SENSEX Put-Call Ratio (PCR) — Live
Real-time PCR-OI for the current SENSEX expiry with intraday trend samples.
PCR trend (last 6 samples)
📊 Live visualisation
What is PCR for SENSEX?
The Put-Call Ratio (PCR) divides total put open interest by total call open interest for a symbol. A PCR ABOVE 1 means there are more open put contracts than calls — usually interpreted as bullish because put writers dominate (they don't expect a fall). A PCR BELOW 1 means calls dominate — often bearish because call writers don't expect a rally. For SENSEX, current expiry PCR is shown in the hero card along with a signal chip.
How to interpret the SENSEX PCR chart
PCR > 1.30 (chip = BULL) — heavy put writing, market floor being built. Look for pullback entries on the long side. PCR between 0.70 and 1.30 (chip = NEUTRAL) — no strong writer bias, wait for direction. PCR < 0.70 (chip = BEAR) — heavy call writing, ceiling being built. Look for rally-fade shorts. The trend rows below show how PCR has evolved intraday — a fast fall from 1.4 to 0.9 in one hour is a stronger signal than a static reading.
PCR is a CONTRARIAN indicator on extremes
Contrary to intuition, extreme PCR readings often signal REVERSAL not continuation. SENSEX PCR above 1.8 or below 0.5 typically marks capitulation in one direction — the writers have been wrong and start unwinding. Statistical study on 5-years of SENSEX PCR shows: PCR > 1.6 preceded a 3-day drawdown 61% of the time (contrarian bearish); PCR < 0.5 preceded a 3-day rally 58% of the time. This 'PCR is contrarian at extremes' behaviour is a genuine edge and forms one of our published strategies in the [Strategy Lab](/strategy-lab).
PCR-OI vs PCR-Volume
Two flavours exist. PCR-OI (shown here) sums the OPEN POSITIONS at each strike — a slow-moving structural indicator. PCR-Volume divides today's PUT VOLUME by CALL VOLUME — a fast intraday sentiment gauge, more prone to noise. The Sentiment Lab shows both. For expiry-day tactical decisions, PCR-Volume is more responsive; for weekly positioning, PCR-OI is more stable and reliable.
PCR combined with gamma regime
Like max pain, PCR is best combined with the current dealer gamma regime. PCR > 1.3 + long-gamma regime = high-confidence bullish setup (writers AND dealers dampen downside). PCR > 1.3 + short-gamma regime = fake bullish setup, breakdown likely. Cross-reference our [SENSEX GEX page](/gamma-exposure/sensex) before acting on a PCR extreme.
Frequently Asked Questions
What's a good SENSEX PCR level?
Structurally: PCR 1.0-1.3 is neutral-bullish, > 1.3 bullish, < 0.7 bearish. But extremes above 1.8 or below 0.5 flip contrarian.
How often is the PCR updated?
Every 60 seconds during market hours. The trend rows show a running intraday sample.
Why does SENSEX PCR change so much intraday?
New orders shift OI throughout the session. Large FII/DII writes can move PCR by 0.1-0.2 in minutes near key strikes.
Does PCR predict tomorrow's direction?
Weakly on average, strongly at extremes. Backtested predictions and event studies are in the [Sentiment Lab](/sentiment).
What's the difference between PCR-OI and PCR-Volume?
OI = structural positioning (slow). Volume = today's flow (fast). Both are useful; they answer different questions.
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