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|)) × 100. This normalized indicator measures directional bias of intraday OI changes scaled to percent. Values > 60% indicate bullish sentiment, < -60% indicate bearish sentiment, and -60% to 60% indicate neutral activity.

What is OI Strength and how do I use it?

OI Strength % = ((PE OI - CE OI) / (|PE OI| + |CE OI|)) × 100. This normalized indicator measures directional bias of total OI scaled to percent. Values > 60% indicate bullish sentiment, < -60% indicate bearish sentiment, and -60% to 60% 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 % and OI 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 % and OI Strength % values at support/resistance for reversal signals. Monitor sudden COI Strength % shifts as they often precede intraday trend changes.

SILVER

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|)) × 100. This normalized indicator measures directional bias of intraday OI changes scaled to percent. Values > 60% indicate bullish sentiment, < -60% indicate bearish sentiment, and -60% to 60% indicate neutral activity.

Q: What is OI Strength and how do I use it?

OI Strength % = ((PE OI - CE OI) / (|PE OI| + |CE OI|)) × 100. This normalized indicator measures directional bias of total OI scaled to percent. Values > 60% indicate bullish sentiment, < -60% indicate bearish sentiment, and -60% to 60% 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 % and OI Strength % for clearer signals in these cases.

Silver

268153 -817.00 (-0.30%)

L: 260711 H: 271352

Put-Call Ratio - SILVER

12 Jan 2026 11:58 PM IST

Market Closed

Expiry

Put OI

7,661

Call OI

5,389

PCR

1.42

OI Strength %

17.41 %

Put OI Chg

240

Call OI Chg

-99

COI PCR

-2.42

COI Strength %

100.00 %

Interval

On 9:30 SILVER was trading at 261416 with pcr value 1.29

On 9:45 SILVER was trading at 261301 with pcr value 1.31

On 10:00 SILVER was trading at 261923 with pcr value 1.3

On 10:15 SILVER was trading at 261850 with pcr value 1.34

On 10:30 SILVER was trading at 262171 with pcr value 1.34

On 10:45 SILVER was trading at 262384 with pcr value 1.34

On 11:00 SILVER was trading at 262940 with pcr value 1.34

On 11:15 SILVER was trading at 264559 with pcr value 1.31

On 11:30 SILVER was trading at 264857 with pcr value 1.31

On 11:45 SILVER was trading at 264695 with pcr value 1.33

On 12:00 SILVER was trading at 264819 with pcr value 1.33

On 12:15 SILVER was trading at 264888 with pcr value 1.33

On 12:30 SILVER was trading at 265139 with pcr value 1.33

On 12:45 SILVER was trading at 264046 with pcr value 1.33

On 13:00 SILVER was trading at 264186 with pcr value 1.34

On 13:15 SILVER was trading at 263474 with pcr value 1.34

On 13:30 SILVER was trading at 264877 with pcr value 1.34

On 13:45 SILVER was trading at 264425 with pcr value 1.34

On 14:00 SILVER was trading at 264563 with pcr value 1.35

On 14:15 SILVER was trading at 264350 with pcr value 1.35

On 14:30 SILVER was trading at 264867 with pcr value 1.35

On 14:45 SILVER was trading at 265132 with pcr value 1.35

On 15:00 SILVER was trading at 265188 with pcr value 1.34

On 15:15 SILVER was trading at 264877 with pcr value 1.35

On 15:30 SILVER was trading at 264833 with pcr value 1.37

On 15:45 SILVER was trading at 264707 with pcr value 1.38

On 16:00 SILVER was trading at 264804 with pcr value 1.39

On 16:15 SILVER was trading at 264700 with pcr value 1.39

On 16:30 SILVER was trading at 264784 with pcr value 1.38

On 16:45 SILVER was trading at 264765 with pcr value 1.38

On 17:00 SILVER was trading at 263822 with pcr value 1.38

On 17:15 SILVER was trading at 264700 with pcr value 1.38

On 17:30 SILVER was trading at 264000 with pcr value 1.38

On 17:45 SILVER was trading at 264674 with pcr value 1.38

On 18:00 SILVER was trading at 264253 with pcr value 1.38

On 18:15 SILVER was trading at 264790 with pcr value 1.38

On 18:30 SILVER was trading at 264932 with pcr value 1.39

On 18:45 SILVER was trading at 267666 with pcr value 1.39

On 19:00 SILVER was trading at 267384 with pcr value 1.39

On 19:15 SILVER was trading at 267719 with pcr value 1.4

On 19:30 SILVER was trading at 269350 with pcr value 1.4

On 19:45 SILVER was trading at 266193 with pcr value 1.39

On 20:00 SILVER was trading at 265310 with pcr value 1.4

On 20:15 SILVER was trading at 267100 with pcr value 1.4

On 20:30 SILVER was trading at 267200 with pcr value 1.4

On 20:45 SILVER was trading at 268634 with pcr value 1.4

On 21:00 SILVER was trading at 268608 with pcr value 1.4

On 21:15 SILVER was trading at 269099 with pcr value 1.4

On 21:30 SILVER was trading at 268101 with pcr value 1.4

On 21:45 SILVER was trading at 269441 with pcr value 1.4

On 22:00 SILVER was trading at 270366 with pcr value 1.4

On 22:15 SILVER was trading at 270379 with pcr value 1.4

On 22:30 SILVER was trading at 270449 with pcr value 1.4

On 22:45 SILVER was trading at 270400 with pcr value 1.4

On 23:00 SILVER was trading at 270117 with pcr value 1.4

On 23:15 SILVER was trading at 269696 with pcr value 1.4

On 23:30 SILVER was trading at 270091 with pcr value 1.42

On 23:45 SILVER was trading at 268707 with pcr value 1.42

On 23:59 SILVER was trading at 268153 with pcr value 1.42

Put-Call-Ratio Table for Commodity

Stock PCR Index PCR

<= 0.8 Bearish Trend

>= 1.2 Bullish Trend

0.8 - 1.2 Neutral Trend

Understanding PCR, COI Strength %, OI Strength %

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 %, OI Strength %

COI Strength % = ((PE COI - CE COI) / (|PE COI| + |CE COI|)) × 100

OI Strength % = ((PE OI - CE OI) / (|PE OI| + |CE OI|)) × 100

> 60%

Bullish

Strong put dominance

-60% to 60%

Neutral

Balanced activity

< -60%

Bearish

Strong call 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|)) × 100

This normalized indicator measures the directional bias of intraday Open Interest changes scaled to percent:

> 60% (Bullish): Put side dominance - fresh put writing or buying suggests bullish positioning.
-60% to 60% (Neutral): Balanced activity on both sides - no clear directional conviction.
< -60% (Bearish): Call side dominance - fresh call writing or buying suggests bearish positioning.

Advantages over PCR:

Normalized scale makes comparison across symbols easier
Not affected by extreme ratios when one side is very small
Clearly shows which side has stronger intraday momentum

OI Strength % = ((PE OI - CE OI) / (|PE OI| + |CE OI|)) × 100

This normalized indicator measures the directional bias of total Open Interest scaled to percent:

> 60% (Bullish): Put OI dominance - more total puts than calls suggests bullish positioning.
-60% to 60% (Neutral): Balanced total OI on both sides - no clear directional conviction.
< -60% (Bearish): Call OI dominance - more total calls than puts suggests bearish positioning.

Difference from COI Strength %:

OI Strength %: Uses total accumulated OI (all-time positions)
COI Strength %: Uses only intraday OI changes (today's activity)

Use Case: OI Strength % shows overall market positioning, while COI Strength % shows fresh intraday momentum. Use both together for a complete picture.

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 % and OI Strength % instead - they handle these edge cases better and provide 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 % or OI Strength % (>60% or <-60%) combined with price at support/resistance can signal strong reversals.
Intraday Pivots: Watch for sudden COI Strength % shifts (e.g., from +50% to -30%) 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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