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How is PCR calculated?

Two common formulas: PCR OI = Total Put OI ÷ Total Call OI. PCR Volume = Total Put Volume ÷ Total Call Volume. OI-based PCR is more common for positional bias; volume-based is for intraday.

Is WealthOrbit's PCR page free?

Yes — 100% free, no login required . Live PCR for NIFTY, Bank Nifty, Fin Nifty and Midcap Nifty is publicly accessible and updates every 2 minutes.

What is the difference between PCR OI and PCR Volume?

PCR OI uses cumulative outstanding positions — slow-moving, reflects positional bias. PCR Volume uses today's trading activity — fast-moving, reflects intraday flows. Use both for complete context.

When should I use PCR OI vs PCR Volume?

Use PCR OI for swing and positional trades (days to weeks). Use PCR Volume for intraday scalping and tactical positioning. Volume PCR reacts faster to news; OI PCR is more stable.

What does PCR above 1.2 mean?

PCR above 1.2 is considered bullish — put writers are dominant, suggesting they're comfortable selling downside insurance. Often signals expected price stability or upside.

What does PCR below 0.8 mean?

PCR below 0.8 is considered bearish — call writers dominate, suggesting they expect upside to be capped. Often signals expected price weakness or range-bound action at lower levels.

What is a neutral PCR reading?

PCR between 0.85 and 1.15 is neutral — put and call writers are roughly balanced. No clear bias; wait for a breakout or use range-bound strategies (iron condor).

What is extreme bullish PCR?

PCR above 1.5 is extreme bullish — often a contrarian signal of overcrowded positioning. Historically, NIFTY tends to pull back within 5–10 sessions after such readings.

What is extreme bearish PCR?

PCR below 0.6 is extreme bearish — indicates panic put buying or heavy call writing. Often a contrarian buy signal as fear reaches unsustainable levels.

How often does PCR change?

PCR can change rapidly intraday as fresh OI comes in. Major shifts happen at market open, after news events, and in the final hour. We refresh PCR readings every 2 minutes.

Is PCR a leading or lagging indicator?

PCR is generally a coincident indicator — positioning changes as price moves. At extreme readings, PCR becomes a leading contrarian indicator signaling potential reversals.

Why is NIFTY PCR typically above 1?

Indian equity markets have a structural long bias — mutual funds and institutions continuously write puts to hedge long portfolios and collect premium. This baseline put-writing activity pushes NIFTY PCR above 1 in normal conditions.

What is the historical PCR range for NIFTY?

NIFTY PCR typically oscillates between 0.7 and 1.6 . Readings above 1.8 or below 0.6 are rare and often mark significant turning points (tops or bottoms).

What is the historical PCR range for Bank Nifty?

Bank Nifty PCR is typically more volatile, ranging between 0.5 and 1.3 . Bank Nifty has lower baseline PCR than NIFTY due to less structural put writing by mutual funds.

How do I use PCR for intraday trading?

Check PCR at market open to set your bias. If PCR rises intraday, it confirms bullish flows — buy dips. If PCR falls, it confirms bearish flows — fade rallies. Use as confluence with price action.

How do I use PCR for swing trading?

Track PCR over 3–5 days. Persistent bullish PCR (consistently above 1.2) = uptrend confirmation. Persistent bearish PCR (consistently below 0.9) = downtrend. Enter on pullbacks in the direction of sustained PCR.

Can PCR predict market direction?

PCR correlates with 3–10 day direction around 60–70% of the time when used correctly. It's a probabilistic edge, not a guarantee. Always combine with price action and risk management.

How does PCR behave on expiry day?

Expiry-day PCR is distorted as positions unwind. Don't rely on PCR for fresh trades on expiry Thursday. Instead, focus on max pain and spot-to-max-pain distance for expiry plays.

How does PCR behave during rallies?

Strong rallies see PCR gradually rising as writers sell puts into strength. When PCR tags extreme highs (>1.5), profit-booking and short-term tops often follow.

How does PCR behave during corrections?

Corrections see PCR initially spike (panic put buying), then collapse below 0.8 as puts get exercised and confidence breaks. Extreme low PCR during corrections often marks the bottom.

How does PCR behave during range-bound markets?

In range-bound markets, PCR oscillates within a narrower range (typically 0.9–1.2). Extreme moves in PCR during consolidation often precede the breakout direction.

What is PCR divergence?

PCR divergence is when PCR moves opposite to price. Example: NIFTY making new highs but PCR falling = weakening bullish conviction, possible top. Divergences are early warning signals.

How does PCR differ across strikes?

Strike-level PCR varies — OTM strikes often have higher put OI (hedging), while ATM strikes balance calls and puts. Aggregate PCR smooths these strike-level differences.

Is PCR the same for all indices?

No — PCR levels and interpretation vary by index. NIFTY typically runs PCR 1.0–1.3, Bank Nifty runs 0.7–1.1, Fin Nifty and Midcap Nifty can vary widely due to lower liquidity.

How does PCR behave before Budget day?

PCR becomes volatile in the week before Budget as traders hedge uncertainty. It may swing between 0.8 and 1.4 as sentiment shifts. Post-budget, PCR settles toward the market's actual reaction.

How does PCR behave before RBI policy?

PCR rises slightly 1–2 days before RBI policy as portfolio hedging increases. Bank Nifty PCR reacts most. Post-announcement, PCR snaps back to the dominant directional side within hours.

How does PCR behave during global market stress?

Global stress (US crashes, war, pandemic) causes spike in put buying. NIFTY PCR can jump above 1.5–1.8 as panic hedging dominates. These extreme readings often mark short-term bottoms.

Can retail flows skew PCR?

Retail options activity adds noise but rarely flips the underlying signal. Institutional writers dominate OI, so PCR primarily reflects institutional positioning. Retail volume can create short-term divergences.

How do institutions use PCR?

Institutions use PCR as one of many inputs for risk management, positioning, and tactical allocation. They also influence PCR through their options writing activity — creating a feedback loop with market sentiment.

What is institutional PCR vs retail PCR?

Technically, there's no separation in the raw data — aggregate PCR includes both. But institutional flows dominate OI. Volume-based PCR captures more retail activity since retail tends to trade more than write.

What is PCR percentile?

PCR percentile measures today's PCR against its 1-year history. 80th percentile means PCR is higher than 80% of the past year — extreme bullish. 20th percentile means extreme bearish.

What is the difference between PCR and India VIX?

PCR measures directional bias (bullish/bearish). India VIX measures volatility expectation (calm/fearful). Both are independent — you can have bullish PCR with low VIX (steady uptrend) or bullish PCR with high VIX (panic buying).

How does PCR compare to FII data?

FII data shows cash market long-term institutional flows (daily reports). PCR shows real-time options positioning. Both combined give a powerful view of institutional intent across time horizons.

What is a PCR-based trading strategy for beginners?

Simple rule: when aggregate PCR > 1.3, bias long (buy NIFTY calls or CE spreads). When PCR < 0.85, bias short (buy puts or PE spreads). Always confirm with price action and use tight stop-losses.

What is a PCR-based strategy for option sellers?

Sellers look for PCR extremes for mean reversion. Sell iron condors when PCR is between 1.0–1.3 (neutral). Sell bull put spreads when PCR > 1.2 (bullish bias). Sell bear call spreads when PCR < 0.85 (bearish bias).

Can PCR be backtested?

Yes — historical PCR data is available from NSE and paid vendors. Backtests show PCR signals have edge when combined with price confirmation. Pure PCR strategies (no confirmation) have mediocre results.

Does PCR work for stocks?

Yes — stock-specific PCR is a powerful signal for individual F&O stocks (RELIANCE, HDFCBANK, TCS, etc.). Stock PCR data is available to Pro+ subscribers on WealthOrbit.

What is aggregate PCR?

Aggregate PCR is the weighted average PCR across multiple F&O indices (NIFTY, Bank Nifty, Fin Nifty, Midcap Nifty). It smooths out single-index noise and gives a cleaner overall market reading.

Why is aggregate PCR more reliable than single-index PCR?

Single-index PCR can be distorted by sector-specific news or flows. Aggregate PCR diversifies across multiple indices, reducing noise and giving a more robust sentiment signal.

What common mistakes do traders make with PCR?

1) Trading extremes without confirmation. 2) Ignoring expiry-day distortion. 3) Using absolute PCR levels without historical context. 4) Not tracking PCR changes over time. 5) Using PCR in isolation.

How reliable is PCR compared to other indicators?

PCR is moderately reliable — about as good as RSI, MACD or any single indicator. No indicator is infallible. PCR's strength is showing institutional positioning, which other price-based indicators miss.

Does PCR work in low volume markets?

PCR becomes less reliable in low-volume markets (early morning, illiquid sessions). Use end-of-day PCR for more stable readings. Intraday PCR should be combined with volume confirmation.

What is a good PCR reading for option selling?

Option sellers want PCR to reflect the directional bias matching their trade. Bull put spreads work well when PCR > 1.1 (bullish). Bear call spreads work when PCR < 0.9 (bearish). Iron condors in PCR 0.95–1.10 (neutral).

What is a good PCR reading for option buying?

Buyers benefit from PCR extremes. Buy calls when PCR 1.5 (extreme bullish, contrarian setup). Alternatively, buy in the direction of sustained PCR trends.

Can PCR signal short squeezes?

Yes — when PCR is extremely low (< 0.6), it indicates heavy call writing and potential short-squeeze setup. If price starts rallying against short positions, forced covering can accelerate the move rapidly.

Put-Call Ratio — Live PCR for NIFTY F&O Indices

Live Put-Call Ratio (OI and Volume-based) for NIFTY 50, Bank Nifty, Fin Nifty and Midcap Nifty. PCR above 1.2 suggests put writing (bullish bias), below 0.8 suggests call writing (bearish bias).

Aggregate F&O PCR

0.90

Composite Put-Call Ratio across 4 NIFTY index options. Current bias: Neutral.

Per-Index PCR

NIFTY

Nifty 50

PCR (OI)

0.90

PCR (Volume)

0.90

CE 9,35,246PE 8,41,721

Spot24,009.90

Neutral

BANKNIFTY

Bank Nifty

PCR (OI)

0.90

PCR (Volume)

0.90

CE 9,50,948PE 8,55,854

Spot55,755.90

Neutral

FINNIFTY

Fin Nifty

PCR (OI)

0.90

PCR (Volume)

0.90

CE 9,44,341PE 8,49,904

Spot26,087.75

Neutral

MIDCPNIFTY

Midcap Nifty

PCR (OI)

0.90

PCR (Volume)

0.90

CE 8,41,758PE 7,57,582

Spot13,237.20

Neutral

What is the Put-Call Ratio?

The Put-Call Ratio (PCR) measures the ratio of put option open interest (or volume) to call option open interest. It's a widely-used sentiment indicator in options trading.

PCR > 1.2 — Bullish Bias

More puts than calls. Writers expect downside to be limited — they're comfortable selling puts, signaling a bullish outlook.

PCR < 0.8 — Bearish Bias

More calls than puts. Writers expect upside to be capped — they're comfortable selling calls, signaling a bearish outlook.

Note: PCR is a contrarian indicator at extreme readings. Very high or very low values often signal overcrowded positioning and potential reversals. Always combine with price action and other indicators.

FAQs

Put-Call Ratio (PCR) — Frequently Asked Questions

How PCR is calculated, OI vs Volume PCR, extreme readings, and trading strategies for Indian F&O.

50 commonly asked questions

Put-Call Ratio (PCR) is a sentiment indicator calculated by dividing the total Put Open Interest (or volume) by the total Call Open Interest (or volume). It measures the relative demand for downside protection vs upside bets.