The put/call ratio divides put volume by call volume. Above 1 means more puts are trading than calls; below 1, more calls. It's a rough gauge of whether positioning leans defensive or toward the upside.
Read it at extremes, not literally. Puts are often bought as hedges rather than bearish bets, so a high ratio doesn't automatically mean "bearish." It's one input into the directional lean, never the whole story.
Related terms
- Bias (bullish / bearish / neutral) — Our read of which way the flow leans. Context, not a guarantee.
- Unusual options activity — Options volume well above a ticker's normal level. A prompt to look, not a direction.
- Open interest (OI) — The number of option contracts currently open. Shows positions that exist — not their direction.
See it in the flow
Open the dashboard to watch real options flow free, or read the beginner guides. Watch-only — not financial advice.