# Put Call Ratio — StockMojo

> PCR sentiment tracker, live and historical, by OI or volume

- Live page: https://stockmojo.in/put-call-ratio
- Content last updated: 2026-04-11
- Platform: StockMojo — free options analytics for Indian markets (NSE F&O)

This is a machine-readable markdown mirror of the live tool page. The live page shows real-time NSE data during market hours (09:15-15:30 IST) and supports 200+ F&O symbols via per-symbol URLs like https://stockmojo.in/put-call-ratio/banknifty.

## Frequently asked questions

### What is the Put Call Ratio (PCR)?

The Put Call Ratio divides total put open interest (or volume) by total call open interest (or volume) for a given underlying and expiry. It's one of the most-watched sentiment gauges in Indian options markets. A higher ratio means more puts are open than calls; a lower ratio means the opposite.

### How is PCR calculated — by OI or by volume?

Both versions exist and StockMojo shows both. PCR by OI uses outstanding contracts ("who's positioned where") and is the more popular variant for sentiment. PCR by volume uses the day's traded contracts ("what's being traded right now") and is more reactive intraday. Most experienced traders watch PCR-OI for the bigger picture.

### What does a high PCR mean? What about a low PCR?

A high PCR (above 1.3) means significantly more puts are open than calls — superficially bearish, but often interpreted as a contrarian bullish signal at extremes because it implies excess hedging. A low PCR (below 0.7) means call positioning dominates — superficially bullish but potentially a contrarian bearish signal. Context and confirmation matter more than the raw number.

### What is a 'neutral' PCR level for Nifty?

For Nifty weekly options, a PCR-OI between roughly 0.85 and 1.10 is generally considered neutral. Values consistently above or below this band signal directional pressure. The neutral band shifts slightly across expiries, which is why historical PCR comparison (also available in StockMojo) is more useful than a single absolute reading.

### Why is PCR considered a contrarian indicator?

Because retail option buyers tend to crowd one side of the market — they buy puts when they're scared and calls when they're greedy. When PCR reaches an extreme, it typically reflects emotional positioning rather than informed positioning, and contrarian moves frequently follow. Experienced traders fade extreme PCR readings rather than follow them.

### How does intraday PCR differ from end-of-day PCR?

Intraday PCR is recalculated continuously from live OI changes; it's noisier but more useful for short-term entries. End-of-day PCR is the closing snapshot used by analysts and the financial press. StockMojo provides both views — intraday for traders, end-of-day for swing traders and longer-horizon analysis.

### PCR vs Max Pain — which gives better directional bias?

PCR is a sentiment gauge; max pain is a target level. PCR tells you whether put or call positioning dominates; max pain tells you the price toward which expiry-day movement gravitates. Use them together: PCR for direction, max pain for the level. Neither is sufficient on its own.

### What are the limitations of relying on PCR?

PCR ignores futures positioning, ignores stock-side hedges, and can be skewed by a single large institutional order. It also doesn't distinguish between hedging activity and directional bets — a fund buying puts to hedge a long portfolio looks identical to a fund buying puts to short the market. Always combine PCR with OI buildup and price action.

## How to use the StockMojo Put Call Ratio tool

1. **Select an underlying** — Choose Nifty, BankNifty, FinNifty, or an F&O stock from the symbol selector.
2. **Choose live or historical view** — Use the live view for intraday signals; switch to historical to compare today's PCR with prior weeks and expiries.
3. **Read the current PCR-OI value** — Compare the live PCR against the typical neutral band (0.85-1.10 for Nifty). Note whether you're inside, above, or below the band.
4. **Look at the trend** — A rising PCR shows put positioning building (cautious sentiment); a falling PCR shows call dominance. Trend matters more than the absolute number.
5. **Confirm with Max Pain and OI Buildup** — Cross-check the PCR signal against the Max Pain target level and the Open Interest buildup classification before acting on a trade.

## Related tools

- [Max Pain](https://stockmojo.in/max-pain) — markdown: https://stockmojo.in/max-pain.md
- [Open Interest](https://stockmojo.in/open-interest) — markdown: https://stockmojo.in/open-interest.md
- [Smart OI](https://stockmojo.in/smart-oi) — markdown: https://stockmojo.in/smart-oi.md

## Glossary

Terms used: put-call-ratio, open-interest, smart-money, max-pain. Definitions: https://stockmojo.in/glossary