P/C Ratio (Put/Call)

Put/Call OI ratio per expiration. Industry-standard sentiment gauge.

P/C Ratio per expiration — green bars below 1.0 are call-heavy (bullish), red bars above 1.0 are put-heavy (bearish)

Put/Call Ratio = Put OI ÷ Call OI for each expiration.

  • < 1.0 (green) — Call-heavy, bullish positioning
  • = 1.0 (dashed line) — Balanced
  • > 1.0 (red) — Put-heavy, bearish positioning or hedging

P/C Ratio is an industry-standard metric that normalizes naturally — it's already comparable across expirations regardless of notional size. The reference line at 1.0 provides a universal benchmark.

Note: Like OI, this metric does not account for time decay or gamma. A far-dated expiration with heavy put OI may reflect long-term hedges rather than near-term bearish bets.

See also: OI by Expiration, GEX Call/Put (C/P)

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