What It Means
Put Call Ratio (PCR) is the ratio of total Put Open Interest to total Call Open Interest for a given expiry, calculated across every strike in the option chain. It's a single number that shows whether more positions are sitting on the put side or the call side for that expiry.
PCR = Total Put OI / Total Call OI
- Total Put OI
- Sum of Open Interest across every put strike for that expiry
- Total Call OI
- Sum of Open Interest across every call strike for that expiry
How It Works
PCR above 1 means more OI sits on the put side than the call side for that expiry. Below 1 means the reverse. Neither reading is bullish or bearish by itself — traders compare it to that underlying's own recent PCR range, not a fixed cutoff.
Most option chain tools calculate PCR from OI, like here. Some also show a volume-based version, which reacts faster intraday but is noisier.
For the full walkthrough — how it's actually calculated from a live chain, and what counts as high or low for Nifty and Bank Nifty — see Put Call Ratio (PCR) Explained.
Example
On a given expiry, Nifty's option chain shows total Put OI of 42 lakh contracts and total Call OI of 30 lakh contracts. PCR = 42 ÷ 30 = 1.4 — more OI sitting on the put side than the call side for that expiry.
Warning
A high PCR doesn't automatically mean "go bearish." Extreme readings are often read as contrarian signals instead, since very high PCR can flag excessive bearish positioning that's due for a reversal. See the full explainer for how traders actually calibrate this.