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PCR Volume Radar
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Quant Read Guide
Divergence measures the gap between live volume PCR and OI PCR reference. Higher values usually signal that live traded flow is moving faster than the structural positioning backdrop.
Conviction is a normalized 0-100 score driven by volume-PCR distance from 1, the latest volume-PCR change, and an OI-divergence penalty. Setup Signal prioritizes volume-led bullish, bearish, and exhaustion shifts.
Put-Call Ratio (PCR) Analysis: Volume-Based Sentiment for Intraday Decisions
The put-call ratio measures the balance between put and call activity for a stock or the broader market. Volume-based PCR divides total put volume by total call volume and updates throughout the session, making it the right metric for intraday sentiment analysis. A PCR above 1.0 means puts are outpacing calls (bearish leaning). A PCR below 1.0 means calls dominate (bullish leaning). The real value lies not in the absolute number but in its extremes and how it changes relative to each stock's own historical range.
Many experienced traders use PCR as a contrarian indicator. An extremely high volume PCR during the session means fear and bearish positioning have reached an extreme, which historically coincides with market bottoms. An extremely low PCR means complacency dominates and the market is vulnerable to a pullback. The key is identifying what constitutes an extreme reading for each stock, because a PCR of 0.5 might be normal for one stock but alarmingly low for another. Our PCR table lets you compare current readings across the entire universe of tracked stocks.
Volume-Based PCR vs OI-Based PCR
Volume-based PCR divides today's put volume by call volume and updates intraday. It captures real-time sentiment shifts and is the appropriate metric for session-based decisions. OI-based PCR divides total put OI by total call OI but updates only at end of day, making it a structural reference rather than an intraday signal. Both are useful but serve different purposes: use volume-based PCR for timing and OI-based PCR for identifying the broader structural bias. Many professional traders watch both and look for divergences between them as additional confirmation.
Multi-Stock PCR Screening
View PCR values across all tracked US stocks simultaneously. Sort by PCR to find the most extreme readings at any given moment. This screening approach catches outliers that individual stock analysis might miss.
Volume PCR for Intraday Timing
Since volume resets daily and updates during the session, volume-based PCR captures current sentiment shifts. It is more responsive than OI-based PCR and better suited for identifying intraday turning points.
Expiration-Level Detail
PCR varies significantly across expiration dates. Near-term expirations reflect immediate sentiment, while longer-dated expirations capture structural views. Our tool breaks down PCR by expiration so you can distinguish between short-term fear and long-term conviction.
How Professionals Use PCR with Price and Volume
Professional traders rarely use PCR in isolation. They combine it with price action and volume to build a multi-dimensional view. A high volume PCR at a price support level adds conviction that a bottom is near. A low volume PCR at resistance strengthens the case for a reversal lower. When price and PCR tell the same story, the trade has higher probability. When they diverge, caution is warranted because the market may be setting up for a surprise.
Frequently Asked Questions
What is a normal put-call ratio?
For the broad market, average PCR typically ranges between 0.7 and 1.0. Individual stocks vary widely — growth stocks tend to have lower PCR from heavier call buying, while defensive stocks carry higher PCR. The meaningful signal comes from deviation from each stock's own historical norm. Our PCR table lets you compare current readings across the entire universe.
Is a high put-call ratio bullish or bearish?
A high PCR means more puts than calls, which is technically bearish in positioning terms. However, as a contrarian indicator, an extremely high PCR is often bullish because it suggests bearish sentiment has reached an extreme — when everyone has bought puts, selling pressure is exhausted and the market is primed for a bounce. The distinction between moderately high and extremely high is critical. Use historical comparisons to identify true extremes.
Disclaimer: Options trading involves substantial risk. PCR analysis is for educational and informational purposes only and should not be construed as financial advice. Past sentiment patterns do not guarantee future results. Always conduct your own research before trading.