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.

PHOENIXLTD

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.

The Phoenix Mills Ltd

1739.2 +1.40 (0.08%)

L: 1717.2 H: 1752.1

Put-Call Ratio - PHOENIXLTD

11 Dec 2025 01:45 PM IST

Live

Expiry

Put OI

1,446

Call OI

2,823

PCR

0.51

Put OI Chg

7

Call OI Chg

16

COI PCR

0.44

COI Strength

-0.39

Interval

On 9:30 PHOENIXLTD was trading at 1732.1 with pcr value 0.52

On 9:45 PHOENIXLTD was trading at 1729.1 with pcr value 0.52

On 10:00 PHOENIXLTD was trading at 1730 with pcr value 0.51

On 10:15 PHOENIXLTD was trading at 1724 with pcr value 0.51

On 10:30 PHOENIXLTD was trading at 1733.9 with pcr value 0.51

On 10:45 PHOENIXLTD was trading at 1735.9 with pcr value 0.51

On 11:00 PHOENIXLTD was trading at 1732.5 with pcr value 0.51

On 11:15 PHOENIXLTD was trading at 1735.8 with pcr value 0.51

On 11:30 PHOENIXLTD was trading at 1736.1 with pcr value 0.51

On 11:45 PHOENIXLTD was trading at 1730.2 with pcr value 0.51

On 12:00 PHOENIXLTD was trading at 1732.2 with pcr value 0.51

On 12:15 PHOENIXLTD was trading at 1743.9 with pcr value 0.51

On 12:30 PHOENIXLTD was trading at 1745.5 with pcr value 0.51

On 12:45 PHOENIXLTD was trading at 1748.4 with pcr value 0.51

On 13:00 PHOENIXLTD was trading at 1750 with pcr value 0.51

On 13:15 PHOENIXLTD was trading at 1739.7 with pcr value 0.51

On 13:30 PHOENIXLTD was trading at 1737.2 with pcr value 0.51

On 13:45 PHOENIXLTD was trading at 1738.8 with pcr value 0.51

On 13:46 PHOENIXLTD was trading at 1738 with pcr value 0.51

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	1,653	3,057	0.54	-36	-36	1.00
ABB	5,046	6,674	0.76	88	408	0.22
ABCAPITAL	4,915	7,715	0.64	294	322	0.91
ADANIENSOL	3,361	5,379	0.62	6	-208	-0.03
ADANIENT	27,181	44,800	0.61	570	-482	-1.18
ADANIGREEN	11,099	20,896	0.53	759	-785	-0.97
ADANIPORTS	9,799	18,481	0.53	87	-749	-0.12
ALKEM	1,151	1,778	0.65	77	26	2.96
AMBER	6,997	11,472	0.61	99	-387	-0.26
AMBUJACEM	9,230	12,105	0.76	-117	188	-0.62
ANGELONE	8,198	17,603	0.47	-221	-1,668	0.13
APLAPOLLO	2,421	2,713	0.89	421	-75	-5.61
APOLLOHOSP	7,157	15,369	0.47	350	864	0.41
ASHOKLEY	9,944	12,489	0.80	301	-171	-1.76
ASIANPAINT	17,361	30,178	0.58	435	1,835	0.24
ASTRAL	4,266	7,905	0.54	195	339	0.58
AUBANK	6,496	7,805	0.83	-606	34	-17.82
AUROPHARMA	4,450	10,362	0.43	57	-28	-2.04
AXISBANK	14,111	29,610	0.48	-78	-50	1.56
BAJAJ-AUTO	14,832	25,076	0.59	59	-984	-0.06
BAJAJFINSV	13,345	19,439	0.69	-148	-152	0.97
BAJFINANCE	22,395	37,200	0.60	739	2,236	0.33
BANDHANBNK	8,429	12,399	0.68	-32	-63	0.51
BANKBARODA	12,472	14,899	0.84	-82	402	-0.20
BANKINDIA	3,213	4,582	0.70	73	-87	-0.84
BDL	7,574	16,979	0.45	-283	-434	0.65
BEL	26,177	56,804	0.46	109	-289	-0.38
BHARATFORG	4,034	6,362	0.63	142	-23	-6.17
BHARTIARTL	18,388	40,311	0.46	487	2,014	0.24
BHEL	9,548	18,635	0.51	111	-367	-0.30
BIOCON	6,519	13,382	0.49	33	9	3.67
BLUESTARCO	880	1,305	0.67	87	-83	-1.05
BOSCHLTD	1,511	2,543	0.59	30	-320	-0.09
BPCL	4,916	7,540	0.65	148	335	0.44
BRITANNIA	4,604	7,313	0.63	-40	-140	0.29
BSE	17,784	30,315	0.59	623	-2,037	-0.31
CAMS	4,417	7,828	0.56	-15	-242	0.06
CANBK	12,146	15,565	0.78	185	-433	-0.43
CDSL	10,022	20,496	0.49	-64	-1,388	0.05
CGPOWER	4,777	8,774	0.54	-91	-40	2.27
CHOLAFIN	3,422	5,294	0.65	46	-73	-0.63
CIPLA	10,793	15,510	0.70	-10	-40	0.25
COALINDIA	12,670	11,541	1.10	186	-599	-0.31
COFORGE	8,624	21,855	0.39	-167	845	-0.20
COLPAL	6,604	8,922	0.74	-127	86	-1.48
CONCOR	7,109	9,458	0.75	-109	87	-1.25
CROMPTON	6,440	11,190	0.58	106	124	0.85
CUMMINSIND	3,595	4,361	0.82	179	-37	-4.84
CYIENT	1,870	2,734	0.68	-3	-34	0.09
DABUR	4,707	8,864	0.53	37	321	0.12
DALBHARAT	1,792	2,783	0.64	34	-161	-0.21
DELHIVERY	3,927	5,755	0.68	-2	12	-0.17
DIVISLAB	6,764	9,002	0.75	446	-194	-2.30
DIXON	34,724	72,679	0.48	5,172	2,423	2.13
DLF	16,385	24,184	0.68	45	-551	-0.08
DMART	7,321	13,092	0.56	385	472	0.82
DRREDDY	5,453	10,179	0.54	573	-512	-1.12
EICHERMOT	11,326	14,232	0.80	738	1,259	0.59
ETERNAL	17,892	31,209	0.57	154	-1,057	-0.15
EXIDEIND	3,901	5,077	0.77	-32	-48	0.67
FEDERALBNK	7,831	8,247	0.95	698	-47	-14.85
FORTIS	3,488	9,136	0.38	52	64	0.81
GAIL	12,866	19,566	0.66	-125	-95	1.32
GLENMARK	8,352	11,566	0.72	-362	174	-2.08
GMRAIRPORT	9,965	18,710	0.53	165	508	0.32
GODREJCP	2,848	4,005	0.71	-40	-175	0.23
GODREJPROP	6,986	11,998	0.58	-109	-157	0.69
GRASIM	8,574	9,144	0.94	85	-537	-0.16
HAL	27,888	52,633	0.53	-255	-1,345	0.19
HAVELLS	3,839	5,109	0.75	-45	105	-0.43
HCLTECH	11,724	19,206	0.61	-101	566	-0.18
HDFCAMC	4,296	5,207	0.83	0	-277	0.00
HDFCBANK	41,098	61,055	0.67	-1,111	-6,829	0.16
HDFCLIFE	6,944	15,065	0.46	156	629	0.25
HEROMOTOCO	11,951	16,635	0.72	134	-633	-0.21
HFCL	4,448	10,088	0.44	8	-466	-0.02
HINDALCO	15,213	20,305	0.75	76	99	0.77
HINDPETRO	4,102	6,392	0.64	52	78	0.67
HINDUNILVR	7,095	15,941	0.45	43	-19	-2.26
HINDZINC	12,065	18,695	0.65	1,445	1,496	0.97
HUDCO	6,275	13,084	0.48	-168	-226	0.74
ICICIBANK	30,784	48,149	0.64	406	2,029	0.20
ICICIGI	3,223	5,010	0.64	78	-10	-7.80
ICICIPRULI	2,374	4,346	0.55	-197	27	-7.30
IDEA	15,181	27,468	0.55	306	-96	-3.19
IDFCFIRSTB	8,723	13,969	0.62	59	350	0.17
IEX	8,548	12,011	0.71	66	-20	-3.30
IIFL	2,509	3,816	0.66	9	64	0.14
INDHOTEL	5,688	8,559	0.66	128	-51	-2.47
INDIANB	4,677	10,783	0.43	-67	17	-3.94
INDIGO	57,724	1,18,828	0.49	3,242	6,981	0.46
INDUSINDBK	12,610	18,141	0.70	139	-266	-0.52
INDUSTOWER	8,295	12,915	0.64	-86	-368	0.23
INFY	37,127	58,754	0.63	-916	-376	2.44
INOXWIND	7,140	14,332	0.50	131	-619	-0.21
IOC	6,154	11,357	0.54	133	672	0.20
IRCTC	7,155	11,208	0.64	58	-119	-0.49
IREDA	5,064	10,649	0.48	-99	-187	0.53
IRFC	4,474	8,841	0.51	63	-20	-3.15
ITC	24,590	32,795	0.75	148	359	0.41
JINDALSTEL	5,450	7,998	0.68	24	51	0.47
JIOFIN	18,668	25,849	0.72	-205	-1,231	0.17
JSWENERGY	10,268	18,558	0.55	-267	-452	0.59
JSWSTEEL	14,471	27,953	0.52	0	-194	0.00
JUBLFOOD	3,906	5,659	0.69	-100	-424	0.24
KALYANKJIL	4,598	8,814	0.52	289	-111	-2.60
KAYNES	30,797	81,923	0.38	1,460	3,539	0.41
KEI	1,625	3,131	0.52	24	-119	-0.20
KFINTECH	4,438	6,056	0.73	318	-107	-2.97
KOTAKBANK	21,575	21,745	0.99	6,728	3,079	2.19
KPITTECH	3,166	5,015	0.63	178	-525	-0.34
LAURUSLABS	5,095	8,732	0.58	235	-288	-0.82
LICHSGFIN	7,485	9,154	0.82	-28	21	-1.33
LICI	6,289	10,256	0.61	64	-4	-16.00
LODHA	4,624	10,305	0.45	-15	71	-0.21
LT	17,633	31,424	0.56	-92	802	-0.11
LTF	5,171	7,864	0.66	9	-64	-0.14
LTIM	4,679	6,101	0.77	-193	81	-2.38
LUPIN	4,932	6,459	0.76	207	-317	-0.65
M&M	16,373	27,783	0.59	-40	315	-0.13
MANAPPURAM	3,460	5,569	0.62	33	-60	-0.55
MANKIND	2,191	4,186	0.52	-21	87	-0.24
MARICO	2,693	3,936	0.68	-108	-236	0.46
MARUTI	24,598	29,180	0.84	4,318	-579	-7.46
MAXHEALTH	5,324	9,986	0.53	-124	-95	1.31
MAZDOCK	9,739	19,583	0.50	-211	-215	0.98
MCX	14,677	23,202	0.63	-301	604	-0.50
MFSL	2,476	4,214	0.59	26	-151	-0.17
MOTHERSON	6,466	9,955	0.65	530	548	0.97
MPHASIS	3,624	4,596	0.79	13	-51	-0.25
MUTHOOTFIN	4,834	9,914	0.49	204	217	0.94
NATIONALUM	6,024	8,187	0.74	46	216	0.21
NAUKRI	5,755	8,203	0.70	193	175	1.10
NBCC	3,199	6,622	0.48	61	98	0.62
NCC	3,570	7,130	0.50	96	23	4.17
NESTLEIND	4,491	15,213	0.30	-19	-147	0.13
NHPC	3,184	7,199	0.44	15	-179	-0.08
NMDC	9,972	12,703	0.79	-139	-560	0.25
NTPC	14,218	22,687	0.63	60	-342	-0.17
NUVAMA	2,305	4,298	0.54	145	101	1.44
NYKAA	2,717	6,602	0.41	47	208	0.23
OBEROIRLTY	3,967	5,662	0.70	-10	-366	0.03
OFSS	10,272	8,349	1.23	4,493	-392	-11.46
OIL	2,502	4,029	0.62	-5	-248	0.02
ONGC	8,368	19,097	0.44	-38	-127	0.30
PAGEIND	3,379	6,793	0.50	-84	-141	0.60
PATANJALI	3,626	7,891	0.46	173	116	1.49
PAYTM	7,943	12,331	0.64	-177	-290	0.61
PERSISTENT	6,242	9,987	0.63	701	356	1.97
PETRONET	8,500	8,047	1.06	4	-17	-0.24
PFC	20,138	32,234	0.62	229	1,016	0.23
PGEL	8,234	12,791	0.64	-204	-67	3.04
PHOENIXLTD	1,446	2,823	0.51	7	16	0.44
PIDILITIND	1,919	2,537	0.76	-31	-51	0.61
PIIND	2,568	3,757	0.68	-52	-106	0.49
PNB	11,568	21,895	0.53	-73	302	-0.24
PNBHOUSING	4,047	5,025	0.81	37	-128	-0.29
POLICYBZR	4,692	5,712	0.82	26	-59	-0.44
POLYCAB	4,137	5,862	0.71	146	-126	-1.16
POWERGRID	10,621	15,739	0.67	191	422	0.45
POWERINDIA	4,389	12,134	0.36	-154	529	-0.29
PPLPHARMA	2,525	6,060	0.42	-5	28	-0.18
PRESTIGE	2,981	3,637	0.82	150	-46	-3.26
RBLBANK	4,484	6,846	0.65	272	59	4.61
RECLTD	21,131	31,248	0.68	-56	371	-0.15
RELIANCE	51,770	96,202	0.54	1,266	2,546	0.50
RVNL	6,591	12,494	0.53	11	99	0.11
SAIL	5,752	9,918	0.58	82	3	27.33
SAMMAANCAP	5,937	9,003	0.66	-2	-8	0.25
SBICARD	4,556	6,989	0.65	-48	-291	0.16
SBILIFE	4,778	8,817	0.54	-55	85	-0.65
SBIN	39,888	65,319	0.61	-842	-969	0.87
SHREECEM	1,526	2,715	0.56	261	-235	-1.11
SHRIRAMFIN	12,115	17,768	0.68	-149	-246	0.61
SIEMENS	5,654	12,575	0.45	201	485	0.41
SOLARINDS	3,525	8,111	0.43	-27	248	-0.11
SONACOMS	2,659	5,522	0.48	299	-174	-1.72
SRF	6,732	10,176	0.66	782	-43	-18.19
SUNPHARMA	6,306	15,251	0.41	-484	-1,150	0.42
SUPREMEIND	3,827	6,980	0.55	532	687	0.77
SUZLON	9,816	23,102	0.42	156	96	1.63
SYNGENE	1,627	2,488	0.65	-13	-64	0.20
TATACONSUM	4,560	8,487	0.54	-26	-189	0.14
TATAELXSI	5,177	15,084	0.34	-64	-218	0.29
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,634	25,784	0.76	-269	-32	8.41
TATASTEEL	15,892	32,681	0.49	444	-904	-0.49
TATATECH	4,686	7,474	0.63	21	-219	-0.10
TCS	37,926	49,050	0.77	1,629	2,149	0.76
TECHM	7,237	9,218	0.79	-195	-231	0.84
TIINDIA	4,621	7,454	0.62	74	-85	-0.87
TITAGARH	2,525	5,549	0.46	-3	-62	0.05
TITAN	12,189	20,674	0.59	654	553	1.18
TMPV	39,971	87,894	0.45	575	-710	-0.81
TORNTPHARM	1,183	2,340	0.51	-24	125	-0.19
TORNTPOWER	2,104	2,820	0.75	228	-149	-1.53
TRENT	26,676	48,915	0.55	1,373	3,815	0.36
TVSMOTOR	9,363	9,760	0.96	-17	-187	0.09
ULTRACEMCO	10,598	18,559	0.57	234	-263	-0.89
UNIONBANK	5,698	9,225	0.62	79	-62	-1.27
UNITDSPR	6,389	8,453	0.76	49	71	0.69
UNOMINDA	2,734	4,988	0.55	-101	-15	6.73
UPL	4,075	5,553	0.73	105	-129	-0.81
VBL	8,940	22,267	0.40	-67	156	-0.43
VEDL	22,210	32,864	0.68	1,209	-377	-3.21
VOLTAS	6,792	7,791	0.87	-140	-161	0.87
WIPRO	11,025	13,762	0.80	75	-336	-0.22
YESBANK	6,297	12,241	0.51	96	3	32.00
ZYDUSLIFE	3,295	4,362	0.76	15	118	0.13

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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