABS	4,942	8,984	0.55	-267	337	-0.79
LICHSGFIN	5,973	9,538	0.63	8	530	0.02
LICI	6,028	11,502	0.52	-241	340	-0.71
LODHA	2,576	9,366	0.28	22	51	0.43
LT	17,630	32,091	0.55	-93	-515	0.18
LTF	4,562	7,590	0.60	25	182	0.14
LTIM	3,709	5,085	0.73	-74	-160	0.46
LUPIN	4,977	6,322	0.79	-84	268	-0.31
M&M	15,480	31,667	0.49	1,096	4,313	0.25
MANAPPURAM	3,611	5,083	0.71	86	71	1.21
MANKIND	1,982	4,551	0.44	87	224	0.39
MARICO	2,558	4,200	0.61	123	796	0.15
MARUTI	32,721	31,376	1.04	-1,076	266	-4.05
MAXHEALTH	4,499	10,415	0.43	80	278	0.29
MAZDOCK	7,570	21,180	0.36	73	638	0.11
MCX	15,025	22,089	0.68	602	232	2.59
MFSL	2,081	3,846	0.54	-71	119	-0.60
MOTHERSON	6,831	9,019	0.76	-29	104	-0.28
MPHASIS	3,541	4,612	0.77	132	166	0.80
MUTHOOTFIN	6,231	11,025	0.57	637	610	1.04
NATIONALUM	6,647	7,878	0.84	18	157	0.11
NAUKRI	5,165	7,161	0.72	57	275	0.21
NBCC	3,372	7,207	0.47	221	437	0.51
NCC	3,090	7,500	0.41	55	237	0.23
NESTLEIND	3,649	13,960	0.26	-13	-181	0.07
NHPC	2,236	6,389	0.35	5	217	0.02
NMDC	8,527	12,528	0.68	81	449	0.18
NTPC	11,345	21,098	0.54	-330	147	-2.25
NUVAMA	2,078	4,040	0.51	17	42	0.40
NYKAA	2,288	6,167	0.37	-17	276	-0.06
OBEROIRLTY	2,986	5,359	0.56	-8	13	-0.62
OFSS	8,062	8,857	0.91	-379	74	-5.12
OIL	1,797	3,837	0.47	-57	-52	1.10
ONGC	11,695	25,903	0.45	3,268	2,447	1.34
PAGEIND	2,904	7,016	0.41	1	428	0.00
PATANJALI	2,705	7,886	0.34	-96	106	-0.91
PAYTM	7,398	11,934	0.62	-384	606	-0.63
PERSISTENT	6,539	9,862	0.66	272	1,105	0.25
PETRONET	5,498	7,817	0.70	-3	149	-0.02
PFC	17,470	33,044	0.53	372	1,229	0.30
PGEL	7,633	11,997	0.64	-256	330	-0.78
PHOENIXLTD	983	2,380	0.41	52	289	0.18
PIDILITIND	1,728	2,427	0.71	41	-17	-2.41
PIIND	3,534	5,254	0.67	279	269	1.04
PNB	10,166	21,763	0.47	-54	227	-0.24
PNBHOUSING	6,936	13,044	0.53	990	2,123	0.47
POLICYBZR	4,694	6,601	0.71	-118	292	-0.40
POLYCAB	3,952	5,758	0.69	56	100	0.56
POWERGRID	9,494	15,828	0.60	92	730	0.13
POWERINDIA	3,945	10,963	0.36	-397	347	-1.14
PPLPHARMA	2,102	6,070	0.35	-93	334	-0.28
PRESTIGE	2,154	3,563	0.60	39	93	0.42
RBLBANK	4,624	7,413	0.62	6	217	0.03
RECLTD	19,891	33,774	0.59	659	2,056	0.32
RELIANCE	47,786	92,396	0.52	-129	1,201	-0.11
RVNL	5,464	11,613	0.47	-20	132	-0.15
SAIL	4,609	9,178	0.50	2	378	0.01
SAMMAANCAP	5,817	10,523	0.55	58	1,731	0.03
SBICARD	3,922	6,840	0.57	-4	208	-0.02
SBILIFE	4,054	11,076	0.37	-145	-130	1.12
SBIN	37,786	65,245	0.58	1,019	-1,034	-0.99
SHREECEM	1,163	2,747	0.42	25	150	0.17
SHRIRAMFIN	12,188	18,312	0.67	221	753	0.29
SIEMENS	9,843	18,143	0.54	-31	-298	0.10
SOLARINDS	3,247	9,640	0.34	11	512	0.02
SONACOMS	2,037	4,940	0.41	37	198	0.19
SRF	6,664	8,763	0.76	-232	121	-1.92
SUNPHARMA	6,041	19,086	0.32	-216	-667	0.32
SUPREMEIND	3,027	7,352	0.41	149	93	1.60
SUZLON	9,444	23,096	0.41	352	635	0.55
SYNGENE	1,273	2,135	0.60	71	116	0.61
TATACONSUM	4,463	9,333	0.48	253	222	1.14
TATAELXSI	5,467	14,027	0.39	248	-347	-0.71
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	16,526	25,326	0.65	-129	584	-0.22
TATASTEEL	16,962	26,704	0.64	218	-257	-0.85
TATATECH	4,135	6,871	0.60	44	119	0.37
TCS	36,166	48,651	0.74	889	1,856	0.48
TECHM	5,715	8,795	0.65	-116	441	-0.26
TIINDIA	3,298	6,976	0.47	163	199	0.82
TITAGARH	2,205	5,125	0.43	-48	119	-0.40
TITAN	10,243	19,962	0.51	-325	661	-0.49
TMPV	38,435	89,258	0.43	587	5,338	0.11
TORNTPHARM	751	2,306	0.33	-18	95	-0.19
TORNTPOWER	1,752	1,931	0.91	-9	-19	0.47
TRENT	25,003	49,687	0.50	744	608	1.22
TVSMOTOR	7,447	9,566	0.78	-75	191	-0.39
ULTRACEMCO	11,218	16,922	0.66	260	1,309	0.20
UNIONBANK	4,617	8,161	0.57	-54	-55	0.98
UNITDSPR	4,889	7,039	0.69	67	86	0.78
UNOMINDA	2,046	4,182	0.49	33	40	0.82
UPL	3,298	5,537	0.60	34	121	0.28
VBL	8,952	20,769	0.43	20	642	0.03
VEDL	26,399	32,933	0.80	-608	1,453	-0.42
VOLTAS	5,255	6,972	0.75	-135	-202	0.67
WIPRO	10,099	13,990	0.72	89	205	0.43
YESBANK	6,034	13,064	0.46	78	373	0.21
ZYDUSLIFE	2,552	4,026	0.63	21	24	0.88

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

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GOLD