Definition. This chart shows the put/call ratio of options markets from two complementary angles: the ratio of open interest held in puts versus calls, and the ratio of trading volume flowing into puts versus calls, plotted alongside price. Together they describe how options positioning and options flow are balanced between downside protection (puts) and upside exposure (calls).

Technical. Both ratios are taken directly from the underlying options metrics:

• Open Interest Put/Call Ratio = Total Put Open Interest / Total Call Open Interest (red)
• Volume Put/Call Ratio = Total Put Volume / Total Call Volume (blue)

A value of 1.0 means puts and calls are perfectly balanced; values above 1.0 mean puts dominate, values below 1.0 mean calls dominate. Price is shown in grey for reference.

Interpretation. Puts are typically bought as downside protection or bearish speculation, while calls express upside exposure. An elevated put/call ratio therefore signals defensive positioning and demand for hedges, whereas a low ratio signals speculative appetite for upside. The two traces answer different questions: the open interest ratio reflects the standing stock of positions and shifts slowly as contracts are opened and closed, while the volume ratio reflects the day's flow and reacts quickly to news and price moves. Divergences can be informative — for example, heavy put volume against a still call-dominated open interest base suggests hedging demand is picking up before positioning has fully rotated. Note that puts are not always bearish (they can be sold to harvest premium), so extremes are best read together with funding and basis conditions in futures markets.

Notes. The underlying metrics are Options Open Interest Put/Call Ratio and Options Volume Put/Call Ratio. To see the put/call split in absolute (USD) terms rather than as a ratio, see the companion charts Options Put/Call Open Interest and Options Put/Call Volume.