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

3582 -30.80 (-0.85%)

L: 3540.1 H: 3611.9

Put-Call Ratio - M&M

18 Dec 2025 01:06 PM IST

Live

Expiry

Put OI

16,928

Call OI

33,907

PCR

0.50

Put OI Chg

239

Call OI Chg

1,647

COI PCR

0.15

COI Strength

-0.75

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 13:00 M&M was trading at 3579.5 with pcr value 0.5

On 13:07 M&M was trading at 3582.3 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	3,666	0.57	-37	236	-0.16
ABB	5,200	7,116	0.73	30	468	0.06
ABCAPITAL	4,914	8,062	0.61	-21	-30	0.70
ADANIENSOL	3,308	5,954	0.56	-35	132	-0.27
ADANIENT	26,143	44,217	0.59	-22	-218	0.10
ADANIGREEN	10,168	18,679	0.54	7	-666	-0.01
ADANIPORTS	9,175	18,625	0.49	37	-196	-0.19
ALKEM	1,226	1,980	0.62	21	67	0.31
AMBER	7,095	11,244	0.63	61	115	0.53
AMBUJACEM	8,342	11,121	0.75	-129	241	-0.54
ANGELONE	7,674	19,969	0.38	164	599	0.27
APLAPOLLO	2,176	2,680	0.81	-202	-358	0.56
APOLLOHOSP	9,053	18,499	0.49	234	-149	-1.57
ASHOKLEY	12,436	12,892	0.96	143	330	0.43
ASIANPAINT	16,865	34,064	0.50	-77	56	-1.38
ASTRAL	4,138	8,166	0.51	50	83	0.60
AUBANK	6,450	8,015	0.80	-55	-17	3.24
AUROPHARMA	4,783	10,161	0.47	302	-378	-0.80
AXISBANK	22,047	48,399	0.46	-1,610	-5,588	0.29
BAJAJ-AUTO	14,293	28,788	0.50	-328	460	-0.71
BAJAJFINSV	14,020	21,243	0.66	-17	-256	0.07
BAJFINANCE	23,443	39,747	0.59	-457	-1,177	0.39
BANDHANBNK	7,624	11,360	0.67	-6	-18	0.33
BANKBARODA	12,199	14,962	0.82	-4	-305	0.01
BANKINDIA	3,583	5,074	0.71	48	20	2.40
BDL	8,660	21,748	0.40	119	-218	-0.55
BEL	26,150	59,484	0.44	-438	-1,349	0.32
BHARATFORG	4,433	7,046	0.63	140	71	1.97
BHARTIARTL	18,933	38,867	0.49	-181	-145	1.25
BHEL	9,173	19,717	0.47	329	952	0.35
BIOCON	6,198	11,857	0.52	-130	-713	0.18
BLUESTARCO	2,002	1,965	1.02	424	-305	-1.39
BOSCHLTD	1,621	3,861	0.42	-5	371	-0.01
BPCL	5,397	9,405	0.57	-88	-52	1.69
BRITANNIA	6,494	11,209	0.58	204	1,376	0.15
BSE	17,981	32,838	0.55	170	-4,246	-0.04
CAMS	4,927	8,766	0.56	118	1,133	0.10
CANBK	12,392	15,256	0.81	53	-28	-1.89
CDSL	9,704	23,436	0.41	-53	-193	0.27
CGPOWER	4,432	10,463	0.42	-328	-493	0.67
CHOLAFIN	7,940	9,253	0.86	1,342	164	8.18
CIPLA	10,002	15,102	0.66	13	-442	-0.03
COALINDIA	13,182	13,044	1.01	214	-168	-1.27
COFORGE	8,785	20,186	0.44	-46	328	-0.14
COLPAL	7,941	13,265	0.60	4	119	0.03
CONCOR	7,700	10,302	0.75	-128	-122	1.05
CROMPTON	7,056	13,193	0.53	869	1,154	0.75
CUMMINSIND	3,889	6,612	0.59	54	1,352	0.04
CYIENT	2,329	3,693	0.63	-41	221	-0.19
DABUR	6,412	11,636	0.55	153	-55	-2.78
DALBHARAT	2,881	4,235	0.68	8	296	0.03
DELHIVERY	3,927	6,415	0.61	-90	-45	2.00
DIVISLAB	6,772	9,824	0.69	146	388	0.38
DIXON	35,894	66,325	0.54	559	-1,522	-0.37
DLF	17,170	25,674	0.67	509	-576	-0.88
DMART	6,992	16,386	0.43	4	988	0.00
DRREDDY	5,182	10,494	0.49	59	-122	-0.48
EICHERMOT	10,892	15,401	0.71	-257	-13	19.77
ETERNAL	18,966	37,447	0.51	-51	269	-0.19
EXIDEIND	4,295	6,472	0.66	111	451	0.25
FEDERALBNK	8,497	7,966	1.07	259	-315	-0.82
FORTIS	3,567	8,304	0.43	-53	-113	0.47
GAIL	13,337	20,269	0.66	-115	-3	38.33
GLENMARK	7,974	10,621	0.75	124	-297	-0.42
GMRAIRPORT	10,626	20,831	0.51	-303	776	-0.39
GODREJCP	3,807	5,699	0.67	111	-129	-0.86
GODREJPROP	6,944	12,217	0.57	-83	342	-0.24
GRASIM	9,434	8,626	1.09	-38	11	-3.45
HAL	28,506	55,409	0.51	398	-1,911	-0.21
HAVELLS	3,693	4,880	0.76	1	-170	-0.01
HCLTECH	11,743	21,004	0.56	402	619	0.65
HDFCAMC	9,357	11,051	0.85	3,773	3,928	0.96
HDFCBANK	43,252	75,668	0.57	700	1,772	0.40
HDFCLIFE	7,100	16,868	0.42	-69	-465	0.15
HEROMOTOCO	14,277	32,090	0.44	1,643	9,346	0.18
HFCL	4,993	11,822	0.42	69	-46	-1.50
HINDALCO	16,482	21,071	0.78	1,239	122	10.16
HINDPETRO	4,070	6,984	0.58	73	-28	-2.61
HINDUNILVR	9,888	20,373	0.49	-68	-310	0.22
HINDZINC	27,737	36,016	0.77	2,190	-2,030	-1.08
HUDCO	6,323	14,514	0.44	59	-43	-1.37
ICICIBANK	32,904	52,238	0.63	263	-1,840	-0.14
ICICIGI	3,248	5,938	0.55	149	-87	-1.71
ICICIPRULI	2,285	4,907	0.47	102	7	14.57
IDEA	14,587	25,212	0.58	-486	347	-1.40
IDFCFIRSTB	9,801	12,312	0.80	121	-273	-0.44
IEX	8,352	11,267	0.74	-29	-209	0.14
IIFL	2,668	4,376	0.61	-34	-100	0.34
INDHOTEL	6,384	10,151	0.63	354	-302	-1.17
INDIANB	4,837	12,103	0.40	-5	-88	0.06
INDIGO	51,157	98,895	0.52	1,451	-6,784	-0.21
INDUSINDBK	12,922	18,159	0.71	-103	-659	0.16
INDUSTOWER	8,612	14,713	0.59	-165	-585	0.28
INFY	44,408	63,750	0.70	5,067	75	67.56
INOXWIND	6,806	13,799	0.49	41	-87	-0.47
IOC	7,702	11,613	0.66	-210	-471	0.45
IRCTC	7,152	10,745	0.67	-495	-287	1.72
IREDA	5,017	10,325	0.49	-52	63	-0.83
IRFC	4,765	9,290	0.51	120	-260	-0.46
ITC	21,618	35,176	0.61	-124	-43	2.88
JINDALSTEL	5,801	9,214	0.63	292	3	97.33
JIOFIN	18,209	26,802	0.68	468	393	1.19
JSWENERGY	9,869	15,038	0.66	-232	-41	5.66
JSWSTEEL	11,881	28,117	0.42	-555	-983	0.56
JUBLFOOD	6,379	10,352	0.62	477	-513	-0.93
KALYANKJIL	4,775	9,557	0.50	121	359	0.34
KAYNES	30,715	76,226	0.40	-132	-839	0.16
KEI	2,558	3,791	0.67	-30	-89	0.34
KFINTECH	4,211	6,152	0.68	25	-445	-0.06
KOTAKBANK	18,039	21,444	0.84	134	112	1.20
KPITTECH	3,829	6,770	0.57	38	194	0.20
LAURUSLABS	5,333	9,663	0.55	135	-17	-7.94
LICHSGFIN	7,586	9,512	0.80	-24	-190	0.13
LICI	6,087	12,219	0.50	144	103	1.40
LODHA	4,843	11,587	0.42	143	-707	-0.20
LT	17,717	31,634	0.56	-262	30	-8.73
LTF	5,176	8,012	0.65	54	-12	-4.50
LTIM	4,554	6,276	0.73	29	485	0.06
LUPIN	5,311	6,698	0.79	112	-169	-0.66
M&M	16,928	33,907	0.50	239	1,647	0.15
MANAPPURAM	3,971	6,417	0.62	180	822	0.22
MANKIND	2,419	4,815	0.50	-20	-358	0.06
MARICO	3,107	5,057	0.61	-63	-171	0.37
MARUTI	27,683	31,550	0.88	-1,643	17	-96.65
MAXHEALTH	6,412	11,496	0.56	-425	-1,791	0.24
MAZDOCK	10,143	22,765	0.45	263	-471	-0.56
MCX	15,910	23,706	0.67	699	-612	-1.14
MFSL	2,389	4,473	0.53	27	2	13.50
MOTHERSON	6,076	8,832	0.69	-1,291	-456	2.83
MPHASIS	3,651	5,386	0.68	90	594	0.15
MUTHOOTFIN	5,740	10,752	0.53	-34	-203	0.17
NATIONALUM	6,869	8,163	0.84	231	-83	-2.78
NAUKRI	5,939	7,198	0.83	-71	-22	3.23
NBCC	3,401	9,066	0.38	141	608	0.23
NCC	3,838	9,060	0.42	155	286	0.54
NESTLEIND	4,297	14,374	0.30	-74	152	-0.49
NHPC	3,176	7,145	0.44	14	103	0.14
NMDC	10,073	13,695	0.74	-25	-160	0.16
NTPC	13,764	23,450	0.59	-250	921	-0.27
NUVAMA	3,225	6,463	0.50	705	2,338	0.30
NYKAA	2,834	7,284	0.39	55	313	0.18
OBEROIRLTY	3,823	5,314	0.72	240	-510	-0.47
OFSS	6,338	10,936	0.58	-83	731	-0.11
OIL	2,516	4,773	0.53	-47	-213	0.22
ONGC	10,809	27,012	0.40	-135	219	-0.62
PAGEIND	3,677	8,506	0.43	189	-104	-1.82
PATANJALI	4,787	8,424	0.57	559	-473	-1.18
PAYTM	7,961	14,074	0.57	130	-236	-0.55
PERSISTENT	6,748	11,233	0.60	259	-158	-1.64
PETRONET	8,991	8,524	1.05	91	52	1.75
PFC	21,429	34,711	0.62	460	-162	-2.84
PGEL	7,857	12,035	0.65	-32	-415	0.08
PHOENIXLTD	1,732	3,584	0.48	-14	-63	0.22
PIDILITIND	1,920	2,755	0.70	17	89	0.19
PIIND	3,736	5,769	0.65	203	-34	-5.97
PNB	11,764	20,945	0.56	162	87	1.87
PNBHOUSING	6,968	11,872	0.59	-106	469	-0.23
POLICYBZR	6,089	8,749	0.70	269	-724	-0.37
POLYCAB	5,027	8,011	0.63	-556	-510	1.09
POWERGRID	10,896	18,695	0.58	298	1,393	0.21
POWERINDIA	4,173	11,913	0.35	267	1,570	0.17
PPLPHARMA	3,046	7,203	0.42	44	104	0.42
PRESTIGE	2,808	4,476	0.63	39	127	0.31
RBLBANK	4,827	8,078	0.60	-47	-172	0.27
RECLTD	21,651	33,534	0.65	-478	-1,483	0.32
RELIANCE	50,162	96,144	0.52	-212	-797	0.27
RVNL	6,147	13,075	0.47	-102	-94	1.09
SAIL	5,943	10,338	0.57	80	-83	-0.96
SAMMAANCAP	8,151	13,498	0.60	-373	-481	0.78
SBICARD	4,904	7,271	0.67	-13	-614	0.02
SBILIFE	5,433	11,436	0.48	40	63	0.63
SBIN	42,098	59,163	0.71	371	-1,211	-0.31
SHREECEM	2,306	5,678	0.41	21	289	0.07
SHRIRAMFIN	15,481	23,216	0.67	1,305	-1,393	-0.94
SIEMENS	9,361	18,856	0.50	367	1,121	0.33
SOLARINDS	4,297	11,089	0.39	141	102	1.38
SONACOMS	2,561	5,607	0.46	5	-253	-0.02
SRF	7,574	9,728	0.78	409	69	5.93
SUNPHARMA	7,726	25,246	0.31	1,011	4,635	0.22
SUPREMEIND	4,196	6,989	0.60	-23	-214	0.11
SUZLON	10,043	25,016	0.40	-47	-7	6.71
SYNGENE	1,402	2,998	0.47	-37	-72	0.51
TATACONSUM	5,301	9,878	0.54	12	-125	-0.10
TATAELXSI	5,505	15,251	0.36	1	-148	-0.01
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,113	28,014	0.68	-138	931	-0.15
TATASTEEL	15,596	26,370	0.59	-124	91	-1.36
TATATECH	4,705	7,595	0.62	-96	18	-5.33
TCS	36,576	46,504	0.79	-917	-2,627	0.35
TECHM	8,230	10,082	0.82	525	-201	-2.61
TIINDIA	4,789	7,644	0.63	124	-156	-0.79
TITAGARH	2,741	5,669	0.48	151	438	0.34
TITAN	13,264	20,917	0.63	295	-7	-42.14
TMPV	40,669	83,553	0.49	-94	-2,668	0.04
TORNTPHARM	1,175	2,618	0.45	22	24	0.92
TORNTPOWER	1,846	3,378	0.55	-12	89	-0.13
TRENT	26,259	52,736	0.50	-470	1,083	-0.43
TVSMOTOR	9,400	9,810	0.96	-132	292	-0.45
ULTRACEMCO	11,503	21,372	0.54	217	1,921	0.11
UNIONBANK	5,486	8,203	0.67	-11	-100	0.11
UNITDSPR	10,317	10,344	1.00	2,075	607	3.42
UNOMINDA	2,751	5,248	0.52	-73	201	-0.36
UPL	4,887	6,972	0.70	49	83	0.59
VBL	9,536	19,135	0.50	-284	-4,119	0.07
VEDL	43,129	41,102	1.05	3,406	-1,906	-1.79
VOLTAS	6,870	7,904	0.87	684	-321	-2.13
WIPRO	11,513	14,194	0.81	577	252	2.29
YESBANK	6,406	12,969	0.49	-27	-59	0.46
ZYDUSLIFE	3,488	4,703	0.74	53	6	8.83

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