Definition. Options Bull-Bear Index (BBI) measures whether options buyers are allocating more capital to calls or to puts. It is computed as the difference between call and put premiums paid by buyers, normalized by their sum. The index is also segmented by maturity: short-term (0 to 30 days) for near-term conviction, mid-term (30 to 90 days) for tactical and event-driven positioning, and long-term (over 90 days) for strategic and structural sentiment.

Interpretation. A value of 1 indicates only call buyers (strongly bullish), a value of -1 indicates only put buyers (strongly bearish), and values near the middle represent a neutral balance.