Definition. This chart presents the total value of options open interest split into put (red) and call (green) options, shown alongside price (black) and the put/call open interest ratio (grey).

Technical. The put and call components are reconstructed from total options open interest and the put/call ratio:

• Put Open Interest = Total Open Interest x PC / (1 + PC) (red)
• Call Open Interest = Total Open Interest / (1 + PC) (green)

where PC is the put/call open interest ratio. The two components sum to total options open interest by construction.

Interpretation. Open interest measures the standing stock of options positions rather than daily flow, so this view describes how the options market is positioned overall. A growing call component signals accumulating upside exposure, often characteristic of constructive or speculative phases, while a swelling put component signals demand for downside protection. Watching the two components in absolute USD terms (rather than only their ratio) also reveals whether a shift in the ratio comes from one side growing or from the other side shrinking — an important distinction, since de-risking (calls closed) and active hedging (puts opened) carry different implications. Total open interest across both legs gauges the overall footprint of the options market, which tends to build into major expiries and reset after them.

Notes. Built from Options Open Interest and the Options Open Interest Put/Call Ratio. See also the flow-side counterpart Options Put/Call Volume and the combined ratio view Options Put/Call Ratio.