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

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

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

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

Interpretation. Where open interest describes standing positioning, volume describes the day's flow — which side of the options market is actually being traded right now. Sustained dominance of call volume typically accompanies speculative, risk-seeking phases, while bursts of put volume flag demand for downside protection, often around macro events, expiries, or sharp price drawdowns. Reading the split in absolute USD terms shows whether activity is broad (both legs busy, e.g. around large expiries and volatility events) or one-sided. Comparing flow against the standing open interest split can reveal early rotation: heavy put volume into a call-heavy market suggests hedging demand is building before positioning has turned.

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