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Put-call ratio (PCR) volume levels represent the relationship between bearish put contracts and bullish call contracts traded during a session. Analyzing these levels reveals market sentiment, areas of potential support/resistance, and whether traders are overly fearful or greedy.How to Interpret PCR LevelsThe ratio is calculated as:\(\text{Put-Call Ratio (PCR)} = \frac{\text{Total Put Volume}}{\text{Total Call Volume}}\)1. Ratio Above 1.0 (Bearish/Protective Sentiment)What it means: More puts are being traded than calls.Sentiment: Traders are leaning bearish, or are heavily hedging their existing portfolios against a potential market drop.Extreme levels (e.g., > 1.2 or > 1.4 for major indices): Can serve as a contrarian indicator. Extreme fear can signal an oversold market that might be primed for a relief rally.2. Ratio Below 0.7 (Bullish/Euphorla Sentiment)What it means: Traders are buying significantly more calls than puts.Sentiment: Greed or strong optimism prevails.Extreme levels (e.g., < 0.5): Can serve as a contrarian warning sign. Extreme euphoria often points to an overbought market where a pullback or reversal is likely.3. Ratio Around 0.7 - 1.0 (Neutral Baseline)What it means: The market is generally balanced between calls and puts. This is widely viewed by institutional traders as the baseline "normal" trading range for indices like NIFTY or the S&P 500
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秉承TradingView的精神，该脚本的作者将其开源，以便交易者可以查看和验证其功能。向作者致敬！您可以免费使用该脚本，但请记住，重新发布代码须遵守我们的网站规则。
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这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。