Put-Call Ratio
Today

What is Put-Call Ratio (PCR)?

The Put-Call Ratio (PCR) is calculated by dividing total put open interest by total call open interest for a given expiry:

PCR = Total Put OI / Total Call OI

A PCR above 1 means more puts are open than calls — generally considered a bearish signal or indicator of hedging activity. A PCR below 0.7 means more calls are open — generally considered a bullish signal. A PCR between 0.7 and 1.0 is considered neutral. On NSE, PCR tends to sit structurally above 1 because of heavy institutional put-writing, so read it relative to each index's own historical range, not against a fixed global threshold.

How to Interpret PCR for NIFTY

These are broadly used reference bands for NIFTY PCR. The trend across sessions matters more than any single reading:

PCR by Open Interest vs Volume

There are two ways to compute PCR:

• OI-based PCR: Uses outstanding open interest — the more commonly followed method for positional trading, as it reflects cumulative exposure across all active participants.
• Volume-based PCR: Uses trading volume for the session — more useful for reading intraday sentiment shifts.

TradePulse displays OI-based PCR, which is the standard reference for Indian index derivatives. The end-of-day OI captures where participants have placed and held their bets, making it more reliable for multi-day reads.

PCR as a Contrarian Indicator

PCR is often used as a contrarian indicator. When PCR is extremely high, it signals extreme pessimism — historically, markets have tended to stabilise or bounce from such points because the downside hedging is already in place. When PCR is very low, it signals complacency — markets may be positioned too one-sided to the upside and are vulnerable to a pullback.

This does not mean you trade blindly off PCR. Use it alongside price action, support and resistance levels, and FII DII activity for a fuller picture. PCR confirms context; it does not replace it. When IV is elevated — which the option Greeks framework captures through Vega — high PCR readings carry more weight, as they reflect genuine hedging demand rather than routine positioning.

NIFTY vs BANKNIFTY PCR

BANKNIFTY options are more actively traded for short-term directional bets, which makes BANKNIFTY PCR more volatile and prone to sharp intraday swings. NIFTY PCR is the more representative gauge of broader market sentiment because institutional hedging — including large FII positions — happens primarily in NIFTY options. When reading macro-level fear or complacency, NIFTY PCR is the primary signal; BANKNIFTY PCR is a secondary, faster-moving indicator.

How TradePulse Displays PCR

TradePulse calculates PCR from the latest available option chain data, refreshed after market hours each trading day. The cards at the top of this page show the current end-of-day PCR for NIFTY, BANKNIFTY, Fin Nifty, Sensex, and Midcap Nifty — alongside max pain and the call/put OI walls. For live, strike-by-strike data during market hours, use the option chain.

Open the NIFTY option chain to see the full OI breakdown by strike, live PCR, and IV skew.

How to read PCR on this page

• Compare each index's PCR against where it usually sits — not a fixed threshold.
• Pair PCR with the call/put OI walls to identify likely expiry ranges.
• Use max pain as the expiry-gravity reference for the nearest weekly or monthly expiry.

Learn more

• What is PCR? (full guide)
• Max pain today
• Open interest today
• What is open interest?