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: 3600.1 H: 3647.9

Put-Call Ratio - M&M

17 Dec 2025 11:41 AM IST

Live

Expiry

Put OI

17,094

Call OI

32,708

PCR

0.52

Put OI Chg

-214

Call OI Chg

48

COI PCR

-4.46

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 11:42 M&M was trading at 3603.9 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	2,298	3,873	0.59	284	614	0.46
ABB	5,328	6,484	0.82	-24	156	-0.15
ABCAPITAL	5,057	7,879	0.64	294	106	2.77
ADANIENSOL	3,350	5,883	0.57	-5	120	-0.04
ADANIENT	26,406	45,021	0.59	209	1,005	0.21
ADANIGREEN	10,608	19,282	0.55	317	-254	-1.25
ADANIPORTS	9,352	18,560	0.50	199	477	0.42
ALKEM	1,273	1,888	0.67	41	214	0.19
AMBER	7,031	10,490	0.67	18	232	0.08
AMBUJACEM	8,607	10,347	0.83	75	49	1.53
ANGELONE	7,623	19,018	0.40	42	520	0.08
APLAPOLLO	2,497	2,748	0.91	68	44	1.55
APOLLOHOSP	8,194	16,756	0.49	349	565	0.62
ASHOKLEY	12,385	12,759	0.97	79	-16	-4.94
ASIANPAINT	17,152	34,104	0.50	-147	-62	2.37
ASTRAL	4,265	8,090	0.53	-137	151	-0.91
AUBANK	6,664	8,159	0.82	356	654	0.54
AUROPHARMA	4,500	10,450	0.43	48	87	0.55
AXISBANK	25,474	55,007	0.46	-1,226	-4,712	0.26
BAJAJ-AUTO	14,734	27,876	0.53	-31	540	-0.06
BAJAJFINSV	14,638	21,160	0.69	266	652	0.41
BAJFINANCE	23,732	40,088	0.59	348	-796	-0.44
BANDHANBNK	7,644	11,410	0.67	0	0	0.00
BANKBARODA	12,034	15,949	0.75	-235	-812	0.29
BANKINDIA	3,362	5,081	0.66	51	381	0.13
BDL	8,728	21,909	0.40	442	1,185	0.37
BEL	27,027	61,573	0.44	-59	-268	0.22
BHARATFORG	4,201	7,021	0.60	-3	124	-0.02
BHARTIARTL	19,461	39,920	0.49	31	-138	-0.22
BHEL	8,842	18,403	0.48	-35	455	-0.08
BIOCON	6,452	12,927	0.50	39	-64	-0.61
BLUESTARCO	1,447	1,852	0.78	68	96	0.71
BOSCHLTD	1,677	3,347	0.50	64	160	0.40
BPCL	5,530	9,513	0.58	86	405	0.21
BRITANNIA	6,609	9,963	0.66	208	899	0.23
BSE	18,297	37,152	0.49	96	-428	-0.22
CAMS	4,797	7,366	0.65	459	29	15.83
CANBK	12,457	15,427	0.81	453	-629	-0.72
CDSL	9,782	23,050	0.42	223	1,079	0.21
CGPOWER	5,101	11,364	0.45	475	2,360	0.20
CHOLAFIN	3,588	5,637	0.64	15	18	0.83
CIPLA	10,210	15,726	0.65	125	258	0.48
COALINDIA	12,811	12,886	0.99	272	-40	-6.80
COFORGE	8,682	19,957	0.44	-2	-191	0.01
COLPAL	6,812	11,368	0.60	306	675	0.45
CONCOR	7,776	10,323	0.75	140	163	0.86
CROMPTON	6,382	11,856	0.54	36	85	0.42
CUMMINSIND	3,866	5,151	0.75	296	668	0.44
CYIENT	1,935	2,987	0.65	0	47	0.00
DABUR	5,967	11,379	0.52	73	210	0.35
DALBHARAT	2,873	3,852	0.75	-7	17	-0.41
DELHIVERY	3,934	6,476	0.61	20	99	0.20
DIVISLAB	6,702	9,425	0.71	118	340	0.35
DIXON	37,818	67,129	0.56	2,193	4,608	0.48
DLF	16,833	26,641	0.63	280	643	0.44
DMART	7,234	15,603	0.46	58	20	2.90
DRREDDY	5,273	10,743	0.49	-62	-85	0.73
EICHERMOT	11,531	16,051	0.72	725	27	26.85
ETERNAL	19,257	36,228	0.53	-20	43	-0.47
EXIDEIND	4,181	6,198	0.67	137	444	0.31
FEDERALBNK	8,313	8,238	1.01	200	224	0.89
FORTIS	3,595	8,592	0.42	61	-113	-0.54
GAIL	13,471	20,442	0.66	-66	-254	0.26
GLENMARK	7,975	11,154	0.71	-57	250	-0.23
GMRAIRPORT	10,842	19,783	0.55	43	284	0.15
GODREJCP	3,798	5,782	0.66	-125	-109	1.15
GODREJPROP	7,053	11,772	0.60	41	56	0.73
GRASIM	9,477	8,754	1.08	-32	122	-0.26
HAL	28,522	57,282	0.50	620	573	1.08
HAVELLS	3,672	4,910	0.75	129	123	1.05
HCLTECH	11,536	20,550	0.56	11	391	0.03
HDFCAMC	5,034	6,738	0.75	401	290	1.38
HDFCBANK	42,658	71,202	0.60	24	8,007	0.00
HDFCLIFE	7,267	17,511	0.41	-360	-1,581	0.23
HEROMOTOCO	12,710	20,221	0.63	-224	1,804	-0.12
HFCL	4,613	11,853	0.39	-301	-149	2.02
HINDALCO	15,971	21,915	0.73	479	806	0.59
HINDPETRO	3,915	6,954	0.56	49	77	0.64
HINDUNILVR	9,971	20,609	0.48	77	533	0.14
HINDZINC	26,472	38,382	0.69	2,380	4,734	0.50
HUDCO	6,427	14,297	0.45	68	0	0.00
ICICIBANK	34,110	57,303	0.60	2,052	6,985	0.29
ICICIGI	3,102	5,602	0.55	39	115	0.34
ICICIPRULI	2,304	4,824	0.48	-11	18	-0.61
IDEA	15,243	25,980	0.59	26	-536	-0.05
IDFCFIRSTB	9,786	12,733	0.77	136	159	0.86
IEX	8,451	11,601	0.73	40	24	1.67
IIFL	2,643	4,405	0.60	42	101	0.42
INDHOTEL	5,857	9,966	0.59	79	773	0.10
INDIANB	4,717	12,138	0.39	-114	124	-0.92
INDIGO	51,165	1,08,735	0.47	-441	-299	1.47
INDUSINDBK	13,090	18,900	0.69	250	461	0.54
INDUSTOWER	8,743	15,431	0.57	25	-29	-0.86
INFY	38,485	62,812	0.61	512	1,092	0.47
INOXWIND	6,908	13,876	0.50	-88	-80	1.10
IOC	7,821	12,126	0.64	591	-486	-1.22
IRCTC	7,622	11,159	0.68	319	109	2.93
IREDA	4,953	10,411	0.48	17	111	0.15
IRFC	4,649	9,595	0.48	90	80	1.13
ITC	21,800	34,395	0.63	-87	206	-0.42
JINDALSTEL	5,533	9,037	0.61	27	126	0.21
JIOFIN	18,023	26,812	0.67	7	995	0.01
JSWENERGY	10,312	15,117	0.68	146	-20	-7.30
JSWSTEEL	12,768	28,700	0.44	4	237	0.02
JUBLFOOD	5,876	10,554	0.56	101	813	0.12
KALYANKJIL	4,875	8,910	0.55	103	131	0.79
KAYNES	30,785	78,195	0.39	231	1,988	0.12
KEI	2,815	3,887	0.72	655	338	1.94
KFINTECH	4,247	6,854	0.62	5	116	0.04
KOTAKBANK	18,279	21,613	0.85	-375	437	-0.86
KPITTECH	3,730	6,534	0.57	101	129	0.78
LAURUSLABS	5,336	9,752	0.55	161	-166	-0.97
LICHSGFIN	7,672	10,093	0.76	52	-32	-1.63
LICI	6,075	11,908	0.51	-160	-52	3.08
LODHA	4,669	12,214	0.38	296	1,761	0.17
LT	17,992	32,190	0.56	-503	1	-503.00
LTF	5,031	8,040	0.63	55	245	0.22
LTIM	4,562	6,073	0.75	84	447	0.19
LUPIN	5,278	6,812	0.77	184	-12	-15.33
M&M	17,094	32,708	0.52	-214	48	-4.46
MANAPPURAM	3,730	5,641	0.66	21	241	0.09
MANKIND	2,439	5,069	0.48	42	70	0.60
MARICO	3,140	5,336	0.59	56	172	0.33
MARUTI	29,625	31,621	0.94	-9	725	-0.01
MAXHEALTH	5,913	11,047	0.54	865	913	0.95
MAZDOCK	10,006	23,264	0.43	-108	643	-0.17
MCX	15,451	23,866	0.65	393	998	0.39
MFSL	2,421	4,742	0.51	-11	259	-0.04
MOTHERSON	7,570	9,408	0.80	56	168	0.33
MPHASIS	3,536	4,838	0.73	67	152	0.44
MUTHOOTFIN	6,573	11,364	0.58	194	-413	-0.47
NATIONALUM	6,854	8,412	0.81	154	600	0.26
NAUKRI	6,005	7,035	0.85	10	-40	-0.25
NBCC	3,310	8,043	0.41	115	1,053	0.11
NCC	3,791	8,786	0.43	-2	-270	0.01
NESTLEIND	4,361	14,307	0.30	-59	463	-0.13
NHPC	3,232	7,131	0.45	29	72	0.40
NMDC	10,131	13,845	0.73	223	581	0.38
NTPC	13,719	22,680	0.60	-66	-166	0.40
NUVAMA	2,374	4,227	0.56	230	78	2.95
NYKAA	2,625	7,000	0.38	41	20	2.05
OBEROIRLTY	3,502	5,735	0.61	1	-33	-0.03
OFSS	6,776	9,745	0.70	-201	384	-0.52
OIL	2,495	4,859	0.51	14	292	0.05
ONGC	11,093	26,927	0.41	344	830	0.41
PAGEIND	3,432	8,736	0.39	72	819	0.09
PATANJALI	4,186	9,293	0.45	300	574	0.52
PAYTM	7,891	14,095	0.56	170	1,212	0.14
PERSISTENT	6,518	11,065	0.59	166	348	0.48
PETRONET	8,918	8,519	1.05	-122	-315	0.39
PFC	20,870	36,384	0.57	-38	-390	0.10
PGEL	7,921	12,458	0.64	135	313	0.43
PHOENIXLTD	1,714	3,487	0.49	54	57	0.95
PIDILITIND	1,939	2,660	0.73	-13	138	-0.09
PIIND	3,504	5,971	0.59	-91	257	-0.35
PNB	11,708	21,858	0.54	125	-711	-0.18
PNBHOUSING	7,261	11,968	0.61	-46	1	-46.00
POLICYBZR	6,770	9,293	0.73	661	642	1.03
POLYCAB	6,708	8,696	0.77	2,569	2,575	1.00
POWERGRID	10,657	17,614	0.61	-32	-84	0.38
POWERINDIA	3,964	10,423	0.38	-94	-501	0.19
PPLPHARMA	2,900	7,022	0.41	28	-202	-0.14
PRESTIGE	2,767	4,348	0.64	-14	123	-0.11
RBLBANK	4,897	8,090	0.61	111	402	0.28
RECLTD	21,920	35,435	0.62	162	218	0.74
RELIANCE	50,086	99,609	0.50	998	1,748	0.57
RVNL	6,349	12,872	0.49	-17	352	-0.05
SAIL	5,896	10,641	0.55	-45	-21	2.14
SAMMAANCAP	6,742	13,171	0.51	71	827	0.09
SBICARD	5,073	7,655	0.66	140	170	0.82
SBILIFE	6,074	11,645	0.52	-228	-413	0.55
SBIN	43,382	61,731	0.70	3,393	-5,729	-0.59
SHREECEM	2,349	5,744	0.41	12	-98	-0.12
SHRIRAMFIN	13,564	23,625	0.57	923	2,496	0.37
SIEMENS	9,072	18,186	0.50	167	309	0.54
SOLARINDS	4,180	10,899	0.38	284	297	0.96
SONACOMS	2,574	5,580	0.46	-22	7	-3.14
SRF	7,186	9,628	0.75	70	258	0.27
SUNPHARMA	6,690	20,474	0.33	-201	-677	0.30
SUPREMEIND	4,477	7,113	0.63	-253	-757	0.33
SUZLON	10,632	24,259	0.44	-1	566	-0.00
SYNGENE	1,440	2,831	0.51	10	-8	-1.25
TATACONSUM	5,479	10,218	0.54	345	108	3.19
TATAELXSI	5,547	15,194	0.37	84	140	0.60
TATAMOTORS	0	0	0.00	6	-117	-0.05
TATAPOWER	19,495	26,567	0.73	128	-204	-0.63
TATASTEEL	15,641	26,496	0.59	156	175	0.89
TATATECH	4,616	7,529	0.61	7	13	0.54
TCS	38,057	49,502	0.77	400	592	0.68
TECHM	7,610	10,351	0.74	228	775	0.29
TIINDIA	4,677	7,901	0.59	-24	157	-0.15
TITAGARH	2,623	5,276	0.50	12	110	0.11
TITAN	14,253	21,194	0.67	-411	-76	5.41
TMPV	40,975	88,264	0.46	711	1,002	0.71
TORNTPHARM	1,169	2,735	0.43	33	85	0.39
TORNTPOWER	1,992	3,232	0.62	-31	-7	4.43
TRENT	26,587	50,556	0.53	-61	605	-0.10
TVSMOTOR	9,749	9,666	1.01	282	114	2.47
ULTRACEMCO	11,304	19,307	0.59	173	440	0.39
UNIONBANK	5,579	8,299	0.67	17	18	0.94
UNITDSPR	7,035	8,944	0.79	507	259	1.96
UNOMINDA	2,813	5,058	0.56	-19	60	-0.32
UPL	4,772	6,949	0.69	154	204	0.75
VBL	10,012	24,023	0.42	-127	378	-0.34
VEDL	40,756	44,398	0.92	2,217	3,564	0.62
VOLTAS	6,497	7,830	0.83	36	627	0.06
WIPRO	10,977	13,876	0.79	184	108	1.70
YESBANK	6,456	13,114	0.49	33	-192	-0.17
ZYDUSLIFE	3,376	4,787	0.71	16	-155	-0.10

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

ASHOKLEY

ASIANPAINT

ASTRAL

AUBANK

AUROPHARMA

AXISBANK

BAJAJ-AUTO

BAJAJFINSV

BAJFINANCE

BANDHANBNK

BANKBARODA

BANKEX

BANKINDIA

BANKNIFTY

BDL

BEL

BHARATFORG

BHARTIARTL

BHEL

BIOCON

BLUESTARCO

BOSCHLTD

BPCL

BRITANNIA

BSE

CAMS

CANBK

CDSL

CGPOWER

CHOLAFIN

CIPLA

COALINDIA

COFORGE

COLPAL

CONCOR

COPPER

CROMPTON

CRUDEOIL

CRUDEOILM

CUMMINSIND

CYIENT

DABUR

DALBHARAT

DELHIVERY

DIVISLAB

DIXON

DLF

DMART

DRREDDY

EICHERMOT

ETERNAL

EURINR

EURUSD

EXIDEIND

FEDERALBNK

FINNIFTY

FORTIS

GAIL

GBPINR

GBPUSD

GLENMARK

GMRAIRPORT

GODREJCP

GODREJPROP

GOLD