+ N50_AXIS
+ OPT_SKEW_01
+ DII_FLOW_REF
+ PCR_INDEX
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Options AnalyticsIntermediate

PCR Analyzer

Put-Call Ratio analysis across all NIFTY and Bank NIFTY strikes and expiries. Identify market sentiment extremes and reversal zones with institutional precision.

Primary Use CaseGauge market sentiment at the strike level to identify strong support/resistance and potential reversal points before they appear on price charts.

Overview

The STOCKAN PCR Analyzer goes beyond simple overall PCR readings. It breaks down Put-Call Ratio at the strike level, expiry level, and index level — giving you the multi-dimensional sentiment picture that institutional traders use to plan positions.

What PCR Tells You

Put-Call Ratio is fundamentally a measure of the balance between protective hedging (puts) and speculative bullishness (calls) in the derivatives market.

High PCR (> 1.2): More puts than calls — either:

  • Market participants are heavily hedged (bearish fear)
  • Contrarian bullish setup (too many bears = potential squeeze)

Low PCR (< 0.8): More calls than puts — either:

  • Bullish euphoria / call-buying frenzy
  • Contrarian bearish setup (too many bulls = potential reversal)

Analyzer Features

Strike-Level PCR Map

A color-coded visualization showing PCR at every strike:

  • Deep red strikes: Massive put OI — strong support levels
  • Deep green strikes: Massive call OI — strong resistance levels
  • Yellow strikes: Balanced PCR — less significant

This map reveals the "wall of options" that market makers will defend, giving you natural support and resistance levels with institutional backing.

Expiry-Level PCR Tracking

Compare PCR across:

  • Current weekly expiry
  • Next weekly expiry
  • Monthly expiry
  • Quarter expiry (for Bank NIFTY)

Divergence between near and far expiry PCR often signals upcoming volatility or trend change.

PCR Historical Percentile

The tool shows where today's PCR stands relative to the past 252 trading days (1 year). A PCR at the 90th percentile means it's higher than 90% of all readings in the past year — a historically extreme reading.

PCR Trading Applications

Application 1: Identifying Max Pain Zone

The strike with the highest combined call + put open interest loss potential is Max Pain — the price where option sellers collect maximum premium. PCR Analyzer highlights this level with every expiry update.

Markets have a statistical tendency to gravitate toward Max Pain in the 2-3 days before expiry. This makes it a useful reference for expiry-week trading.

Application 2: Support/Resistance Mapping

  • Strikes with PCR > 3.0: Extremely heavy put writing — strong support (Put writers will defend this)
  • Strikes with PCR < 0.3: Heavy call writing — strong resistance (Call writers will defend this)

These strikes often coincide with round number levels (24000, 24500, 25000) where psychological support/resistance aligns with mathematical option positioning.

Application 3: Sentiment Divergence

When NIFTY makes a new high but PCR drops to extreme low: Bearish divergence — smart money is not participating in the bullish sentiment.

When NIFTY makes a new low but PCR rises to extreme high: Bullish divergence — heavy hedging typically precedes reversals.

PCR Thresholds for NIFTY (Historical Calibration)

Based on NIFTY data from 2018-2024:

PCR Zone Historical NIFTY Performance (Next 5 Sessions)
> 1.40 +1.8% average, 72% positive sessions
1.20-1.40 +0.6% average, 58% positive sessions
0.90-1.20 Neutral, 51% positive sessions
0.70-0.90 -0.3% average, 45% positive sessions
< 0.70 -1.5% average, 35% positive sessions

Important: These are statistical tendencies, not guarantees. Always use with additional confluence.

Data Refresh

PCR data updates every 30 seconds during market hours (9:15 AM - 3:30 PM IST). Post-market data includes final OI numbers from NSE.