Filter Options
Market-Wide PCR Sentiment: Volume-Driven Sentiment Screening
This sentiment screener aggregates put-call ratio data across the entire universe of tracked US stocks, giving you a market-wide view of whether participants are leaning bullish or bearish. The most actionable metric for intraday screening is volume-based PCR, which divides put volume by call volume and updates during the session. Unlike OI-based PCR which updates only at EOD, volume-based PCR captures real-time shifts in sentiment as they happen. A PCR above 1.0 means puts are outpacing calls; below 0.7 suggests calls dominate.
Extreme PCR readings have a well-documented history as contrarian signals. When the vast majority of stocks show very high PCR, fear has reached a level where most bad news is already priced in and selling pressure is likely exhausted. When nearly all stocks show very low PCR, euphoria may have peaked and the market is vulnerable. However, extreme readings can persist during strong trends, so PCR is best used alongside price action, volume, and other confirmation tools rather than as a standalone timing signal.
Unlike sentiment surveys that measure what people say they believe, PCR measures what they are actually doing with their capital. This makes it a revealed preference indicator, generally more reliable than stated preferences. Our PCR Sentiment tool provides not just a simple ratio but a contextualized sentiment reading with sentiment labels and signal classifications, so you can quickly filter the universe for stocks showing extreme readings, bullish or bearish bias, or neutral range conditions.
Volume-Based PCR Screening
Screen the entire universe by volume-based PCR, which updates intraday and captures real-time sentiment. Filter by sentiment label or signal type to quickly find stocks with extreme or shifting positioning.
Contrarian Signal Identification
Identify extreme PCR readings that have historically marked sentiment extremes and potential turning points. The tool highlights readings that deviate from normal ranges, helping you spot contrarian opportunities.
Sentiment Dashboard
The summary dashboard shows the distribution of sentiment across the entire universe at a glance — how many stocks are bullish, bearish, or neutral. This breadth perspective reveals whether sentiment is broad-based or concentrated.
Frequently Asked Questions
Is a high put-call ratio always bullish as a contrarian signal?
Not always. While extreme PCR readings have a strong contrarian track record at major turning points, moderately elevated PCR can persist during strong downtrends when hedging demand stays high. The contrarian signal is most reliable when PCR reaches truly extreme levels and is confirmed by other indicators such as price stabilization or volatility compression.
Should I use volume-based or OI-based PCR?
Volume-based PCR is more responsive and better for intraday sentiment shifts, making it suitable for short-term traders. OI-based PCR is more stable and reflects structural positioning, making it better for longer-term sentiment extremes. Many professionals monitor both and look for divergences between them as additional confirmation.
How does PCR compare to other sentiment indicators?
PCR is based on actual capital deployment rather than surveys or opinions. Compared to VIX (which measures volatility but not direction), surveys (stated intentions), or fund flow data (delayed), PCR provides a real-time, revealed-preference measure of positioning. It is most powerful when combined with price action and volume for a multi-dimensional sentiment assessment.
The information provided on this page is for educational and informational purposes only and does not constitute financial, investment, or trading advice. Options trading involves substantial risk and is not suitable for all investors. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions.