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

3577.8 -35.00 (-0.97%)

L: 3540.1 H: 3611.9

Put-Call Ratio - M&M

18 Dec 2025 12:46 PM IST

Live

Expiry

Put OI

16,889

Call OI

34,100

PCR

0.50

Put OI Chg

200

Call OI Chg

1,840

COI PCR

0.11

COI Strength

-0.80

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 11:45 M&M was trading at 3563.1 with pcr value 0.48

On 12:00 M&M was trading at 3564.4 with pcr value 0.48

On 12:15 M&M was trading at 3565.6 with pcr value 0.49

On 12:30 M&M was trading at 3573.8 with pcr value 0.49

On 12:45 M&M was trading at 3577.8 with pcr value 0.49

On 12:47 M&M was trading at 3582.5 with pcr value 0.5

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	2,105	3,688	0.57	-37	258	-0.14
ABB	5,176	7,093	0.73	6	445	0.01
ABCAPITAL	4,917	8,048	0.61	-18	-44	0.41
ADANIENSOL	3,316	5,845	0.57	-27	23	-1.17
ADANIENT	26,130	44,288	0.59	-35	-147	0.24
ADANIGREEN	10,179	18,830	0.54	18	-515	-0.03
ADANIPORTS	9,141	18,666	0.49	3	-155	-0.02
ALKEM	1,222	1,969	0.62	17	56	0.30
AMBER	7,097	11,188	0.63	63	59	1.07
AMBUJACEM	8,334	11,116	0.75	-137	236	-0.58
ANGELONE	7,689	19,870	0.39	179	500	0.36
APLAPOLLO	2,161	2,760	0.78	-217	-278	0.78
APOLLOHOSP	9,048	18,327	0.49	229	-321	-0.71
ASHOKLEY	12,350	13,129	0.94	57	567	0.10
ASIANPAINT	16,858	34,123	0.49	-84	115	-0.73
ASTRAL	4,137	8,144	0.51	49	61	0.80
AUBANK	6,455	8,007	0.81	-50	-25	2.00
AUROPHARMA	4,781	10,182	0.47	300	-357	-0.84
AXISBANK	22,154	48,595	0.46	-1,503	-5,392	0.28
BAJAJ-AUTO	14,298	28,857	0.50	-323	529	-0.61
BAJAJFINSV	14,020	21,247	0.66	-17	-252	0.07
BAJFINANCE	23,580	40,036	0.59	-320	-888	0.36
BANDHANBNK	7,625	11,361	0.67	-5	-17	0.29
BANKBARODA	12,207	14,928	0.82	4	-339	-0.01
BANKINDIA	3,584	5,077	0.71	49	23	2.13
BDL	8,698	21,662	0.40	157	-304	-0.52
BEL	26,261	59,513	0.44	-327	-1,320	0.25
BHARATFORG	4,428	7,069	0.63	135	94	1.44
BHARTIARTL	18,975	38,862	0.49	-139	-150	0.93
BHEL	9,186	19,669	0.47	342	904	0.38
BIOCON	6,209	11,815	0.53	-119	-755	0.16
BLUESTARCO	1,942	2,261	0.86	364	-9	-40.44
BOSCHLTD	1,603	3,849	0.42	-23	359	-0.06
BPCL	5,381	9,379	0.57	-104	-78	1.33
BRITANNIA	6,482	11,254	0.58	192	1,421	0.14
BSE	18,002	32,868	0.55	191	-4,216	-0.05
CAMS	4,918	8,876	0.55	109	1,243	0.09
CANBK	12,420	15,315	0.81	81	31	2.61
CDSL	9,727	23,417	0.42	-30	-212	0.14
CGPOWER	4,441	10,549	0.42	-319	-407	0.78
CHOLAFIN	7,918	9,232	0.86	1,320	143	9.23
CIPLA	10,075	15,019	0.67	86	-525	-0.16
COALINDIA	13,193	13,051	1.01	225	-161	-1.40
COFORGE	8,776	20,294	0.43	-55	436	-0.13
COLPAL	7,986	13,383	0.60	49	237	0.21
CONCOR	7,714	10,309	0.75	-114	-115	0.99
CROMPTON	7,090	13,174	0.54	903	1,135	0.80
CUMMINSIND	3,888	6,653	0.58	53	1,393	0.04
CYIENT	2,318	3,728	0.62	-52	256	-0.20
DABUR	6,412	11,651	0.55	153	-40	-3.83
DALBHARAT	2,883	4,238	0.68	10	299	0.03
DELHIVERY	3,942	6,406	0.62	-75	-54	1.39
DIVISLAB	6,776	9,835	0.69	150	399	0.38
DIXON	35,858	66,420	0.54	523	-1,427	-0.37
DLF	17,277	25,651	0.67	616	-599	-1.03
DMART	6,961	16,169	0.43	-27	771	-0.04
DRREDDY	5,183	10,488	0.49	60	-128	-0.47
EICHERMOT	10,859	15,492	0.70	-290	78	-3.72
ETERNAL	18,937	37,521	0.50	-80	343	-0.23
EXIDEIND	4,288	6,454	0.66	104	433	0.24
FEDERALBNK	8,525	7,940	1.07	287	-341	-0.84
FORTIS	3,564	8,307	0.43	-56	-110	0.51
GAIL	13,341	20,277	0.66	-111	5	-22.20
GLENMARK	7,971	10,650	0.75	121	-268	-0.45
GMRAIRPORT	10,602	20,740	0.51	-327	685	-0.48
GODREJCP	3,807	5,783	0.66	111	-45	-2.47
GODREJPROP	6,946	12,171	0.57	-81	296	-0.27
GRASIM	9,457	8,653	1.09	-15	38	-0.39
HAL	28,473	55,484	0.51	365	-1,836	-0.20
HAVELLS	3,684	4,933	0.75	-8	-117	0.07
HCLTECH	11,559	21,125	0.55	218	740	0.29
HDFCAMC	8,762	9,397	0.93	3,178	2,274	1.40
HDFCBANK	43,052	75,369	0.57	500	1,473	0.34
HDFCLIFE	7,109	16,937	0.42	-60	-396	0.15
HEROMOTOCO	14,205	32,123	0.44	1,571	9,379	0.17
HFCL	4,991	11,852	0.42	67	-16	-4.19
HINDALCO	16,459	20,992	0.78	1,216	43	28.28
HINDPETRO	4,033	7,131	0.57	36	119	0.30
HINDUNILVR	9,883	20,395	0.48	-73	-288	0.25
HINDZINC	27,464	36,187	0.76	1,917	-1,859	-1.03
HUDCO	6,323	14,503	0.44	59	-54	-1.09
ICICIBANK	33,148	52,223	0.63	507	-1,855	-0.27
ICICIGI	3,245	5,943	0.55	146	-82	-1.78
ICICIPRULI	2,279	4,912	0.46	96	12	8.00
IDEA	14,692	25,392	0.58	-381	527	-0.72
IDFCFIRSTB	9,788	12,334	0.79	108	-251	-0.43
IEX	8,378	11,336	0.74	-3	-140	0.02
IIFL	2,674	4,365	0.61	-28	-111	0.25
INDHOTEL	6,370	10,160	0.63	340	-293	-1.16
INDIANB	4,829	12,090	0.40	-13	-101	0.13
INDIGO	50,838	99,760	0.51	1,132	-5,919	-0.19
INDUSINDBK	12,908	18,204	0.71	-117	-614	0.19
INDUSTOWER	8,629	14,706	0.59	-148	-592	0.25
INFY	44,182	63,781	0.69	4,841	106	45.67
INOXWIND	6,801	13,786	0.49	36	-100	-0.36
IOC	7,686	11,596	0.66	-226	-488	0.46
IRCTC	7,160	10,740	0.67	-487	-292	1.67
IREDA	5,020	10,323	0.49	-49	61	-0.80
IRFC	4,770	9,318	0.51	125	-232	-0.54
ITC	21,609	35,174	0.61	-133	-45	2.96
JINDALSTEL	5,803	9,314	0.62	294	103	2.85
JIOFIN	18,205	26,801	0.68	464	392	1.18
JSWENERGY	9,875	15,051	0.66	-226	-28	8.07
JSWSTEEL	11,886	28,259	0.42	-550	-841	0.65
JUBLFOOD	6,374	10,393	0.61	472	-472	-1.00
KALYANKJIL	4,780	9,535	0.50	126	337	0.37
KAYNES	30,681	76,496	0.40	-166	-569	0.29
KEI	2,563	3,805	0.67	-25	-75	0.33
KFINTECH	4,150	6,235	0.67	-36	-362	0.10
KOTAKBANK	18,030	21,461	0.84	125	129	0.97
KPITTECH	3,823	6,837	0.56	32	261	0.12
LAURUSLABS	5,339	9,780	0.55	141	100	1.41
LICHSGFIN	7,595	9,533	0.80	-15	-169	0.09
LICI	6,107	12,197	0.50	164	81	2.02
LODHA	4,851	11,636	0.42	151	-658	-0.23
LT	17,823	31,661	0.56	-156	57	-2.74
LTF	5,241	8,035	0.65	119	11	10.82
LTIM	4,555	6,298	0.72	30	507	0.06
LUPIN	5,330	6,702	0.80	131	-165	-0.79
M&M	16,889	34,100	0.50	200	1,840	0.11
MANAPPURAM	3,948	6,397	0.62	157	802	0.20
MANKIND	2,422	4,786	0.51	-17	-387	0.04
MARICO	3,107	5,073	0.61	-63	-155	0.41
MARUTI	27,758	31,626	0.88	-1,568	93	-16.86
MAXHEALTH	6,364	11,575	0.55	-473	-1,712	0.28
MAZDOCK	10,121	22,733	0.45	241	-503	-0.48
MCX	15,923	23,847	0.67	712	-471	-1.51
MFSL	2,398	4,490	0.53	36	19	1.89
MOTHERSON	6,071	8,842	0.69	-1,296	-446	2.91
MPHASIS	3,633	5,390	0.67	72	598	0.12
MUTHOOTFIN	5,732	10,732	0.53	-42	-223	0.19
NATIONALUM	6,858	8,180	0.84	220	-66	-3.33
NAUKRI	5,942	7,241	0.82	-68	21	-3.24
NBCC	3,368	9,089	0.37	108	631	0.17
NCC	3,830	9,075	0.42	147	301	0.49
NESTLEIND	4,344	14,384	0.30	-27	162	-0.17
NHPC	3,186	7,158	0.45	24	116	0.21
NMDC	10,080	13,671	0.74	-18	-184	0.10
NTPC	13,741	23,398	0.59	-273	869	-0.32
NUVAMA	3,235	6,467	0.50	715	2,342	0.31
NYKAA	2,833	7,303	0.39	54	332	0.16
OBEROIRLTY	3,741	5,465	0.68	158	-359	-0.44
OFSS	6,353	10,930	0.58	-68	725	-0.09
OIL	2,517	4,777	0.53	-46	-209	0.22
ONGC	10,841	26,981	0.40	-103	188	-0.55
PAGEIND	3,702	8,503	0.44	214	-107	-2.00
PATANJALI	4,820	8,413	0.57	592	-484	-1.22
PAYTM	7,973	14,078	0.57	142	-232	-0.61
PERSISTENT	6,738	11,211	0.60	249	-180	-1.38
PETRONET	8,993	8,530	1.05	93	58	1.60
PFC	21,244	34,802	0.61	275	-71	-3.87
PGEL	7,866	12,042	0.65	-23	-408	0.06
PHOENIXLTD	1,735	3,633	0.48	-11	-14	0.79
PIDILITIND	1,920	2,750	0.70	17	84	0.20
PIIND	3,706	5,794	0.64	173	-9	-19.22
PNB	11,720	21,035	0.56	118	177	0.67
PNBHOUSING	6,954	11,794	0.59	-120	391	-0.31
POLICYBZR	6,100	8,783	0.69	280	-690	-0.41
POLYCAB	5,073	8,073	0.63	-510	-448	1.14
POWERGRID	10,990	18,839	0.58	392	1,537	0.26
POWERINDIA	4,328	11,868	0.36	422	1,525	0.28
PPLPHARMA	3,046	7,202	0.42	44	103	0.43
PRESTIGE	2,806	4,471	0.63	37	122	0.30
RBLBANK	4,846	8,096	0.60	-28	-154	0.18
RECLTD	21,740	33,789	0.64	-389	-1,228	0.32
RELIANCE	50,272	96,183	0.52	-102	-758	0.13
RVNL	6,141	13,096	0.47	-108	-73	1.48
SAIL	5,936	10,310	0.58	73	-111	-0.66
SAMMAANCAP	8,118	13,471	0.60	-406	-508	0.80
SBICARD	4,862	7,435	0.65	-55	-450	0.12
SBILIFE	5,414	11,410	0.47	21	37	0.57
SBIN	42,255	59,270	0.71	528	-1,104	-0.48
SHREECEM	2,308	5,658	0.41	23	269	0.09
SHRIRAMFIN	15,514	23,242	0.67	1,338	-1,367	-0.98
SIEMENS	9,241	18,373	0.50	247	638	0.39
SOLARINDS	4,314	11,098	0.39	158	111	1.42
SONACOMS	2,561	5,612	0.46	5	-248	-0.02
SRF	7,593	9,759	0.78	428	100	4.28
SUNPHARMA	7,708	24,531	0.31	993	3,920	0.25
SUPREMEIND	4,205	7,082	0.59	-14	-121	0.12
SUZLON	10,073	24,967	0.40	-17	-56	0.30
SYNGENE	1,395	3,002	0.46	-44	-68	0.65
TATACONSUM	5,286	9,861	0.54	-3	-142	0.02
TATAELXSI	5,581	15,284	0.37	77	-115	-0.67
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,086	28,121	0.68	-165	1,038	-0.16
TATASTEEL	15,619	26,316	0.59	-101	37	-2.73
TATATECH	4,712	7,604	0.62	-89	27	-3.30
TCS	37,319	46,518	0.80	-174	-2,613	0.07
TECHM	8,145	10,158	0.80	440	-125	-3.52
TIINDIA	4,788	7,661	0.62	123	-139	-0.88
TITAGARH	2,742	5,666	0.48	152	435	0.35
TITAN	13,278	20,901	0.64	309	-23	-13.43
TMPV	40,745	83,535	0.49	-18	-2,686	0.01
TORNTPHARM	1,174	2,644	0.44	21	50	0.42
TORNTPOWER	1,888	3,386	0.56	30	97	0.31
TRENT	26,245	52,480	0.50	-484	827	-0.59
TVSMOTOR	9,386	9,840	0.95	-146	322	-0.45
ULTRACEMCO	11,466	21,419	0.54	180	1,968	0.09
UNIONBANK	5,499	8,200	0.67	2	-103	-0.02
UNITDSPR	10,295	10,411	0.99	2,053	674	3.05
UNOMINDA	2,750	5,245	0.52	-74	198	-0.37
UPL	4,874	6,916	0.70	36	27	1.33
VBL	9,544	19,264	0.50	-276	-3,990	0.07
VEDL	42,903	40,969	1.05	3,180	-2,039	-1.56
VOLTAS	6,965	7,515	0.93	779	-710	-1.10
WIPRO	11,505	14,144	0.81	569	202	2.82
YESBANK	6,429	13,040	0.49	-4	12	-0.33
ZYDUSLIFE	3,484	4,691	0.74	49	-6	-8.17

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

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ASHOKLEY

ASIANPAINT

ASTRAL

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BAJAJ-AUTO

BAJAJFINSV

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GOLD