Put/Call Volume Ratio
Daily put-to-call traded volume.
The ratio of total put volume traded to total call volume traded in a session. A flow-based sentiment gauge — reflects today's appetite for puts versus calls, regardless of standing positioning.
Summed across all strikes and expiries for the symbol (or index complex). Distinct from the OI-based ratio, which measures standing inventory.
- High (> 1.2): bearish flow dominant — often contrarian bullish at extremes.
- Low (< 0.6): bullish flow dominant — often contrarian bearish at extremes.
- Neutral (0.6-1.2): flow balanced or near symbol's baseline.
API Reference
Why Put/Call Volume Ratio Matters for Trading
Measures today's sentiment flow, not standing positioning. Useful as a contrarian indicator at extremes; noisy in the middle. Always compare to the symbol's own baseline.
- What it measures
- The fraction of today's option volume that was puts versus calls.
- What it signals
- Short-term sentiment bias in the options flow — fear-of-downside vs chase-the-upside.
- Why we measure it
- Flow leads positioning. Unusual intraday PC_vol often precedes a change in OI-based positioning.
- Who uses it
- Swing traders, contrarian signal users, sentiment-model inputs, 0DTE flow analysts.
How to read PC Volume Ratio
- Bearish flow dominant
- Hedge demand stretched
- Contrarian bullish at extremes
- Watch for capitulation bottoms
- Call-buying dominant
- Speculative froth risk
- Contrarian bearish at extremes
- Watch for blow-off tops
- Flow near baseline
- No sentiment edge
- Trade other signals
- Wait for extreme
Rules of thumb
- Use symbol-relative thresholds. SPX naturally runs > 1 due to hedging; meme stocks run < 0.5. Compare to the symbol's own rolling baseline.
- Contrarian at extremes, useless in the middle. Ratios between 0.6 and 1.2 carry little information for most names.
- Pair with OI ratio. Flow + positioning tells a fuller story than either alone.
- Watch 0DTE share. A growing 0DTE put share inflates PC_vol without reflecting genuine bearish positioning.
- Index vs equity differs. Broad-index PC_vol is a macro sentiment gauge; single-name PC_vol reads specific stock stress.
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