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← Options basics
Put-call ratio
5 min read · Educational content only, not investment advice.
Definition
PCR is total put open interest divided by total call open interest for an expiry.
It must come from a live option chain; a stale or assumed PCR says nothing.
Reading it
High PCR often reflects heavy put writing — writers expect support below.
Low PCR often reflects heavy call writing — writers expect resistance above.
PCR is context, not a signal on its own. Extreme readings can also mark crowded positioning.
Key takeaways
- PCR = put OI ÷ call OI.
- Use it as context alongside price.
- Only trust it from a live chain.