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.

TECHM

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.

Tech Mahindra Limited

1558.6 +7.80 (0.50%)

L: 1541 H: 1565

Put-Call Ratio - TECHM

11 Dec 2025 01:53 PM IST

Live

Expiry

Put OI

7,233

Call OI

9,228

PCR

0.78

Put OI Chg

-199

Call OI Chg

-221

COI PCR

0.90

COI Strength

0.05

Interval

On 9:30 TECHM was trading at 1557.7 with pcr value 0.78

On 9:45 TECHM was trading at 1545.9 with pcr value 0.77

On 10:00 TECHM was trading at 1544.6 with pcr value 0.77

On 10:15 TECHM was trading at 1555.4 with pcr value 0.76

On 10:30 TECHM was trading at 1556.3 with pcr value 0.77

On 10:45 TECHM was trading at 1554.6 with pcr value 0.77

On 11:00 TECHM was trading at 1555 with pcr value 0.77

On 11:15 TECHM was trading at 1552 with pcr value 0.78

On 11:30 TECHM was trading at 1558 with pcr value 0.78

On 11:45 TECHM was trading at 1559.3 with pcr value 0.78

On 12:00 TECHM was trading at 1562.3 with pcr value 0.79

On 12:15 TECHM was trading at 1562 with pcr value 0.79

On 12:30 TECHM was trading at 1563.7 with pcr value 0.79

On 12:45 TECHM was trading at 1561 with pcr value 0.79

On 13:00 TECHM was trading at 1560.4 with pcr value 0.79

On 13:15 TECHM was trading at 1557.2 with pcr value 0.79

On 13:30 TECHM was trading at 1558 with pcr value 0.79

On 13:45 TECHM was trading at 1559.6 with pcr value 0.79

On 13:54 TECHM was trading at 1557.5 with pcr value 0.78

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	1,651	3,067	0.54	-38	-26	1.46
ABB	5,044	6,677	0.76	86	411	0.21
ABCAPITAL	4,912	7,775	0.63	291	382	0.76
ADANIENSOL	3,349	5,390	0.62	-6	-197	0.03
ADANIENT	27,448	43,219	0.64	837	-2,063	-0.41
ADANIGREEN	11,360	20,960	0.54	1,020	-721	-1.41
ADANIPORTS	9,876	18,289	0.54	164	-941	-0.17
ALKEM	1,146	1,794	0.64	72	42	1.71
AMBER	6,992	11,447	0.61	94	-412	-0.23
AMBUJACEM	9,227	12,099	0.76	-120	182	-0.66
ANGELONE	8,216	17,602	0.47	-203	-1,669	0.12
APLAPOLLO	2,420	2,710	0.89	420	-78	-5.38
APOLLOHOSP	7,256	15,353	0.47	449	848	0.53
ASHOKLEY	9,923	12,501	0.79	280	-159	-1.76
ASIANPAINT	17,345	30,214	0.57	419	1,871	0.22
ASTRAL	4,267	7,904	0.54	196	338	0.58
AUBANK	6,497	7,836	0.83	-605	65	-9.31
AUROPHARMA	4,453	10,375	0.43	60	-15	-4.00
AXISBANK	14,144	29,609	0.48	-45	-51	0.88
BAJAJ-AUTO	14,846	25,015	0.59	73	-1,045	-0.07
BAJAJFINSV	13,365	19,447	0.69	-128	-144	0.89
BAJFINANCE	22,394	37,244	0.60	738	2,280	0.32
BANDHANBNK	8,419	12,387	0.68	-42	-75	0.56
BANKBARODA	12,466	14,921	0.84	-88	424	-0.21
BANKINDIA	3,215	4,582	0.70	75	-87	-0.86
BDL	7,570	16,975	0.45	-287	-438	0.66
BEL	26,214	56,744	0.46	146	-349	-0.42
BHARATFORG	4,030	6,340	0.64	138	-45	-3.07
BHARTIARTL	18,388	40,304	0.46	487	2,007	0.24
BHEL	9,536	18,634	0.51	99	-368	-0.27
BIOCON	6,513	13,375	0.49	27	2	13.50
BLUESTARCO	880	1,305	0.67	87	-83	-1.05
BOSCHLTD	1,502	2,533	0.59	21	-330	-0.06
BPCL	5,014	7,568	0.66	246	363	0.68
BRITANNIA	4,605	7,300	0.63	-39	-153	0.25
BSE	17,799	30,334	0.59	638	-2,018	-0.32
CAMS	4,411	7,904	0.56	-21	-166	0.13
CANBK	12,172	15,572	0.78	211	-426	-0.50
CDSL	10,020	20,468	0.49	-66	-1,416	0.05
CGPOWER	4,779	8,773	0.54	-89	-41	2.17
CHOLAFIN	3,429	5,299	0.65	53	-68	-0.78
CIPLA	10,809	15,444	0.70	6	-106	-0.06
COALINDIA	12,659	11,550	1.10	175	-590	-0.30
COFORGE	8,622	21,855	0.39	-169	845	-0.20
COLPAL	6,605	8,913	0.74	-126	77	-1.64
CONCOR	7,110	9,475	0.75	-108	104	-1.04
CROMPTON	6,439	11,179	0.58	105	113	0.93
CUMMINSIND	3,602	4,368	0.82	186	-30	-6.20
CYIENT	1,868	2,736	0.68	-5	-32	0.16
DABUR	4,702	8,869	0.53	32	326	0.10
DALBHARAT	1,786	2,748	0.65	28	-196	-0.14
DELHIVERY	3,929	5,760	0.68	0	17	0.00
DIVISLAB	6,773	8,959	0.76	455	-237	-1.92
DIXON	34,794	72,604	0.48	5,242	2,348	2.23
DLF	16,402	24,187	0.68	62	-548	-0.11
DMART	7,343	13,036	0.56	407	416	0.98
DRREDDY	5,480	10,169	0.54	600	-522	-1.15
EICHERMOT	11,314	14,264	0.79	726	1,291	0.56
ETERNAL	17,898	31,210	0.57	160	-1,056	-0.15
EXIDEIND	3,900	5,076	0.77	-33	-49	0.67
FEDERALBNK	7,819	8,245	0.95	686	-49	-14.00
FORTIS	3,493	9,137	0.38	57	65	0.88
GAIL	12,865	19,555	0.66	-126	-106	1.19
GLENMARK	8,354	11,575	0.72	-360	183	-1.97
GMRAIRPORT	9,969	18,719	0.53	169	517	0.33
GODREJCP	2,844	4,008	0.71	-44	-172	0.26
GODREJPROP	6,986	11,953	0.58	-109	-202	0.54
GRASIM	8,636	9,150	0.94	147	-531	-0.28
HAL	27,881	52,709	0.53	-262	-1,269	0.21
HAVELLS	3,840	5,107	0.75	-44	103	-0.43
HCLTECH	11,768	19,257	0.61	-57	617	-0.09
HDFCAMC	4,275	5,213	0.82	-21	-271	0.08
HDFCBANK	41,082	60,950	0.67	-1,127	-6,934	0.16
HDFCLIFE	6,965	15,077	0.46	177	641	0.28
HEROMOTOCO	11,962	16,643	0.72	145	-625	-0.23
HFCL	4,458	10,076	0.44	18	-478	-0.04
HINDALCO	15,203	20,270	0.75	66	64	1.03
HINDPETRO	4,167	6,397	0.65	117	83	1.41
HINDUNILVR	7,088	15,918	0.45	36	-42	-0.86
HINDZINC	12,054	18,697	0.64	1,434	1,498	0.96
HUDCO	6,275	13,086	0.48	-168	-224	0.75
ICICIBANK	30,827	48,081	0.64	449	1,961	0.23
ICICIGI	3,217	4,996	0.64	72	-24	-3.00
ICICIPRULI	2,370	4,380	0.54	-201	61	-3.30
IDEA	15,185	27,459	0.55	310	-105	-2.95
IDFCFIRSTB	8,735	13,993	0.62	71	374	0.19
IEX	8,572	12,002	0.71	90	-29	-3.10
IIFL	2,500	3,820	0.65	0	68	0.00
INDHOTEL	5,692	8,556	0.67	132	-54	-2.40
INDIANB	4,675	10,788	0.43	-69	22	-3.14
INDIGO	57,790	1,18,298	0.49	3,308	6,451	0.51
INDUSINDBK	12,623	18,122	0.70	152	-285	-0.53
INDUSTOWER	8,294	12,898	0.64	-87	-385	0.23
INFY	37,105	58,765	0.63	-938	-365	2.57
INOXWIND	7,138	14,336	0.50	129	-615	-0.21
IOC	6,185	11,382	0.54	164	697	0.24
IRCTC	7,156	11,211	0.64	59	-116	-0.51
IREDA	5,065	10,652	0.48	-98	-184	0.53
IRFC	4,481	8,837	0.51	70	-24	-2.92
ITC	24,598	32,800	0.75	156	364	0.43
JINDALSTEL	5,450	7,989	0.68	24	42	0.57
JIOFIN	18,708	25,725	0.73	-165	-1,355	0.12
JSWENERGY	10,261	18,553	0.55	-274	-457	0.60
JSWSTEEL	14,463	27,914	0.52	-8	-233	0.03
JUBLFOOD	3,896	5,758	0.68	-110	-325	0.34
KALYANKJIL	4,593	8,822	0.52	284	-103	-2.76
KAYNES	30,817	82,014	0.38	1,480	3,630	0.41
KEI	1,624	3,116	0.52	23	-134	-0.17
KFINTECH	4,436	6,029	0.74	316	-134	-2.36
KOTAKBANK	21,675	22,055	0.98	6,828	3,389	2.01
KPITTECH	3,174	5,015	0.63	186	-525	-0.35
LAURUSLABS	5,082	8,724	0.58	222	-296	-0.75
LICHSGFIN	7,484	9,162	0.82	-29	29	-1.00
LICI	6,291	10,270	0.61	66	10	6.60
LODHA	4,622	10,302	0.45	-17	68	-0.25
LT	17,671	31,402	0.56	-54	780	-0.07
LTF	5,174	7,883	0.66	12	-45	-0.27
LTIM	4,675	6,103	0.77	-197	83	-2.37
LUPIN	4,939	6,461	0.76	214	-315	-0.68
M&M	16,376	27,773	0.59	-37	305	-0.12
MANAPPURAM	3,456	5,565	0.62	29	-64	-0.45
MANKIND	2,190	4,194	0.52	-22	95	-0.23
MARICO	2,689	3,931	0.68	-112	-241	0.46
MARUTI	24,676	29,200	0.85	4,396	-559	-7.86
MAXHEALTH	5,322	9,993	0.53	-126	-88	1.43
MAZDOCK	9,735	19,570	0.50	-215	-228	0.94
MCX	14,710	23,181	0.63	-268	583	-0.46
MFSL	2,474	4,203	0.59	24	-162	-0.15
MOTHERSON	6,494	9,931	0.65	558	524	1.06
MPHASIS	3,635	4,607	0.79	24	-40	-0.60
MUTHOOTFIN	4,833	9,907	0.49	203	210	0.97
NATIONALUM	6,027	8,187	0.74	49	216	0.23
NAUKRI	5,756	8,195	0.70	194	167	1.16
NBCC	3,201	6,691	0.48	63	167	0.38
NCC	3,576	7,127	0.50	102	20	5.10
NESTLEIND	4,483	15,213	0.29	-27	-147	0.18
NHPC	3,179	7,174	0.44	10	-204	-0.05
NMDC	9,970	12,708	0.78	-141	-555	0.25
NTPC	14,224	22,662	0.63	66	-367	-0.18
NUVAMA	2,294	4,265	0.54	134	68	1.97
NYKAA	2,716	6,607	0.41	46	213	0.22
OBEROIRLTY	3,968	5,663	0.70	-9	-365	0.02
OFSS	10,289	8,323	1.24	4,510	-418	-10.79
OIL	2,498	4,033	0.62	-9	-244	0.04
ONGC	8,370	19,100	0.44	-36	-124	0.29
PAGEIND	3,376	6,798	0.50	-87	-136	0.64
PATANJALI	3,627	7,903	0.46	174	128	1.36
PAYTM	7,943	12,327	0.64	-177	-294	0.60
PERSISTENT	6,249	9,944	0.63	708	313	2.26
PETRONET	8,500	8,041	1.06	4	-23	-0.17
PFC	20,158	32,278	0.62	249	1,060	0.23
PGEL	8,234	12,790	0.64	-204	-68	3.00
PHOENIXLTD	1,446	2,821	0.51	7	14	0.50
PIDILITIND	1,919	2,543	0.75	-31	-45	0.69
PIIND	2,569	3,755	0.68	-51	-108	0.47
PNB	11,569	21,901	0.53	-72	308	-0.23
PNBHOUSING	4,049	5,032	0.80	39	-121	-0.32
POLICYBZR	4,694	5,679	0.83	28	-92	-0.30
POLYCAB	4,139	5,867	0.71	148	-121	-1.22
POWERGRID	10,613	15,696	0.68	183	379	0.48
POWERINDIA	4,391	12,140	0.36	-152	535	-0.28
PPLPHARMA	2,524	6,072	0.42	-6	40	-0.15
PRESTIGE	2,978	3,634	0.82	147	-49	-3.00
RBLBANK	4,491	6,859	0.65	279	72	3.88
RECLTD	21,125	31,200	0.68	-62	323	-0.19
RELIANCE	51,743	96,246	0.54	1,239	2,590	0.48
RVNL	6,587	12,472	0.53	7	77	0.09
SAIL	5,753	9,914	0.58	83	-1	-83.00
SAMMAANCAP	5,937	9,003	0.66	-2	-8	0.25
SBICARD	4,567	6,970	0.66	-37	-310	0.12
SBILIFE	4,808	8,977	0.54	-25	245	-0.10
SBIN	39,740	65,245	0.61	-990	-1,043	0.95
SHREECEM	1,526	2,714	0.56	261	-236	-1.11
SHRIRAMFIN	12,114	17,772	0.68	-150	-242	0.62
SIEMENS	5,684	12,589	0.45	231	499	0.46
SOLARINDS	3,526	8,108	0.43	-26	245	-0.11
SONACOMS	2,663	5,555	0.48	303	-141	-2.15
SRF	6,706	10,165	0.66	756	-54	-14.00
SUNPHARMA	6,305	15,217	0.41	-485	-1,184	0.41
SUPREMEIND	3,799	7,039	0.54	504	746	0.68
SUZLON	9,815	23,129	0.42	155	123	1.26
SYNGENE	1,627	2,494	0.65	-13	-58	0.22
TATACONSUM	4,560	8,487	0.54	-26	-189	0.14
TATAELXSI	5,182	15,071	0.34	-59	-231	0.26
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,639	25,791	0.76	-264	-25	10.56
TATASTEEL	15,902	32,442	0.49	454	-1,143	-0.40
TATATECH	4,688	7,473	0.63	23	-220	-0.10
TCS	37,845	49,079	0.77	1,548	2,178	0.71
TECHM	7,233	9,228	0.78	-199	-221	0.90
TIINDIA	4,618	7,439	0.62	71	-100	-0.71
TITAGARH	2,526	5,522	0.46	-2	-89	0.02
TITAN	12,166	20,670	0.59	631	549	1.15
TMPV	39,906	86,466	0.46	510	-2,138	-0.24
TORNTPHARM	1,183	2,349	0.50	-24	134	-0.18
TORNTPOWER	2,104	2,821	0.75	228	-148	-1.54
TRENT	26,683	48,881	0.55	1,380	3,781	0.36
TVSMOTOR	9,360	9,770	0.96	-20	-177	0.11
ULTRACEMCO	10,614	18,543	0.57	250	-279	-0.90
UNIONBANK	5,698	9,229	0.62	79	-58	-1.36
UNITDSPR	6,390	8,452	0.76	50	70	0.71
UNOMINDA	2,734	4,988	0.55	-101	-15	6.73
UPL	4,077	5,552	0.73	107	-130	-0.82
VBL	8,944	22,274	0.40	-63	163	-0.39
VEDL	22,189	32,839	0.68	1,188	-402	-2.96
VOLTAS	6,803	7,785	0.87	-129	-167	0.77
WIPRO	11,019	13,752	0.80	69	-346	-0.20
YESBANK	6,283	12,239	0.51	82	1	82.00
ZYDUSLIFE	3,296	4,364	0.76	16	120	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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