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Put-Call Ratio Calculator

Divide put option volume by call option volume to gauge whether options traders are leaning bearish or bullish.

Market SentimentBeginner
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Results
Put-call ratio0.95neutral range
Puts share of volume48.7%
Calls per put1.05
The put-call ratio is a sentiment gauge, usually read contrarian: very high readings show fear (often near bottoms), very low readings show complacency. Typical equity readings sit roughly between 0.7 and 1.0, but compare against the instrument's own history.

Not financial advice. Results are estimates based on the values you enter and simplified assumptions; real trades are affected by fees, slippage, gaps and other factors. Trading involves substantial risk of loss. Read the full disclaimer.

How to calculate the put-call ratio

Put-call ratio = Put volume ÷ Call volume

The same formula works with open interest instead of volume — just be consistent when comparing readings.

Worked example

  1. 950,000 puts and 1,000,000 calls traded today.
  2. Put-call ratio = 950,000 ÷ 1,000,000 = 0.95.

How to interpret the put-call ratio

The ratio is usually read contrarian. Unusually high readings show fear and heavy hedging, which often appears near market lows; unusually low readings show complacency, which often appears near highs. “Unusual” is relative — compare against the instrument's own history and combine with price-based tools such as the RSI.

Technical Indicators

RSI Calculator

Calculate the Relative Strength Index with Wilder or simple averaging and see overbought/oversold readings.

Avg gain 0.714 / avg loss 0.357 → RSI 66.67

Put-Call Ratio calculator FAQ

What is a normal put-call ratio?

For US equity options it has often ranged roughly from 0.5 to 1.2; index options typically run higher because of hedging.

Is a high put-call ratio bearish?

It shows bearish positioning, which contrarians read as a potential bullish signal when extreme.