Institutional put-call regime monitor for index and top Nifty components.
Checking subscription...
Combined PCR brings index option flow and heavyweight stock option flow into one regime view, helping traders separate broad market hedging from stock-specific positioning.
OI PCR compares total put open interest with call open interest. A rising value above 1.00 generally shows stronger put-side positioning, while a lower value shows call-side dominance. On Indian indices this can reflect hedging demand as much as directional bearishness, so it is best read with price action.
OI Change PCR focuses on fresh positioning during the session. It is useful for identifying whether new put writing, call writing, short covering, or long unwinding is driving the current move. Sudden shifts around ATM strikes often matter more than the absolute PCR level.
Volume PCR captures current trading activity rather than carried positions. When Volume PCR confirms OI PCR, the signal is cleaner. When they diverge, traders often treat it as a warning that hedges, event flow, or intraday scalping may be distorting the headline PCR.
Use only indices for broad market regime, only the top 10 stocks for heavyweight equity flow, or stocks plus indices for a full combined read. Comparing the basket with one instrument highlights where a stock or index is leading, lagging, or diverging from the broader options market.
PCR is not a standalone buy or sell system. Institutional traders usually combine it with trend, support-resistance, volatility, expiry distance, and spot-futures behavior. The strongest reads come when PCR direction, price structure, and volume confirmation all point in the same direction.
The Combined PCR Index is designed for traders who want a single view of put-call ratio analysis across Indian index options and large-cap stock options. Instead of checking Nifty PCR, Bank Nifty PCR, Sensex PCR and individual stock option PCR separately, this dashboard aggregates the selected universe into a 3-minute PCR chart and compares it with any benchmark instrument. This helps identify whether market-wide option positioning is aligned with the chosen index or stock.
For intraday option traders, the most useful read often comes from the relationship between OI PCR, OI Change PCR and Volume PCR. OI PCR shows the existing option positioning, OI Change PCR shows fresh open-interest activity during the session, and Volume PCR shows immediate trading participation. When all three metrics move in the same direction, the options market is usually sending a cleaner signal. When they disagree, traders should watch for expiry hedging, event risk, index rebalancing, or temporary scalping flow.
The top stock basket includes HDFCBANK, ICICIBANK, RELIANCE, BHARTIARTL, LT, INFY, SBIN, AXISBANK, KOTAKBANK and ITC. These stocks carry meaningful weight in Nifty and Bank Nifty sentiment, so their stock option PCR can reveal whether index PCR is being supported by heavyweight stock flow or mainly driven by index hedging. The stocks plus index basket is useful for a broader institutional sentiment read, while the only index basket is better for traders focused on Nifty, Bank Nifty and Sensex options.
Vs Compare is a relative PCR spread. For OI PCR it is the instrument OI PCR minus the selected benchmark OI PCR. For OI Change PCR it compares fresh OI-change PCR, and for Volume PCR it compares volume PCR. A positive spread means the row has higher put-call ratio than the benchmark; a negative spread means it has lower put-call ratio than the benchmark.
PCR above 1.00 often means put activity is stronger than call activity, but interpretation depends on context. In a rising market, high PCR can reflect put writing or hedging. In a falling market, rising PCR can reflect fear or protective demand. Always combine PCR with price trend, support-resistance and expiry behavior.
Index option data can update more frequently, while stock option data commonly updates around every 3 minutes. A 3-minute interval aligns both datasets, making the combined PCR chart more stable and reducing false comparisons between faster index ticks and slower stock option updates.
Live update refreshes the latest Combined PCR data automatically during the session, while backtest mode locks the dashboard to a historical date. Backtesting helps traders review how PCR, OI Change PCR and Volume PCR behaved before major intraday moves, expiry shifts, or trend reversals.
Use the only index basket for pure index option sentiment, the 10-stock basket for heavyweight stock option sentiment, and the stocks plus index basket for the broadest combined market read. There is no single best basket; the right choice depends on whether you trade index options, stock options, or relative strength between them.
