--- title: "What is PCR and how do I read it | RupeeCase" description: "The put call ratio divides put open interest by call open interest across the strikes you choose." source_url: "https://www.rupeecase.com/learn/questions/what-is-pcr" --- Near the money put open interest outweighs call open interest, but the whole chain sits near one Open interest in units for calls and puts at each round strike within two percent of the index on the 30 Jun 2026 chain, 10 Jun 2026. The strikes chosen change the ratio. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026. On 10 Jun 2026 the 30 Jun Nifty chain gave a PCR just above one, measured on open interest across the whole chain. The 16 Jun weekly, on the same day, gave a PCR below one. Two expiries on one day give two readings, so a PCR always belongs to one expiry and one set of strikes. The ratio is simple arithmetic. Add the open interest on all put strikes, add the open interest on all call strikes, and divide. Volume can be used the same way, with traded contracts in place of open interest. The chart uses the 30 Jun chain and shows the strikes within two percent of the index. The strikes you pick change the answer. Within that window, put open interest is well above call open interest, while the whole chain sits just above one. The window and the expiry are part of the reading, and a PCR figure without them is incomplete. How to read it: a higher ratio means more of the open contracts are puts. That can come from hedging, from writers, from buyers, or from a mix, and public data cannot tell which. A PCR describes positions. It is not a forecast of direction. Read the change with the level. A PCR that rises while put open interest is being built is a different story from one that rises as calls are closed. The question on [build up patterns](/learn/questions/long-short-build-up) shows how to read that change. **Before you trade.** Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. [Read the SEBI study](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) What is PCR and how do I read it?The put call ratio divides put open interest by call open interest across the strikes you choose, so a ratio above one means more put contracts are open than call contracts. It describes how positions are split on one chain at one moment, and it does not by itself say which way the index will move. Not shown with public data. A PCR reading describes positions on one chain and cannot tell a buyer from a writer. Treat any threshold as a claim to test, not as a rule to use. LGo deeper ## Where Learn teaches this. [Go deeperPut call ratio: definitions and what the evidence says7 min, Beginner](/learn/path-15/module-15-3-put-call-ratio)[Go deeperOI and change in OI on the chain: what they can and cannot tell you8 min, Beginner](/learn/path-15/module-15-2-open-interest-on-the-option-chain) SSources ## Go to the source. 3 sources, NISM the most cited The publisher of each source listed below. Source: Module undefined source list. 1. [NSE option chain page (the screen the school reads only as dated end of day files)](https://www.nseindia.com/option-chain) NSE 2. [Pan and Poteshman (2006), The Information in Option Volume for Future Stock Prices, Review of Financial Studies](https://doi.org/10.1093/rfs/hhj024) Paper 3. [NISM, Series VIII equity derivatives test objectives (the syllabus names open interest, volume and the put call ratio)](https://www.nism.ac.in/revamp-nism/test-objectives-revised-nism-series-viii-equity-derivatives-certification-examination/) NISM ?Questions people ask ## Related questions. 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Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. New to RupeeCase? [Getting started](/getting-started) [See the terminal](/terminal) [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera Education only, not investment advice, a research report or a recommendation to buy, sell or hold any security. RupeeCase (QC Alpha Technologies Pvt Ltd) is not registered with SEBI as an investment adviser or research analyst. Contracts and prices shown are for illustration only, come from NSE end of day files at least 30 days old, and are not recommendatory. Derivatives trading carries a high risk of loss.