What is Put-Call Ratio (PCR) and how do I interpret it?

PCR is the ratio of total Put Open Interest to Call Open Interest. High PCR (>1.2) indicates bullish sentiment as more puts provide support. Low PCR (<0.8) indicates bearish sentiment as more calls provide resistance. Neutral PCR (0.8-1.2) shows balanced market sentiment.

What is COI PCR and how is it different from regular PCR?

COI PCR (Change in OI PCR) measures the ratio of intraday Put OI change to Call OI change. Unlike regular PCR which uses total accumulated OI, COI PCR uses only today's changes, making it more responsive and valuable for intraday traders.

What is COI Strength and how do I use it?

COI Strength = (PE COI - CE COI) / (|PE COI| + |CE COI|). This normalized indicator measures directional bias on a scale from -1 to +1. Values > 0.3 indicate bullish sentiment, < -0.3 indicate bearish sentiment, and -0.3 to 0.3 indicate neutral activity.

How often does PCR data update?

PCR data updates based on the selected interval. 1 Minute interval provides real-time intraday tracking with updates every minute during market hours. 1 Day interval shows end-of-day PCR values for historical analysis.

What do negative PCR values mean?

Negative PCR occurs when Call OI Change is negative while Put OI is also negative, or vice versa. Common scenarios include: PE > 0 and CE 0 (strong bearish), or both negative (neutral, low conviction). Use COI Strength for clearer signals in these cases.

How do I use PCR with price action?

Combine PCR with price for better signals. Use divergence trading when price and PCR move opposite. Look for confirmation when price and PCR align. Watch for extreme COI Strength values at support/resistance for reversal signals. Monitor sudden COI Strength shifts as they often precede intraday trend changes.

M&M

Q: What is COI PCR and how is it different from regular PCR?

COI PCR (Change in OI PCR) measures the ratio of intraday Put OI change to Call OI change. Unlike regular PCR which uses total accumulated OI, COI PCR uses only today's changes, making it more responsive and valuable for intraday traders.

Q: What is COI Strength and how do I use it?

COI Strength = (PE COI - CE COI) / (|PE COI| + |CE COI|). This normalized indicator measures directional bias on a scale from -1 to +1. Values > 0.3 indicate bullish sentiment, < -0.3 indicate bearish sentiment, and -0.3 to 0.3 indicate neutral activity.

Q: How often does PCR data update?

PCR data updates based on the selected interval. 1 Minute interval provides real-time intraday tracking with updates every minute during market hours. 1 Day interval shows end-of-day PCR values for historical analysis.

Q: What do negative PCR values mean?

Negative PCR occurs when Call OI Change is negative while Put OI is also negative, or vice versa. Common scenarios include: PE > 0 and CE 0 (strong bearish), or both negative (neutral, low conviction). Use COI Strength for clearer signals in these cases.

Mahindra & Mahindra Ltd

3604.4 -16.60 (-0.46%)

L: 3594 H: 3647.9

Put-Call Ratio - M&M

17 Dec 2025 01:51 PM IST

Live

Expiry

Put OI

17,030

Call OI

32,915

PCR

0.52

Put OI Chg

-278

Call OI Chg

255

COI PCR

-1.09

COI Strength

-1.00

Interval

On 9:30 M&M was trading at 3634 with pcr value 0.53

On 9:45 M&M was trading at 3630.9 with pcr value 0.53

On 10:00 M&M was trading at 3623.1 with pcr value 0.53

On 10:15 M&M was trading at 3618 with pcr value 0.53

On 10:30 M&M was trading at 3612.2 with pcr value 0.53

On 10:45 M&M was trading at 3605.5 with pcr value 0.53

On 11:00 M&M was trading at 3601.2 with pcr value 0.53

On 11:15 M&M was trading at 3605.6 with pcr value 0.53

On 11:30 M&M was trading at 3602.3 with pcr value 0.53

On 11:45 M&M was trading at 3603.9 with pcr value 0.52

On 12:00 M&M was trading at 3606 with pcr value 0.52

On 12:15 M&M was trading at 3602.2 with pcr value 0.52

On 12:30 M&M was trading at 3600.9 with pcr value 0.52

On 12:45 M&M was trading at 3603 with pcr value 0.52

On 13:00 M&M was trading at 3600.2 with pcr value 0.52

On 13:15 M&M was trading at 3600 with pcr value 0.52

On 13:30 M&M was trading at 3602.6 with pcr value 0.52

On 13:45 M&M was trading at 3604 with pcr value 0.52

On 13:52 M&M was trading at 3604.3 with pcr value 0.52

Put-Call-Ratio Table

PCR Table Expiry

Note:- click on symbol to see more detailed view

	PCR OI			COI PCR
Symbol	Put	Call	Ratio	Put	Call	Ratio
360ONE	2,189	3,627	0.60	175	368	0.48
ABB	5,281	6,596	0.80	-71	268	-0.26
ABCAPITAL	4,926	8,061	0.61	163	288	0.57
ADANIENSOL	3,356	5,891	0.57	1	128	0.01
ADANIENT	26,523	44,607	0.59	326	591	0.55
ADANIGREEN	10,196	19,660	0.52	-95	124	-0.77
ADANIPORTS	9,341	18,928	0.49	188	845	0.22
ALKEM	1,250	1,952	0.64	18	278	0.06
AMBER	6,926	11,192	0.62	-87	934	-0.09
AMBUJACEM	8,584	10,608	0.81	52	310	0.17
ANGELONE	7,563	19,537	0.39	-18	1,039	-0.02
APLAPOLLO	2,677	3,034	0.88	248	330	0.75
APOLLOHOSP	8,461	17,783	0.48	616	1,592	0.39
ASHOKLEY	12,277	12,726	0.96	-29	-49	0.59
ASIANPAINT	17,060	34,310	0.50	-239	144	-1.66
ASTRAL	4,346	8,074	0.54	-56	135	-0.41
AUBANK	6,638	8,266	0.80	330	761	0.43
AUROPHARMA	4,487	10,550	0.43	35	187	0.19
AXISBANK	25,097	54,591	0.46	-1,603	-5,128	0.31
BAJAJ-AUTO	14,869	28,203	0.53	104	867	0.12
BAJAJFINSV	14,194	21,554	0.66	-178	1,046	-0.17
BAJFINANCE	24,006	41,116	0.58	622	232	2.68
BANDHANBNK	7,644	11,408	0.67	0	-2	0.00
BANKBARODA	12,301	15,458	0.80	32	-1,303	-0.02
BANKINDIA	3,511	5,066	0.69	200	366	0.55
BDL	8,745	22,065	0.40	459	1,341	0.34
BEL	27,065	61,209	0.44	-21	-632	0.03
BHARATFORG	4,266	7,069	0.60	62	172	0.36
BHARTIARTL	19,507	40,039	0.49	77	-19	-4.05
BHEL	8,876	18,455	0.48	-1	507	-0.00
BIOCON	6,431	12,844	0.50	18	-147	-0.12
BLUESTARCO	1,455	1,945	0.75	76	189	0.40
BOSCHLTD	1,651	3,442	0.48	38	255	0.15
BPCL	5,549	9,765	0.57	105	657	0.16
BRITANNIA	6,636	10,096	0.66	235	1,032	0.23
BSE	18,238	37,124	0.49	37	-456	-0.08
CAMS	4,830	7,507	0.64	492	170	2.89
CANBK	12,522	15,116	0.83	518	-940	-0.55
CDSL	9,741	23,590	0.41	182	1,619	0.11
CGPOWER	4,841	11,229	0.43	215	2,225	0.10
CHOLAFIN	6,023	9,373	0.64	2,450	3,754	0.65
CIPLA	10,073	15,648	0.64	-12	180	-0.07
COALINDIA	12,815	13,116	0.98	276	190	1.45
COFORGE	8,844	19,975	0.44	160	-173	-0.92
COLPAL	6,951	11,882	0.59	445	1,189	0.37
CONCOR	7,813	10,413	0.75	177	253	0.70
CROMPTON	6,254	11,966	0.52	-92	195	-0.47
CUMMINSIND	3,917	5,237	0.75	347	754	0.46
CYIENT	2,670	3,654	0.73	735	714	1.03
DABUR	6,092	11,696	0.52	198	527	0.38
DALBHARAT	2,911	3,888	0.75	31	53	0.58
DELHIVERY	3,958	6,604	0.60	44	227	0.19
DIVISLAB	6,646	9,546	0.70	62	461	0.13
DIXON	37,679	67,257	0.56	2,054	4,736	0.43
DLF	16,864	26,748	0.63	311	750	0.41
DMART	7,163	15,560	0.46	-13	-23	0.57
DRREDDY	5,212	10,678	0.49	-123	-150	0.82
EICHERMOT	11,496	16,016	0.72	690	-8	-86.25
ETERNAL	19,421	36,788	0.53	144	603	0.24
EXIDEIND	4,219	6,296	0.67	175	542	0.32
FEDERALBNK	8,300	8,300	1.00	187	286	0.65
FORTIS	3,666	8,552	0.43	132	-153	-0.86
GAIL	13,489	20,315	0.66	-48	-381	0.13
GLENMARK	7,976	11,310	0.71	-56	406	-0.14
GMRAIRPORT	11,106	19,921	0.56	307	422	0.73
GODREJCP	3,657	5,833	0.63	-266	-58	4.59
GODREJPROP	7,095	11,869	0.60	83	153	0.54
GRASIM	9,514	8,766	1.09	5	134	0.04
HAL	28,421	57,776	0.49	519	1,067	0.49
HAVELLS	3,691	4,999	0.74	148	212	0.70
HCLTECH	11,377	20,498	0.56	-148	339	-0.44
HDFCAMC	5,407	7,145	0.76	774	697	1.11
HDFCBANK	43,171	76,345	0.57	537	13,150	0.04
HDFCLIFE	7,282	17,385	0.42	-345	-1,707	0.20
HEROMOTOCO	13,016	22,267	0.58	82	3,850	0.02
HFCL	4,728	11,772	0.40	-186	-230	0.81
HINDALCO	15,728	21,801	0.72	236	692	0.34
HINDPETRO	3,948	6,996	0.56	82	119	0.69
HINDUNILVR	10,009	20,955	0.48	115	879	0.13
HINDZINC	25,902	38,927	0.67	1,810	5,279	0.34
HUDCO	6,261	14,454	0.43	-98	157	-0.62
ICICIBANK	33,690	56,361	0.60	1,632	6,043	0.27
ICICIGI	3,111	5,829	0.53	48	342	0.14
ICICIPRULI	2,259	4,988	0.45	-56	182	-0.31
IDEA	15,061	25,786	0.58	-156	-730	0.21
IDFCFIRSTB	9,802	12,761	0.77	152	187	0.81
IEX	8,415	11,552	0.73	4	-25	-0.16
IIFL	2,677	4,453	0.60	76	149	0.51
INDHOTEL	5,990	10,353	0.58	212	1,160	0.18
INDIANB	4,847	12,278	0.39	16	264	0.06
INDIGO	50,842	1,07,717	0.47	-764	-1,317	0.58
INDUSINDBK	13,042	19,073	0.68	202	634	0.32
INDUSTOWER	8,815	15,403	0.57	97	-57	-1.70
INFY	39,144	63,176	0.62	1,171	1,456	0.80
INOXWIND	6,855	13,925	0.49	-141	-31	4.55
IOC	7,828	12,250	0.64	598	-362	-1.65
IRCTC	7,542	11,083	0.68	239	33	7.24
IREDA	5,023	10,361	0.48	87	61	1.43
IRFC	4,749	9,676	0.49	190	161	1.18
ITC	21,763	35,200	0.62	-124	1,011	-0.12
JINDALSTEL	5,486	9,309	0.59	-20	398	-0.05
JIOFIN	17,927	26,962	0.66	-89	1,145	-0.08
JSWENERGY	10,143	15,087	0.67	-23	-50	0.46
JSWSTEEL	12,611	29,264	0.43	-153	801	-0.19
JUBLFOOD	5,905	11,027	0.54	130	1,286	0.10
KALYANKJIL	4,857	9,213	0.53	85	434	0.20
KAYNES	31,174	78,430	0.40	620	2,223	0.28
KEI	2,813	3,934	0.72	653	385	1.70
KFINTECH	4,252	6,799	0.63	10	61	0.16
KOTAKBANK	17,967	21,656	0.83	-687	480	-1.43
KPITTECH	3,818	6,576	0.58	189	171	1.11
LAURUSLABS	5,319	9,819	0.54	144	-99	-1.45
LICHSGFIN	7,639	10,063	0.76	19	-62	-0.31
LICI	5,991	12,177	0.49	-244	217	-1.12
LODHA	4,715	12,408	0.38	342	1,955	0.17
LT	18,010	31,803	0.57	-485	-386	1.26
LTF	5,171	8,158	0.63	195	363	0.54
LTIM	4,585	6,079	0.75	107	453	0.24
LUPIN	5,247	6,945	0.76	153	121	1.26
M&M	17,029	32,952	0.52	-279	292	-0.96
MANAPPURAM	3,793	5,630	0.67	84	230	0.37
MANKIND	2,427	5,147	0.47	30	148	0.20
MARICO	3,156	5,389	0.59	72	225	0.32
MARUTI	29,487	31,903	0.92	-147	1,007	-0.15
MAXHEALTH	7,344	13,049	0.56	2,296	2,915	0.79
MAZDOCK	10,044	23,428	0.43	-70	807	-0.09
MCX	15,567	23,963	0.65	509	1,095	0.46
MFSL	2,406	4,673	0.51	-26	190	-0.14
MOTHERSON	7,501	9,435	0.80	-13	195	-0.07
MPHASIS	3,580	4,842	0.74	111	156	0.71
MUTHOOTFIN	6,037	10,991	0.55	-342	-786	0.44
NATIONALUM	6,939	8,518	0.81	239	706	0.34
NAUKRI	6,032	7,098	0.85	37	23	1.61
NBCC	3,321	8,281	0.40	126	1,291	0.10
NCC	3,737	8,790	0.43	-56	-266	0.21
NESTLEIND	4,375	14,417	0.30	-45	573	-0.08
NHPC	3,213	7,110	0.45	10	51	0.20
NMDC	10,172	13,668	0.74	264	404	0.65
NTPC	13,729	22,734	0.60	-56	-112	0.51
NUVAMA	2,380	4,184	0.57	236	35	6.74
NYKAA	2,675	7,025	0.38	91	45	2.02
OBEROIRLTY	3,621	5,917	0.61	120	149	0.81
OFSS	6,717	9,790	0.69	-260	429	-0.61
OIL	2,515	4,890	0.51	34	323	0.11
ONGC	11,051	26,912	0.41	302	815	0.37
PAGEIND	3,505	8,562	0.41	145	645	0.22
PATANJALI	4,320	9,134	0.47	434	415	1.05
PAYTM	7,877	14,370	0.55	156	1,487	0.10
PERSISTENT	6,472	11,364	0.57	120	647	0.19
PETRONET	8,935	8,476	1.05	-105	-358	0.29
PFC	20,966	36,070	0.58	58	-704	-0.08
PGEL	7,969	12,541	0.64	183	396	0.46
PHOENIXLTD	1,789	3,615	0.49	129	185	0.70
PIDILITIND	1,940	2,735	0.71	-12	213	-0.06
PIIND	3,529	5,942	0.59	-66	228	-0.29
PNB	11,622	21,422	0.54	39	-1,147	-0.03
PNBHOUSING	7,306	11,799	0.62	-1	-168	0.01
POLICYBZR	6,679	9,391	0.71	570	740	0.77
POLYCAB	6,399	8,395	0.76	2,260	2,274	0.99
POWERGRID	10,605	17,351	0.61	-84	-347	0.24
POWERINDIA	3,948	10,443	0.38	-110	-481	0.23
PPLPHARMA	2,937	7,003	0.42	65	-221	-0.29
PRESTIGE	2,808	4,401	0.64	27	176	0.15
RBLBANK	4,865	8,165	0.60	79	477	0.17
RECLTD	22,087	35,199	0.63	329	-18	-18.28
RELIANCE	50,445	98,990	0.51	1,357	1,129	1.20
RVNL	6,344	13,031	0.49	-22	511	-0.04
SAIL	5,896	10,612	0.56	-45	-50	0.90
SAMMAANCAP	6,855	14,011	0.49	184	1,667	0.11
SBICARD	4,978	8,155	0.61	45	670	0.07
SBILIFE	5,613	11,834	0.47	-689	-224	3.08
SBIN	42,708	61,482	0.69	2,719	-5,978	-0.45
SHREECEM	2,376	5,369	0.44	39	-473	-0.08
SHRIRAMFIN	13,496	24,276	0.56	855	3,147	0.27
SIEMENS	9,150	18,069	0.51	245	192	1.28
SOLARINDS	4,325	11,094	0.39	429	492	0.87
SONACOMS	2,559	5,885	0.43	-37	312	-0.12
SRF	7,181	9,750	0.74	65	380	0.17
SUNPHARMA	6,643	20,015	0.33	-248	-1,136	0.22
SUPREMEIND	4,359	7,455	0.58	-371	-415	0.89
SUZLON	10,350	24,581	0.42	-283	888	-0.32
SYNGENE	1,437	3,049	0.47	7	210	0.03
TATACONSUM	5,409	10,089	0.54	275	-21	-13.10
TATAELXSI	5,545	15,354	0.36	82	300	0.27
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,343	27,068	0.71	-24	297	-0.08
TATASTEEL	15,968	26,546	0.60	483	225	2.15
TATATECH	4,703	7,558	0.62	94	42	2.24
TCS	37,881	49,502	0.77	224	592	0.38
TECHM	7,663	10,441	0.73	281	865	0.32
TIINDIA	4,671	7,876	0.59	-30	132	-0.23
TITAGARH	2,615	5,262	0.50	4	96	0.04
TITAN	13,880	21,426	0.65	-784	156	-5.03
TMPV	40,684	87,191	0.47	420	-71	-5.92
TORNTPHARM	1,203	2,693	0.45	67	43	1.56
TORNTPOWER	1,915	3,251	0.59	-108	12	-9.00
TRENT	26,255	51,405	0.51	-393	1,454	-0.27
TVSMOTOR	9,634	9,600	1.00	167	48	3.48
ULTRACEMCO	11,342	19,126	0.59	211	259	0.81
UNIONBANK	5,546	8,354	0.66	-16	73	-0.22
UNITDSPR	7,510	9,100	0.83	982	415	2.37
UNOMINDA	2,841	5,113	0.56	9	115	0.08
UPL	4,803	6,927	0.69	185	182	1.02
VBL	10,023	24,118	0.42	-116	473	-0.25
VEDL	40,872	43,817	0.93	2,333	2,983	0.78
VOLTAS	6,294	8,202	0.77	-167	999	-0.17
WIPRO	11,086	13,884	0.80	293	116	2.53
YESBANK	6,444	13,297	0.48	21	-9	-2.33
ZYDUSLIFE	3,378	4,778	0.71	18	-164	-0.11

Understanding PCR & COI Metrics

PCR (Put-Call Ratio)

PCR = Put OI / Call OI

> 1.2

Bullish

More puts than calls, potential support

0.8 - 1.2

Neutral

Balanced market sentiment

< 0.8

Bearish

More calls than puts, potential resistance

COI Strength

COI Strength = (PE COI - CE COI) / (|PE| + |CE|)

> 0.3

Bullish

Strong put buildup dominance

-0.3 to 0.3

Neutral

Balanced intraday activity

< -0.3

Bearish

Strong call buildup dominance

Frequently Asked Questions

PCR is the ratio of total Put Open Interest to Call Open Interest. It's a contrarian indicator of market sentiment:

High PCR (>1.2): More traders are holding puts, expecting a decline. However, this often acts as support (bullish) as market makers hedge by buying the underlying.
Low PCR (<0.8): More traders are holding calls, expecting a rise. This often acts as resistance (bearish) as market makers hedge by selling the underlying.
Neutral PCR (0.8-1.2): Balanced sentiment with no strong directional bias.

Remember: PCR is contrarian - extreme readings often signal reversals rather than continuation.

COI PCR (Change in OI PCR) measures the ratio of intraday Put OI change to Call OI change, making it more responsive than total OI PCR.

Key Differences:

Regular PCR: Uses total accumulated Open Interest. Shows overall market positioning but changes slowly.
COI PCR: Uses only today's OI changes. Captures fresh positioning and provides timely intraday signals.

Use Case: COI PCR helps identify intraday sentiment shifts before they reflect in total PCR, making it valuable for day traders and short-term positions.

COI Strength = (PE COI - CE COI) / (|PE COI| + |CE COI|)

This normalized indicator measures the directional bias of intraday Open Interest changes on a scale from -1 to +1:

> 0.3 (Bullish): Put side dominance - fresh put writing or buying suggests bullish positioning.
-0.3 to 0.3 (Neutral): Balanced activity on both sides - no clear directional conviction.
< -0.3 (Bearish): Call side dominance - fresh call writing or buying suggests bearish positioning.

Advantages over PCR:

Normalized scale (-1 to +1) makes comparison across symbols easier
Not affected by extreme ratios when one side is very small
Clearly shows which side has stronger intraday momentum

PCR data updates based on the selected interval:

1 Minute Interval: Updates every minute during market hours, providing real-time intraday tracking.
1 Day Interval: Shows end-of-day PCR values for historical analysis and trend identification.

Note: OI data comes from the exchange and may have a slight delay. Premium users get access to faster refresh rates and more granular intervals.

Negative PCR occurs when Call OI Change is negative (unwinding) while Put OI Change is also negative, or vice versa.

Common Scenarios:

PE > 0, CE < 0: Puts building, Calls unwinding → Strong bullish signal
PE < 0, CE > 0: Puts unwinding, Calls building → Strong bearish signal
Both negative: Both sides unwinding → Low conviction, neutral to ranging market

Tip: When PCR becomes negative or very large, use COI Strength instead - it handles these edge cases better and provides clearer directional signals.

Best Practices for Combining PCR with Price:

Divergence Trading: If price is falling but COI PCR shows put buildup (>1.2), it may signal a bounce. If price is rising but COI PCR shows call buildup (<0.8), it may signal resistance.
Confirmation: Use PCR to confirm price trends. Rising prices with increasing calls or falling prices with increasing puts suggests trend continuation.
Extremes: Very high COI Strength (>0.6 or <-0.6) combined with price at support/resistance can signal strong reversals.
Intraday Pivots: Watch for sudden COI Strength shifts (e.g., from +0.5 to -0.3) as they often precede intraday trend changes.

Remember: PCR is a sentiment indicator, not a timing tool. Always combine with technical analysis, support/resistance levels, and risk management.

Related Pages for M&M

M&M

360ONE

ABB

ABCAPITAL

ADANIENSOL

ADANIENT

ADANIGREEN

ADANIPORTS

ALKEM

AMBER

AMBUJACEM

ANGELONE

APLAPOLLO

APOLLOHOSP

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