About the Put-Call Ratio Calculator
Calculate the put-call ratio of a stock, an index or the whole options market from the number of put and call contracts traded, and from open interest if you have it. The page also shows what share of all the contracts were puts.
Traders watch the ratio as a sentiment gauge: a rising ratio means more protection or bets on a fall are being bought relative to bets on a rise.
How it works
The volume ratio is the number of put contracts traded divided by the number of call contracts traded over the same period, usually one day. With 1,200 puts and 1,000 calls the ratio is 1.20, and puts are 54.55% of all contracts.
The open interest ratio uses contracts still open instead of those traded that day, so it moves more slowly. 800 open puts against 1,600 open calls is a ratio of 0.50.
A ratio above 1 means more puts than calls; below 1, more calls than puts. What counts as high or low depends on the market: index options usually have higher ratios than single stocks because institutions buy index puts to hedge.
Assumptions and limits
- Put and call figures must cover the same period and the same underlying.
- The ratio counts contracts, not their value; a few large trades can move it a lot on quiet days.
- It describes activity; it isn't a buy or sell signal on its own.
Worked examples
More puts
1,200 puts and 1,000 calls traded: a ratio of 1.20.
More calls
700 puts and 1,000 calls: a ratio of 0.70.
Open interest
800 open puts and 1,600 open calls: an open interest ratio of 0.50.
How to use the Put-Call Ratio Calculator
- Enter put and call volume. From the option chain or exchange data.
- Add open interest. Optional, for the slower ratio.
- Read the ratio. And the share of puts.
Frequently asked questions
How is the put-call ratio calculated?
Divide the number of put contracts by the number of call contracts for the same period. If 900 puts and 1,000 calls traded today, the ratio is 0.90. The same division works with open interest instead of volume.
What does a high put-call ratio mean?
It means many more puts than calls are being traded, which shows caution or hedging. Some traders read extreme highs as a sign that fear is overdone and a rebound is near, but it is only one indicator.
What is a normal put-call ratio?
There is no single normal level. Single stocks often trade below 1 because traders buy more calls, while index options are often above 1 because of hedging. Compare a ratio with its own recent history rather than a fixed number.
Should I use volume or open interest?
Volume shows what traders did today and reacts quickly. Open interest shows the positions still held and changes slowly. Many traders watch both: a volume ratio that jumps while open interest hardly moves points to short-term trading.
Where can I find put and call volume?
Most brokers and options exchanges show total put and call volume and open interest on the option chain or in daily market statistics. Add up the figures for all strikes and expiries you want to include.
This tool runs entirely in your browser. What you enter or upload stays on your device and is never sent to our servers.