Options P/C Ratio · US Stock Long/Short Ratio Data

The P/C ratio (Put/Call Ratio) is the ratio of put (bearish) to call (bullish) options. It is one of the most intuitive indicators for measuringmarket long/short bias.

What Is the P/C Ratio

P/C ratio = number of put options ÷ number of call options. It can be calculated by volume or open interest (OI): using open interest shows the "stock attitude", while using volume shows the "daily action". In our reports we primarily use open interest, as it is more stable.

What Data Dimensions Do We Provide

① Put/Call OI ratio for individual stocks' current-month ATM; ② multi-day changes; ③ cross-reference with overall market sentiment values and capital flows; ④ annotation of extreme readings (bullish/bearish/extreme).

How to Read the P/C Ratio

Common empirical ranges: ratio <0.7 bullish, 0.7–1.3 neutral, >1.3 bearish, >2.0 extreme. But note—extreme readings are often used as a contrarian reference, when most people are unanimously bearish, the market may instead move in the opposite direction.

Coordination with Other Indicators

The P/C ratio is "expectation", while capital flows and dark pool data are "action". When expectation and action align, the signal is stronger; when the two diverge, it often indicates a divergence between sentiment and capital.

This page only provides market data and capital flow presentation, and does not constitute any investment advice or buy/sell recommendation.