Put/call ratio

In finance the put/call ratio (or put-call ratio, PCR) is a technical indicator demonstrating investor sentiment.[1] The ratio represents a proportion between all the put options and all the call options purchased on any given day. The put/call ratio can be calculated for any individual stock, as well as for any index, or can be aggregated.[2][3] For example, Cboe volume and put/call ratio data is compiled for the convenience of site visitors.[4]

Readings

Generally, a lower reading (~0.6) of the ratio reflects a bullish sentiment among investors as they buy more calls, anticipating an uptrend. Conversely, a higher reading (~1.02) of the ratio indicates a bearish sentiment in the market. However, the ratio is considered to be a contrarian indicator, so that an extreme reading above 1.0 is actually a bullish signal and vice versa.[2]

The lowest level of the index was 0.39, set in March 2000 at the peak of the dot-com bubble.[2]

See also

  • IVX – Intraday, VIX-like volatility index
  • VIX – Chicago Board Options Exchange Volatility index

References

  1. ^ Murphy, Casey (April 26, 2025). "Put–Call Ratio". Investopedia. Retrieved March 3, 2026.
  2. ^ a b c Ponciano, Jonathan (February 12, 2021). "Is the Stock Market About to Crash?". Forbes. Retrieved March 3, 2026.
  3. ^ "The Put–Call Ratio". OptionsStrategist.com. McMillan Analysis Corporation. 2002. Archived from the original on January 3, 2011.
  4. ^ "Historical Options Data Download". Cboe Global Markets. Cboe Volume & Put/Call Ratios. Retrieved March 3, 2026.
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