PCR
Calculator
Put-Call Ratio from open interest and volume — enter total put and call figures to read options-market sentiment at a glance.
Inputs
Result
PCR is a contrarian gauge — extremes (well above or below 1) carry more signal than the precise level.
How it's calculated
The Put-Call Ratio is a simple division:
- PCR (OI) = total put open interest ÷ total call open interest
- PCR (Volume) = total put volume ÷ total call volume
The result is shown to three decimals. A PCR around 1 means puts and calls are roughly balanced. Above 1 means puts outweigh calls (often read as bearish positioning, contrarian-bullish); below 1 means calls dominate (bullish positioning, contrarian-bearish). The calculator guards against a zero or blank denominator, so it shows a hint instead of dividing by zero. Volume PCR is computed only when both volume fields are filled.
FAQ
What is the Put-Call Ratio?
It is the ratio of put activity to call activity. PCR by OI is total put open interest divided by total call open interest; PCR by volume uses contracts traded. It is a standard sentiment gauge for the options market.
What does a high or low PCR mean?
A high PCR (well above 1) signals heavy put positioning — often read as over-bearishness that can precede a bounce. A low PCR (well below 1) signals call dominance — often over-bullishness. Because PCR is contrarian, the extremes matter most.
What is the difference between PCR by OI and by volume?
OI-based PCR uses outstanding contracts and reflects accumulated positioning, so it moves slowly. Volume-based PCR uses the day's traded contracts and is more responsive but noisier.
Live PCR across the chain
TradePulse tracks PCR by OI and volume live for every NSE F&O instrument, plus the trend through the day — free to start.