Live now
Index readings from the same feed the Sahi terminal runs on. Open the live PCR to see this guide applied to today’s numbers.
- NIFTY — —
- BANKNIFTY — —
- SENSEX — —
Read a PCR in About Two Minutes
How do I open the page and read one number from it in about two minutes?
The Put Call Ratio, written PCR on the page, is one number that sums up a whole option chain: how many Put contracts are open for every Call contract. The page draws that number through the day against the line at 1.00, and says in one word where it stands. Below are six steps. They take about two minutes, and nothing you do changes any market or places any order.
Your First Five Minutes
- Open the page and change nothing. Read the row at the top first: the word (Puts ahead, Calls ahead or Balanced), the number after PCR, and the line of text that says which strikes it covers.
- Look at the chart against the 1.00 line. The thin line is the ratio and the faint dotted rule is 1.00. Above the rule more Put contracts are open than Call contracts; below it, fewer. The chips above the plot add other lines when you want them.
- Open the insight (View insight). Read the verdict and the strikes it counts, then the four sentences: the ratio, the change, the 1.00 line and the walls.
- Read the first caution. When the whole expiry leans a different way from the strikes counted, the first caution says so.
- Remember what the number is. It is a count of open contracts. It does not say who holds them, and it does not say where the price goes next.
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Open the page
Open PCR. It opens on the symbol you last looked at (NIFTY in the pictures), on the nearest expiry, for the whole day so far, counting the 41 strikes around the at-the-money strike. In the app it sits under Open Interest, with a button on the rail named PCR.
Look at: the one row at the top, then the ratio line against the faint 1.00 rule. This capture shows the earlier defaults, with Spot, the levels and the crossings on and a line that changed colour at 1.00. By default the page now opens with the ratio alone, in one colour, and the chips above the plot add the rest. (Picture taken before the chart was redesigned on 19 October 2026: picture not retaken.) -
Read the row at the top
The word, Puts ahead, is a label for where the ratio stands against two fixed lines (0.97 and 1.03). PCR 1.07 is the ratio itself. The three small figures after it, 5m, 15m and Today, say how far it has moved. The text after them says which strikes were counted. The row, piece by piece.
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Find the 1.00 line on the chart
At 1.00 the Put and Call contracts are equal in number. The chart marks 1.00 with a faint dotted rule; where the ratio line is above it, more Put contracts are open, and where it is below, more Call contracts. In the pictures the day opens at 1.18, falls below 1.00 at 10:33 am, reaches 0.90 at 11:50 am, and climbs back above 1.00 at 12:47 pm. Crossings.
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Open the insight and read the cautions
Press View insight. The box gives the verdict, four sentences and the cautions. In the pictures it says that on the whole expiry the ratio is 0.95, which would read Calls ahead, while the 41 strikes counted here read Puts ahead. That one sentence is the reason to look at which strikes are counted before you trust any word.
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Step back in time if you want to
Open Customise and use Chart time to move to an earlier reading. The chart, the box and the line under the chart then all read as of that time, and Back to latest returns you. Windows and chart time.
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Put it beside other facts
The ratio is one fact about how contracts are held. The price, the levels and the other pages show other facts. Routines for the morning, the session and expiry day show one way.
Which Parts to Read
New to options: read What the Put Call Ratio is, how it is worked out, the 1.00, 0.97 and 1.03 lines, common mistakes and the glossary. Already trade options: go to which strikes are counted, Open Interest, Volume, change and strike ratios, the detail panel, routines and limits.
What the Put Call Ratio Is
What is the Put Call Ratio, and what will it not do for me?
The Two Lists Analogy
Picture two lists of open contracts. One list holds Puts, contracts that pay their buyer if the market falls. The other holds Calls, contracts that pay their buyer if it rises. Every contract has a buyer and a seller, and it is counted once.
The ratio is only the length of the Put list divided by the length of the Call list. If the Put list is longer, the ratio is above 1.00. It tells you the lists are uneven. It does not tell you who is on either side of a contract, why they opened it, or which way the price will go.
An option is a contract. A Call gives its holder the right to buy the underlying (an index such as NIFTY, or a share) at a fixed price, the strike. A Put gives the right to sell it. (The exchange's own codes, CE for Call and PE for Put, appear in some data files; this guide and the page write Call and Put.) Open Interest is the number of such contracts at a strike that are still open, that is, bought and sold but not yet closed or expired. Add up the Put Open Interest on the strikes you choose, add up the Call Open Interest on the same strikes, and divide the first by the second. That is the Put Call Ratio.
What the Page Does
- It reads a saved reading of the option chain about once a minute, all day, and works out the ratio at each one (where the data comes from).
- It draws the ratio through the day against 1.00. When you switch them on, it adds the Put and Call Open Interest, Net Open Interest, the price of the underlying, three reference levels and a dot at every crossing of 1.00.
- It sums up the ratio in one row with a word, and in an opened box with the reason, the change, the 1.00 line and the cautions.
- It lets you choose the expiry, the strikes counted, the window of time and the lines drawn, and it remembers those choices in your browser.
What the Page Does Not Do
- It does not say who holds the contracts, or whether they are hedges, bets or part of a spread. Open Interest does not record that.
- It does not forecast the price. The word on the row names where the ratio stands, and it has not been tested against later price moves.
- It does not draw a ratio of traded volume. The chart is built from Open Interest only. The other ratios are on other pages.
- It places no order and gives no advice.
Words Used Before They Are Explained
- At the money (ATM)
- The strike nearest today's price. The page counts a number of strikes either side of it.
- Expiry
- The date an option contract ends. The page reads one expiry at a time.
- Minute snapshot
- One saved reading of every strike of the chain. The chart is built from these.
- Lakh and crore
- 100000 and 10000000. The page prints them as L and Cr.
The Screen at a Glance
What is on the screen, and which part do I read first?
The page has three layers on a desktop, top to bottom: the page bar, the insight row and the chart card, which runs to the bottom of the window with nothing under it. A phone adds a fourth, a one-line scope note under the chart. Everything you can change is in one panel, Customise, at the top right; the chart keeps only its own tools and the chips that choose its lines.
- Page barHome, Open Interest, PCR with its info button, the symbol chips, and the Customise and Search buttons.
- Insight rowThe verdict word, the ratio, the 5m, 15m and Today movement, the strikes counted and the time of the reading. It opens into the insight box.
- Chart cardThe head (ratio, change, spot), a row with the time step tabs, the line chips, the crosshair and full screen, then the plot with its readout at the top left and the zoom pill at the bottom.
- Scope lineOn a phone only: one line naming the expiry, the day, the window and the strikes. A desktop leaves it out, because the choices are in Customise; it comes back under the chart only while the chart is stepped back. The chart has no separate key: the chips name the lines.
The Row Under the Head, Item by Item
| Item | What it does |
|---|---|
| 1m 5m 15m 30m 1h | The time step, as plain text tabs. Each point on the line is the last reading in its interval. Not shown on 1 Month. The time step. |
| PCR chip | The ratio line, with the faint dotted 1.00 rule. On by default. |
| Put Open Interest and Call Open Interest chips | The two totals behind the ratio, green and red, on a scale of their own. Off by default. |
| Net Open Interest chip | Put Open Interest minus Call Open Interest, on a scale of its own with a dotted zero rule. Off by default. Net Open Interest. |
| Spot chip | The price of the underlying, the grey line on the left axis. Off by default. |
| Levels chip | The Put wall, Call wall and Max pain rules, together. Off by default. When two levels fall on the same strike their labels join into one, such as “Put wall · Max pain”, in neutral ink. Walls and max pain. |
| Crosshair (target icon) | Turns the crosshair on and off. On by default. |
| Full screen (arrows icon) | The chart fills the screen; Customise moves into the bar at the top. Not shown on a phone. |
The question each topic answers (4 topics)
How the Ratio Is Worked Out
What exactly is divided to get the ratio, and what makes it move?
Everything on the page comes from one division. For one saved reading of the chain, take the strikes in scope (next section). Add the Open Interest of every Put on those strikes. Add the Open Interest of every Call on the same strikes. Divide the first total by the second.
A Five-Strike Example to Do by Hand
The numbers below are invented for this example and are not from the page. Open Interest is in lakh contracts.
| Strike | Call Open Interest | Put Open Interest |
|---|---|---|
| 24400 | 10 | 30 |
| 24500 | 20 | 35 |
| 24600 | 30 | 25 |
| 24700 | 25 | 15 |
| 24800 | 15 | 5 |
| Total | 100 | 110 |
110 ÷ 100 = 1.10. Puts are heavier at the lower strikes and Calls at the higher ones, and the total leans to the Put side. The ratio tells you the totals. It does not tell you where on the ladder the weight sits: for that you need the walls.
Rules the Page Follows
| Rule | What it means for you |
|---|---|
| Open Interest, not trades | The ratio counts contracts still open at that minute. It is not today's traded volume, and it is not the day's change in Open Interest. Those ratios exist, on other pages. |
| Two decimals | The ratio is printed to two decimals everywhere, and every comparison (with 1.00, with 0.97 and 1.03) uses the printed figure. A ratio of 0.9704 prints 0.97 and reads Calls ahead. |
| No Call Open Interest, no ratio | If the Calls in scope hold no Open Interest there is nothing to divide by, so the minute carries no point. The same is true if a side is missing, or if a side reads exactly zero while some of its strikes are not quoted, because that zero could mean "none open" or "not reported". The insight says how many minutes were left out; they are not counted as zero. |
| Before 9:15 does not count | A snapshot taken before the market opens still carries yesterday's Open Interest. The page ignores it, so the day's first reading is the one at 9:15. |
| One expiry at a time | The ratio is read on the expiry chosen in Customise. A different expiry is a different book and gives a different ratio. |
| Lakh and crore | Open Interest totals print as L (lakh, 100000) and Cr (crore, 10000000): 12.72Cr is 12.72 crore contracts. |
What Moves It
The ratio goes up when Put Open Interest rises or Call Open Interest falls, and down when the reverse happens. A third cause is easy to miss: the strikes counted can move. The strikes follow the price, so when the price moves a strike enters the count on one side and one drops out of the other. The detail panel's What moved it section separates the three by printing the Call total, the Put total and the centre strike at both ends of the window (the detail panel).
Which Strikes Are Counted
Which strikes are added up, and why does the answer change with them?
A chain can list dozens of strikes, and the ones far from the price carry Open Interest that is rarely in play. Strikes in the ratio chooses how many are added up. The choice changes the ratio, sometimes enough to change the word on the row, so it is worth understanding before anything else.
| Choice in Customise | Strikes counted | On the invented NIFTY chain (81 strikes listed) |
|---|---|---|
| Full chain | Every strike listed for the expiry. | 81 strikes, the whole expiry |
| ATM ±20 (the default) | The at-the-money strike, the 20 listed strikes above it and the 20 below it. | 41 strikes, 23550–25550 |
| ATM ±10 | The ATM strike and 10 each side. | 21 strikes |
| ATM ±5 | The ATM strike and 5 each side. | 11 strikes |
How the Centre Is Chosen
- Counted in listed strikes, not in points. ±20 means twenty rows of the chain, whatever the gap between them. On NIFTY with a 50-point gap that is a reach of 1000 points, about 4% of the price; on a share with a wide gap between strikes the same twenty rows can be a much larger share of the price. The detail panel prints the reach as a percentage of the price.
- The centre is the at-the-money strike of that minute. The collector's at-the-money strike is used; if it is missing, the strike nearest the price is. The strikes are chosen again at every reading, so the band follows the price through the day.
- A short chain is read whole. A share that lists only a few strikes has fewer than 41. Then ±20 reaches all of them, the ratio is the whole-expiry ratio, and the box says so ("lists N strikes, fewer than the ±20 setting reaches").
- The same on every device. The default is ±20 on a phone too, because the scope decides which strikes are added into the ratio: a different default would print a different ratio for the same minute.
These four figures are the same minute of the same invented book at 2:20 pm. The words differ because the strikes counted differ. That is why the row always prints the scope beside the ratio, and why the box adds a caution when the whole expiry leans differently.
Which Scope Should I Use?
There is no right answer, and the page does not pick one for you beyond its default. A narrow scope (±5, ±10) describes the contracts near the price, where trading is busy and where the picture changes quickly, and it is noisier because few strikes are added up. A wide scope (±20, the Full chain) is steadier and includes contracts far from the price, which may be hedges or old positions. A useful habit is to read two scopes and note whether they agree. When they disagree, say so in your own notes, as the box does.
What Is Remembered
The scope is remembered in your browser (one copy for each browser and device) and returns when you reopen the page. Reset in Customise puts it back to ±20.
The 1.00, 0.97 and 1.03 Lines
What do 1.00, 0.97 and 1.03 mean, and what does the word on the row claim?
The page uses two different sets of lines for two different jobs. They are easy to confuse, so they are set out side by side.
| Line | Used for | What it says |
|---|---|---|
| 1.00 | The chart: the faint dotted 1.00 rule, the crossing dots, the 1.00 line in the box | Puts and Calls are equal in number. A crossing is a change of side of this line, and exactly 1.00 counts as above it. |
| 1.03 and 0.97 | The word on the row: Puts ahead, Calls ahead, Balanced | At or above 1.03 the page says Puts ahead: more Put than Call Open Interest. At or below 0.97 it says Calls ahead: more Call than Put. Between them, Balanced. |
The Verdict, Case by Case
| Printed ratio | Word | Why |
|---|---|---|
| 1.07 | Puts ahead | At or above 1.03 |
| 1.03 | Puts ahead | Exactly on the line counts as at or above |
| 1.02 | Balanced | Above 1.00 but below 1.03: Puts lead by a little. The line is above the 1.00 rule on the chart, the word says Balanced. |
| 1.00 | Balanced | Between the two lines. It counts as above 1.00 for crossings. |
| 0.98 | Balanced | Below 1.00 (under the rule on the chart) but above 0.97 |
| 0.97 | Calls ahead | Exactly on the line counts as at or below |
| 0.91 | Calls ahead | At or below 0.97 |
The two-decimal figure on screen is what is classified. A raw ratio of 0.9704 prints 0.97 and reads Calls ahead; 1.0296 prints 1.03 and reads Puts ahead. The figure you see and the word you get always land on the same side of a line.
Read the Word as a Label, Not a Prediction
Puts ahead means only that more Put contracts than Call contracts are open on the strikes counted. It does not mean the price will rise. The words describe which side holds more open contracts, not a view on direction, and the method note in the detail panel says it plainly: the verdict is a transparent rule of thumb on a standing ratio, and it has not been trained or backtested.
Why can a high ratio be read in two opposite ways? A Put is bought by someone who fears a fall, or to protect a share they own, and it is sold by someone who thinks the price will stay above the strike. Open Interest counts a contract once it exists and cannot tell the buyer's reason from the seller's. So the same ratio can be called a fear signal by one trader and a support signal by another. The page does not choose between them.
Where the Same Lines Appear Elsewhere
The Option Chain's insight card and the Open Interest page use the same two lines (1.03 and 0.97) and the same two-decimal rule, with the words “Puts ahead”, “Calls ahead” and “Balanced” on the chain's card. Because those pages count the whole expiry, the same book can lean differently on them than here. The next section lists each ratio.
Open Interest, Volume, Change and Strike Ratios
Which other “PCR” figures exist in the app, and how do they differ from this one?
“PCR” is used for several different divisions. This page draws one of them, the Open Interest ratio. The others sit on other pages of the app, and when two figures with the same name disagree it is usually because they divide different things. The table lists each.
| Name on the page | What is divided | Which strikes | Where you find it |
|---|---|---|---|
| PCR (this page) | Put Open Interest ÷ Call Open Interest, open now | Chosen: Full chain, ATM ±20 (default), ±10, ±5 | PCR page: the chart, the row, the box |
| Open Interest PCR | The same division | Full expiry | Option Chain insight card; Open Interest page (“Put/Call Ratio, all strikes”) |
| PCR, displayed strikes | The same division | The strikes on screen in the chain (needs both sides showing) | Option Chain insight card |
| Change PCR, today | Put Open Interest added today ÷ Call Open Interest added today | Full expiry | Option Chain insight card. Prints “Not a ratio” unless both sides added positions |
| Volume PCR | Put contracts traded today ÷ Call contracts traded today | Full expiry | Option Chain insight card (“Today's trades”); unavailable when volume is missing on some legs. The Options Scanner's custom screens have a “PCR, volume” field |
| PCR column (Strike PCR) | Put ÷ Call Open Interest at one strike | One strike per row | Option Chain: a PCR column in the Simple view, the Put/call ratio (PCR) switch under Display in the Advanced view; Open Interest page, the Strike PCR view |
Open Interest and Volume Answer Different Questions
- Open Interest PCR asks: of the contracts that exist right now, how are they split? It moves slowly, because a contract stays in the count until it is closed or expires, and it carries over from day to day.
- Volume PCR asks: of the contracts traded since the morning, how are the trades split? It starts afresh each session and reacts faster, and one very busy strike can dominate it. A contract that is opened and closed in the same hour adds to volume and leaves Open Interest unchanged.
- Change PCR asks: of the new positions added today, how are they split? It is the ratio of two changes, so it has no meaning when either side shrank; the chain prints “Not a ratio” then.
- Strike PCR asks the question for one strike, so it shows where the weight is, which the single total on this page cannot.
The question each topic answers (4 topics)
What the Chart Draws
What does every line, rule, chip and dot on the chart mean?
The chart is kept simple. By default it draws one thin line, the ratio, in the accent colour, read on the right axis. That axis is printed to two decimals and is always wide enough to include 1.00. A faint dotted rule marks 1.00, and the latest value of the ratio is tagged on the right axis with a dotted guide across the plot. Across the bottom is the clock for a single day, or the dates for a month. Every other line is off until you switch it on, with a chip above the plot or a switch in Customise.
| What you see | What it is | Axis | Chip, and switch in Customise (default) |
|---|---|---|---|
| Thin line in the accent colour | The ratio at each point. With High and low of the line on, the highest and lowest points carry their value (1.16 and 0.91 in the pictures, read from the 5m points; the detail panel's minute readings give 1.18 and 0.90). | Right | PCR; Put Call Ratio line (on) |
| Tag on the right axis, with a dotted guide | The latest value of the ratio. | Right | No chip; Latest value on the axis (on) |
| Faint dotted rule at 1.00 | The balance point: as many Put contracts open as Call contracts. It is drawn with the ratio line. | Right | Comes with the ratio line |
| Green line and red line | Put Open Interest (green) and Call Open Interest (red) themselves. | A hidden scale the two share | Put Open Interest, Call Open Interest (both off) |
| Net line, with a faint dotted zero rule | Net Open Interest: Put Open Interest minus Call Open Interest. Net Open Interest. | A hidden scale of its own, always showing zero | Net Open Interest; Net Open Interest (Put − Call) (off) |
| Thin grey line | The price of the underlying (spot) at the same times. | Left (on a phone it has no visible axis) | Spot; Spot price on the left axis (off) |
| Three dashed rules | Put wall (green), Call wall (red) and Max pain (amber), each labelled with its strike. They are prices, so they sit on the price scale. | Left | Levels, which turns all three on or off together; Put wall, Call wall, Max pain, three separate switches (all off) |
| Dots on the ratio line | Crossings of 1.00: green where the ratio crossed up, red where it crossed down. | Right | No chip; Crossings of 1.00 (off) |
The Chips: Which Lines Are Drawn
The row under the head starts with the time step, written as plain text tabs (1m, 5m, 15m, 30m, 1h). After it come six chips: PCR, Put Open Interest, Call Open Interest, Net Open Interest, Spot and Levels. The three Open Interest chips carry a short label; point at a chip to see its full name. A chip that is on is filled and its colour dot is solid; press it again to take the line off. The chips are the chart's legend: each dot has the colour of its line, so the page needs no separate key. The chips and the switches in Customise are one setting, so a change in either shows in both and is remembered in this browser. If every line is off, the plot says No chart lines selected and asks you to pick one. On a phone the chips are folded into one Lines button (On a phone).
The crossing dots, the high and low values and the latest value tag have no chip. They are switched in Customise, under Marks.
Net Open Interest
Net Open Interest is Put Open Interest minus Call Open Interest, on the same strikes as the ratio. Above zero more Put contracts are open than Call contracts; below zero, more Call contracts. It is zero where the two totals are equal, that is, where the ratio is exactly 1. The ratio gives the gap as a proportion and Net gives it in contracts: the same ratio of 1.10 can stand on a gap of 1 crore contracts or of 10 lakh, depending on how large the two totals are. Net has a scale of its own, always wide enough to show zero, and a faint dotted rule marks zero. The readout prints it with its sign, for example +24.00L or −10.00L.
The Head of the Chart
Above the row the head prints NIFTY PCR, the ratio at the point you are on, its change and the change in per cent. At the newest point the change is measured against the first reading of the window (the day's open on the Day window), and it is left out when the window holds only one reading. On the right the context reads Latest · Spot and the price. When you point at the chart, the head follows the pointer: the ratio and the change are those of the point under it, and the context changes to that point's time and spot.
The Readout and the Crosshair
At the top left of the plot a one-line readout prints the time of the reading and the value of each line that is on: PCR, Put Open Interest, Call Open Interest, Net (with its sign) and Spot. It follows the pointer; when you are not pointing at the chart it shows the latest reading. On 1 Month the time reads as the date and the close or latest time, such as “05 Oct · latest 14:20”. The levels are not in the readout; each is labelled on its own rule. The readout takes the place of the floating hover card the chart used to draw.
The crosshair button (a target icon) at the right end of the row turns the crosshair on and off. It is on by default, and the choice is remembered.
Open Interest Lines
Open Interest is in crores and the ratio is near 1, so the two cannot share an axis. Put and Call Open Interest are drawn on a hidden scale of their own, and the readout prints their values. Their purpose is to answer one question the ratio line cannot: when the ratio moved, which total moved it? A rising ratio with a rising Put line and a flat Call line is a different story from the same rise with a falling Call line. Net Open Interest answers the same question in one line, as the size of the gap.
The Ratio Alone, as the Page Opens
Crossings of 1.00
What is a crossing of 1.00, how does the page count it, and what is it not?
A crossing is a point where the ratio changed side of 1.00: from at or above to below, or from below to at or above. With Crossings of 1.00 switched on in Customise (under Marks; it is off by default, and it has no chip), the chart marks each with a dot. A green dot means the ratio crossed up through 1.00; a red dot means it crossed down. The insight box counts and lists the crossings whether or not the dots are on.
| Time | Crossed | From | To |
|---|---|---|---|
| 10:33 am | below | 1.00 | 0.99 |
| 12:47 pm | above | 0.99 | 1.00 |
These are the two crossings in the detail panel's table for the invented day (The 1.00 line). The “From” of the first row prints 1.00 and the “To” 0.99, a drop of less than 0.01 on the raw figures: see the rule below.
The Rules
- The printed ratio decides. A ratio of 0.996 prints 1.00, so it is on the upper side, not below 1.00.
- Exactly 1.00 counts as above. A ratio that moves from 0.99 to 1.00 has crossed up. A ratio that moves from 1.00 to 0.99 has crossed down. The same call is made by the words “Above since” in the box.
- The chart and the box can count differently. The chart draws one point per time step (5m by default, the last reading in each interval), while the box reads every minute. A short dip below 1.00 that fits inside one five-minute step shows in the box's table and may not show as a dot. The box says its count is “read minute by minute rather than from the chart's buckets”.
- A missing session is not crossed. On 1 Month, if a missing session sits between two readings, the page does not mark a crossing between them. Sessions on any other expiry are not drawn at all, so no crossing can span two expiries.
A Crossing Is Not a Signal
Near 1.00 a tiny change in either total can flip the side, and a ratio that hovers at 1.00 can cross several times in an hour without anything having changed. A crossing records that the book moved from one side to the other. It says nothing about why, and nothing about price. If you want to use crossings, read the count and the times in the box, and switch on the Spot chip to see the price at the same times.
Time Step, Zoom and Full Screen
How do the time step, zoom and full screen change what I see?
These are the chart's own tools. They change how the same readings are drawn, never the ratio itself, and never what the insight box says (the box always reads the minute snapshots). The chart on this page has no indicators, no chart types and no chart settings: the ratio is always one thin line.
The Time Step
The text tabs at the start of the row under the head offer 1m, 5m, 15m, 30m, 1h (default 5m); the one in use is in full ink. Each point on the line is the last reading in its interval; the page does not average the readings inside it. A coarser step draws fewer points and a smoother line. It is remembered in your browser. On the 1 Month window the tabs are not shown, because that window has one reading per session whatever the step.
Zoom, Pan and Full Screen
On a desktop the zoom and pan buttons sit in a small pill at the bottom centre of the plot: minus, plus, earlier, later and reset. They appear when the pointer is over the chart; on a touch screen wider than a phone they appear when you touch it. A phone does not show them. Holding a zoom button repeats it (after about a third of a second, then about ten times a second). The keyboard presses once.
The arrows button at the right end of the row under the head opens Full screen. The page fills the screen with the chart, and Customise moves into the bar at the top, so every control stays reachable. The exit button in the same bar takes you back. A phone does not show the full screen button.
Windows, 1 Month, Chart Time and Expiry
How do I choose the day, the stretch of the day, the month, the moment and the expiry?
Four settings decide which readings the chart and the box look at: the expiry, the window and the chart time, which are in the Contract and Time sections of Customise, and (for the chart's points only) the time step, which is on the chart and in Customise.
The Window
| Choice | What it shows |
|---|---|
| Day (default) | The whole session so far, from 9:15. The chart lays out the whole session, so the hours still to come stay empty on the right. |
| 15m, 30m, 1h | That much of the session up to the chart time. A choice longer than the session so far is greyed out (at 9:30 there is no 1h). |
| Custom | A From and a To you set, in whole five-minute steps, never narrower than 15 minutes. The default is 9:15 to 15:40. |
| 1 Month | One reading for each past session close, plus the newest reading. See below. |
The window, your Custom range and the time step are remembered in your browser, so the page reopens as you left it. A Custom window itself is not reopened: the range you set is kept, but a reopened page returns to Day.
1 Month: One Reading for Each Session
The page does not draw minute readings for a month. The 1 Month window instead draws one reading per session, for the expiry you have selected and no other: the closing reading of each of the last 21 sessions whose close was sealed on that expiry, and the newest reading of the current one. The axis is dates, not a clock, and a thin dotted vertical line divides the sessions. The chart head names the expiry (“05 Oct · Expiry 06 Oct”), and a phone’s scope line reads “6 Oct expiry · 1 month, one reading per session close”.
- One expiry, one book. Each past close was sealed on the nearest expiry of its day, and the nearest expiry changes every week. A close sealed on another expiry is a different book, so the page leaves it out altogether: it is not drawn, not counted, and the line is never joined across expiries. A close that records no expiry cannot be shown to be this one, so it is left out too. The cost is length: the month holds only the sessions that expiry has had.
- A missing session is skipped, not filled in. If the archive holds no close for a session between two sessions of this expiry, no point is drawn for it, the dates on the axis jump over it, the head names it (“after a missing session”) and the reading after it carries no change figure. The note adds a count of missing sessions. The picture has none, so this is read from the page’s code and not shown. Points sit one equal step apart, not at their calendar distance, so read the dates and the note rather than the spacing.
- The change in the head compares a session with the one before it, only when nothing is missing between them; otherwise the head names the gap instead and prints no change figure.
- The time step tabs are hidden and the box, which always reads the minute snapshots, keeps reading today.
- The note under the chart counts the sessions of history this expiry has, says it is this expiry only, and adds a count of missing sessions when there are any: “3 sessions · this expiry only”
A later expiry has less history. A close is sealed on the nearest expiry of its day, so the 13 Oct expiry has no closes of its own yet in the picture below; it builds up history as it comes near. The chart head reads Expiry 13 Oct, and the note says so in words (“1 session · this expiry only”).
Chart Time: Stepping Back to an Earlier Reading
Chart time in Customise moves the whole page to an earlier reading. The stepper's arrows move one reading at a time, the slider moves quickly, and Back to latest returns. While you are back, the chart, the insight box and the scope line all read as of that reading, and a Back to latest button also appears under the chart.
The chart time is a moment, so it is never remembered: reopening the page tomorrow on yesterday's 11:05 would show a stale instant that looks live. Changing the expiry, the symbol, the strikes, the window or the time step also returns the page to the latest reading.
Expiry
The page opens on the nearest expiry. Each expiry is its own book, so the ratio on 13 October is not the ratio on 6 October. On 1 Month the expiry you pick is the one whose own history is drawn: sessions sealed on any other expiry are not drawn. (The hint under the Contract heading in Customise still carries older wording, that each past session is read on that day’s nearest expiry; the chart and the note follow the rule above. Which wording is intended: not yet confirmed.) Reset leaves the expiry alone, because it is the contract you are reading and not a preference.
The Insight Row
What is each piece of the one-row summary?
The row above the chart sums up the reading in one line. It is built from the minute snapshots, not from the chart's points and not from the chart's window, so it does not change when you change the time step or the window. It does follow two things: the strikes you chose, and the chart time (when you step back, the row reads as of that moment).
| Piece | What it prints | How to read it |
|---|---|---|
| Name | The symbol's mark and “NIFTY Put Call Ratio” | The symbol you are on. Change it from the symbol chips at the top of the app. |
| Verdict pill | Puts ahead, Calls ahead or Balanced; No reading when there is nothing to read | Where the printed ratio stands against 0.97 and 1.03. The lines. |
| PCR chip | The ratio, two decimals | Put Open Interest ÷ Call Open Interest on the strikes named in the text after it. |
| 5m, 15m, Today | How far the ratio has moved, for example +0.01 | The ratio now minus the ratio five minutes ago, fifteen minutes ago, and at the previous session's close. Each end is rounded to 0.01 first, so the printed ends add up. A dash means there was no earlier reading to compare with, and the page says so rather than print zero. |
| Strikes text | “±20 strikes around 24550 · whole expiry 0.95” | Which strikes were counted, where they are centred, and what the whole expiry reads. When the chain is short it says “All N listed strikes (within ±20)”; on the Full chain, “All 81 strikes of the expiry”. |
| Stamp | “05 Oct 2026, 02:20 pm IST” | The time of the reading used, in India time. It is the snapshot's own time, not your computer's clock. |
| View insight | A button | Opens the box (next section). On a phone it opens a sheet over the chart, and Escape closes the sheet. |
Rules for 5m, 15m and Today
- 5m
- Needs a snapshot about five minutes earlier in the same session. Only a reading close enough to five minutes back is accepted: a snapshot seven minutes back is not “5m”. In the first minutes after 9:15 it shows a dash.
- 15m
- The same, fifteen minutes back.
- Today
- Measured against the previous session's close, read from the archive when it holds that session and from the close file otherwise. If neither is available it falls back to the session's first reading, and the detail panel says so.
In the pictures, the row says Today +0.09: the ratio now is 1.07, against the previous session’s close at the 1 Oct reading.
The Insight Box
What do the verdict, Measured over, the four sentences and the cautions say?
Press View insight and the row opens into a box with four things: the verdict with the strikes it counts, the Measured over choice, four reading sentences and the cautions.
The Verdict and Its Reason
The left of the box repeats the verdict with the strikes it counts (“NIFTY · Put Call Ratio on the ±20 strikes around 24550”). The reason, in one sentence of one of three forms always naming the strikes counted, is the first thing in the detail panel:
- At or below 0.97: “0.91 is at or below the 0.97 line: more Call than Put Open Interest on …”
- At or above 1.03: “1.07 is at or above the 1.03 line: more Put than Call Open Interest on …”
- Between: “1.00 sits between the 0.97 and 1.03 lines: Put and Call Open Interest are close to even on …”
Measured Over: 5 min, 15 min, Day
This capsule chooses the window of the change sentence only. It does not change the verdict, because the verdict is the standing level of the ratio now. 5 min and 15 min compare with the snapshot that far back in the session. Day compares with the previous session's close (or, if that is not held, with the session's first reading, and the box says “since 9:15 am”). The choice is remembered, separately for indices and for stocks. A window with no earlier reading is greyed out, and the detail panel gives the reason.
The Four Sentences
| Sentence | Example | What it says |
|---|---|---|
| The ratio | Put Open Interest stands at 107 for every 100 of Call Open Interest across the ±20 strikes around 24550 | The ratio in plainer words: Puts per 100 Calls on the strikes counted. The whole-expiry ratio is in the caution at the right when the scope is narrower. |
| The change | Over 2:05 pm–2:20 pm the ratio moved +0.01, with Call Open Interest +10.00L and Put Open Interest +24.00L | Over the chosen window: the ratio at each end and its change, then how much Call and Put Open Interest were added or removed on the strikes counted. If the strikes re-centred it adds “strikes re-centred 24400 → 24550”. |
| The 1.00 line | The ratio has been above 1.00 since 12:47 pm | Which side of 1.00 the ratio is on and since when, and how many times it crossed today. With one crossing it says when it was on the other side and where the day opened; with none, “above 1.00 all session, since 9:15 am”; with one reading, that it is the session's only reading so far. |
| The walls | The most Open Interest stands at 24400 on the Put side and at 24600 on the Call side | The Put wall and the Call wall, read within the 15 strikes around the price, whatever scope the ratio uses. Left out when none can be named. |
The Cautions
The box prints the most important caution and says how many more are in the detail panel. They appear when they apply:
- The whole expiry reads differently. “On the whole expiry the ratio is 0.95, which reads Calls ahead: the Option Chain and Open Interest pages call this book Calls ahead, while the ±20 strikes here read Puts ahead. Different strikes, so different readings.” This is printed first whenever the two readings lean differently.
- The chain is short. The setting reaches every strike the symbol lists, so the ratio is the whole-expiry ratio.
- The latest snapshot had no readable ratio, so the box reads the one before it, and says which.
- The strikes follow the price. A change can come from the strikes moving as well as from positions opening or closing.
- This page's ratio covers a band; the Option Chain and Open Interest pages quote the whole expiry.
- Open Interest counts positions still open. It does not show who opened them or whether they are hedges or rolls. This one is always printed.
- Few contracts. Total Open Interest in the scope is below 10000, so the ratio rests on few positions.
- Minutes left out. Snapshots without a readable ratio in this scope are left out, not counted as zero.
The Foot of the Box
The line under the lines says Live updates when the box follows the latest reading, or Saved reading when you have stepped back. After it come the time of the data, the strikes counted against the whole expiry (“41 strikes (ATM ±20) · whole expiry 81 strikes · minute snapshots”) and the expiry. “Live updates” means the box recalculates when a new snapshot arrives; it does not mean a continuous feed (data and timing).
The Detail Panel, Section by Section
How is every figure worked out, and where do I check it?
Full detail and calculations opens a panel from the right edge, about 660 pixels wide, with a row of links to its sections pinned at the top and a close button. Every figure in the row and the box is worked out again there, with its formula, its working and the strikes it covers. Seven numbered sections follow the verdict. Each section opens with a plain sentence, then figures, then a button such as Show the 3 calculations that unfolds the working.
1. How the Verdict Is Decided
Five rows: the reading used (the latest snapshot at or before the chart time), the strikes in the ratio (how many, and from which strike to which), the ratio, the comparison against the lines (“1.07 ≥ 1.03”), and the result. It then lists what is uncertain, which is the full list of cautions.
2. The Ratio
The calculations fold gives each figure's formula and working (“13.63Cr ÷ 12.72Cr, printed 1.07”). Show all 41 rows prints every strike in scope.
3. What Moved It
The calculations fold adds how much Call and Put Open Interest was added and how much was reduced, strike by strike (so a strike that gained and a strike that lost are not netted away), and, when the strikes re-centred, the centre at each end. Only the strikes read at both ends are counted.
4. The 1.00 Line
5. Walls and Max Pain
The next section explains each level.
6. 5 min, 15 min and Today
7. Data and Scope
The Method Note
At the foot of the panel a folded Technical methodology and thresholds lists four statements: the verdict is a transparent rule of thumb on a standing ratio, not trained or backtested; the lines are 1.03 and 0.97, the same on every page that reads a Put Call Ratio; Open Interest is a count of open contracts that does not show who opened a position or why; and the box reads the minute archive, so the chart's time step and window change what is drawn and never what the box says.
Walls and Max Pain
What are the walls and max pain, and how are they different from the ratio?
Three reference levels are listed in the detail panel, and drawn on the chart when the Levels chip is on (they are off by default; Customise also has a switch for each). They answer a different question from the ratio. The ratio says how the totals are split; the walls say where on the ladder the Open Interest stands.
| Level | Rule | On the invented day |
|---|---|---|
| Call wall (red) | The strike with the most Call Open Interest at or above the price, within the 15 strikes around it. | 24600, holding 89.24L |
| Put wall (green) | The strike with the most Put Open Interest at or below the price, within the 15 strikes around it. | 24400, holding 1.06Cr |
| Max pain (amber) | The strike at which option holders, taken together, would be paid the least if the expiry settled there. Worked out from Open Interest across every strike. | 24550 |
- Not the band. The walls are read within the 15 strikes around the price (the at-the-money strike and seven on each side), the same rule as the Option Chain and Open Interest pages, whatever scope the ratio uses. Max pain uses every strike of the expiry.
- They move with the price. A wall is the largest Open Interest on its side of the price now. If the price rises past the Call wall, that strike no longer counts, and the wall becomes the strike with the most Call Open Interest among those still at or above the price.
- The ladder shows change today. Each wall shows how much its Open Interest changed since the previous close. A rising figure means more contracts are open at that strike than at the previous close; a falling one, fewer.
- Max pain is the collector's figure for that snapshot if it holds one, else it is calculated from every strike.
- Put wall is not the Open Interest page's “Support”. This page names the Open Interest wall a Put wall and a Call wall, as the Option Chain does. The Open Interest page's Support need not be the same strike.
Reference Levels, Not Forecasts
A wall is a place where many contracts are open. Whether the price stops there, passes through, or the contracts are closed first, depends on events the page cannot see. The walls show where positions are open. In the pictures the price sits between a Put wall at 24400 and a Call wall at 24600.
The question each topic answers (8 topics)
- What can I change, what are the defaults, and what is remembered?
- What does each reading look like with figures, and what can it support?
- How do I use the page before the open, in the session, on expiry day and positionally?
- What do readers get wrong, and what should I check before I act?
- Where do the numbers come from, how old are they, and what does the page say when it has nothing?
- When should I use this page and when another?
- How do I use the page, and this guide, on a phone?
- What does the page not do?
Customise, Control by Control
What can I change, what are the defaults, and what is remembered?
Customise is the one panel for everything you can change on the page. It opens from the button at the top right of the page bar (in full screen, from the top bar; on a phone, from the settings button in the top bar of the app). Every change applies at once, so there is no Apply button: the panel has Reset and Close. Escape closes it, and the focus returns to where it was.
| Control | Choices | Default | Remembered? |
|---|---|---|---|
| Contract › Expiry | The expiries of the symbol, each with days to expiry | The nearest expiry | No: it is the contract you are reading. Reset leaves it alone. |
| Time › Window | 15m, 30m, 1h, Day, Custom, 1 Month | Day | Yes, except that Custom is not reopened as a window |
| Time › From and To (Custom only) | Whole five-minute steps, at least 15 minutes apart | 9:15 to 15:40 | Yes |
| Time › Chart time | A stepper (Earlier reading, Later reading), a slider, Back to latest | The newest reading | Never |
| Lines › Put Call Ratio line | On or off | On | Yes |
| Lines › Put Open Interest | On or off | Off | Yes |
| Lines › Call Open Interest | On or off | Off | Yes |
| Lines › Net Open Interest (Put − Call) | On or off | Off | Yes |
| Lines › Spot price on the left axis | On or off | Off | Yes |
| Marks › Crossings of 1.00 | On or off | Off | Yes |
| Marks › High and low of the line | On or off | Off | Yes |
| Marks › Latest value on the axis | On or off | On | Yes |
| Levels › Put wall, Call wall, Max pain | Three separate switches, each on or off | All off | Yes |
| Strikes › Strikes in the ratio | Full chain, ATM ±20, ATM ±10, ATM ±5 | ATM ±20 | Yes |
| Time › Reading every (also on the chart's own interval row) | 1m, 5m, 15m, 30m, 1h | 5m | Yes. Not shown on 1 Month, which has one reading per session. |
| Insight box › Measured over (in the box) | 5 min, 15 min, Day | 15 min for an index, Day for a stock | Yes, one choice for indices and one for stocks |
The switches under Lines and Levels are the same setting as the chips on the chart: turning on the Spot chip turns on Spot price on the left axis here, and the other way round. The Levels chip sets all three level switches at once; Customise can set them one by one. The switches under Marks have no chip.
What Reset Does
Reset puts the strikes back to ATM ±20, the eleven switches to their defaults (only the ratio line and the latest value on), the window to Day, the Custom range to 9:15–15:40, the time step to 5m, and the chart time to the newest reading. It leaves only the expiry alone.
What Is Remembered, and Where
Your choices are kept in this browser, on this device, with no account behind them. They survive a reload, a new tab and a restart. They are lost if you clear the site's data, and a private window forgets them when it closes. Nothing is sent to a server.
Worked Examples
What does each reading look like with figures, and what can it support?
The figures below are from the invented NIFTY day of the pictures: Examples 2, 3 and 5 are as the page printed them, and the table in Example 1 is worked out from the same invented data. They are for learning where to look, and they show what each reading can and cannot support. They are not market levels.
Example 1: The Day in Six Readings
| Time | Ratio (ATM ±20) | Word | NIFTY | What the page shows |
|---|---|---|---|---|
| 9:15 am | 1.18 | Puts ahead | 24493 | The day opens with Puts well ahead of Calls. |
| 10:00 am | 1.05 | Puts ahead | 24531 | The ratio drifts down but is still above 1.00. |
| 10:33 am | 0.99 | Balanced | 24536 | It crosses below 1.00: the first crossing (a red dot, with the crossings switched on). |
| 11:50 am | 0.90 | Calls ahead | 24490 | The day’s low: Calls hold the book. |
| 12:47 pm | 1.00 | Balanced | 24490 | It crosses back above 1.00: the second crossing (a green dot). |
| 2:20 pm | 1.07 | Puts ahead | 24547 | The latest reading, in the Puts ahead band. |
What can be said: the book started the day with Puts well ahead, Calls took the lead by mid-morning, and Puts retook it after midday. What cannot be said: that either move caused or predicted the price. The grey NIFTY line in the pictures (the Spot chip) also dips in the middle of the day, and the page cannot say which, if either, led the other. The ratio describes the contracts, not the price.
Example 2: Same Book, Four Scopes
At 2:20 pm the page prints 0.95 on the Full chain, 1.07 on ATM ±20, 1.09 on ATM ±10 and 1.10 on ATM ±5 (the four rows). The words are Calls ahead, Puts ahead, Puts ahead and Puts ahead. The difference is worth noting: the contracts near the price lean one way and the whole chain, with its distant strikes, leans another. A trader reading only the Option Chain page would see 0.95 and one reading only this page's default would see 1.07.
Example 3: What Moved It in the Last 15 Minutes
Over the last fifteen minutes (2:05 pm to 2:20 pm) the ratio went from 1.06 to 1.07 (+0.01). Call Open Interest changed by +10.00L and Put Open Interest by +24.00L. Both totals rose, and the Put total rose by more, so the ratio edged up. Had the Call total fallen instead, the ratio would have risen too, which is why What moved it is worth opening before you describe a rise as “Puts being added”.
Example 4: A Move That Is Not What It Looks Like (a Teaching Example)
| Case (invented numbers) | Call total | Put total | Ratio |
|---|---|---|---|
| Before | 100 L | 100 L | 1.00 |
| After A: Puts added | 100 L | 110 L | 1.10 |
| After B: Calls closed | 91 L | 100 L | 1.10 |
Both cases print 1.10. In A fresh Put contracts were opened; in B Call contracts were closed and no Puts were added. The first is more positions in the market, the second fewer. Only the two totals, which the detail panel prints, separate them. Net Open Interest tells them apart only a little (+10 L in A, +9 L in B); the Put and Call Open Interest lines show which total moved. A third case, not in the table: the strikes counted moved with the price, and a heavy strike entered or left the band.
Example 5: One Month, on One Expiry
The note under the 1 Month picture reads: “3 sessions · this expiry only” That chart shows where the ratio has stood on this expiry across the sessions it has had, which may be only a few. It does not show a week-to-week history across expiries, because sessions on any other expiry are not drawn. Read the note first: it says how many sessions the line stands on.
Routines: Morning, Session, Expiry Day, Positional
How do I use the page before the open, in the session, on expiry day and positionally?
These routines are one way to use the page, not rules. They keep you from reading the number alone. Each step names the control it uses.
Before the Open
- Set the window to 1 Month and look at the sessions the selected expiry has had: where the ratio has stood on them and how the verdict word changed. Read the note under the chart for how many sessions that is. Switch back to Day.
- Read the Put wall, the Call wall and Max pain of the previous close, and note them next to where the price closed.
- Remember that snapshots before 9:15 are ignored, and that 5m and 15m will show dashes for the first few minutes.
During the Session
- Look at the setup first: the expiry, the window and the strikes in Customise (a phone also prints them in the scope line). Make sure they are what you meant.
- Read the row, then open the box. Read the first caution as well as the verdict.
- Read two scopes (±20 and the Full chain, or ±10). Note whether they agree.
- If the ratio has moved, open What moved it. Which total moved? Did the strikes re-centre?
- Switch on the Spot and Levels chips to read the price and the three levels beside the ratio. A ratio on its own is half a picture.
- Note the time and the strikes beside every figure you write down.
On Expiry Day
- Positions in the expiring series are closed or settle by the end of the day, so its Open Interest totals can shrink and the ratio can move more from minute to minute (general description, not measured here). The box warns when the total in scope falls below 10000 contracts.
- The page treats a date-only expiry as ending at 15:40 from 3 August 2026 and at 15:30 before; this is the page's own setting (not verified against the exchange's notice).
- Look at the next expiry as well (Customise › Expiry). Open Interest in the next expiry is a separate book.
- Narrow the scope to ATM ±5 or ±10 to see the strikes still in play, and keep the Full chain beside it.
For a Positional View
- Use 1 Month with the scope you will read every time. Compare like with like: the same scope and the same kind of expiry.
- Remember that 1 Month shows one expiry only. To compare two expiries, select each in turn and read its own line; the page never joins them.
- Look at the Full chain and ATM ±20 together; a persistent gap between them means the strikes near the price and the whole chain lean differently.
Looking Back at a Day
Use Chart time to step to an earlier reading (the box and the chart follow), or the 15m, 30m, 1h and Custom windows to look at one stretch. The minute snapshots cover the recent sessions only; for a longer look use 1 Month.
Mistakes, Checklist and Risks
What do readers get wrong, and what should I check before I act?
| Mistake | Why it matters, and what the page shows |
|---|---|
| Reading the word and not the strikes | The same minute reads Puts ahead on ATM ±20 and Calls ahead on the whole expiry. The first caution says so. |
| Treating Puts ahead and Calls ahead as forecasts | They name where the ratio stands. The page says they have not been tested against later moves. |
| Assuming Puts mean fear, or Calls mean hope | A Put can be bought to protect a holding, or sold by someone who expects the price to stay up. Open Interest cannot say which. General description, not measured here. |
| Reading a rise as “Puts added” | It can be Calls closing. Open What moved it. |
| Reading a crossing as a signal | Near 1.00 a few contracts flip the colour. Read the count and the times in the box. |
| Comparing this page's figure with another page's | Option Chain and Open Interest count the whole expiry; this page defaults to ATM ±20; Volume PCR counts trades. The table. |
| Expecting 1 Month to show every week | It shows the selected expiry’s own sessions only. Sessions on another expiry are not drawn and the line is never joined across expiries, so a later expiry can have only a few points. |
| Reading a coarse time step as the whole story | At 1h the picture has five points, and a dip of forty minutes can fall between two of them. Use 1m or 5m, or the box's crossing table. |
| Reading an old chart time as live | When you step back, the line under the chart ends with “as of” and the box says Saved reading. Press Back to latest. |
| Ignoring size | A ratio of 1.40 on a few thousand contracts is not the same thing as 1.40 on crores. Read the totals. |
| Treating the illustrative numbers as levels | The pictures use an invented day. Use them to learn where to look. |
Before You Act on a Reading
- I know the expiry, the strikes and the time of the reading (Customise shows all three, and a phone prints them in the scope line).
- I have read the first caution in the box.
- I know whether the whole expiry agrees.
- I have looked at the two totals, not only their quotient, and I know which one moved.
- I have put the price and the levels beside the ratio.
- I am treating the ratio as one fact among others, not as a forecast.
Risks in Plain Words
- This page describes how open contracts are split. It does not forecast, and it is not advice.
- Trading in options carries a risk of loss, and sellers can lose more than they put in. The risk disclosure at the foot of every Sahi page applies to everything here.
- The ratio can stay on one side for a long time while the price goes the other way.
- The page places no order and keeps no position of yours.
Data, Timing and What the Page Says When It Has Nothing
Where do the numbers come from, how old are they, and what does the page say when it has nothing?
Where the Numbers Come From
| What | Source and timing |
|---|---|
| The chain (header price, the first reading when there is no archive) | Fetched again about every 5 seconds while the market is open and the tab is visible. It is polled, not streamed. |
| The minute snapshots (the chart, the box) | A saved reading of every strike, about one a minute, kept for the recent sessions. The page reads the files for today and the sessions before it. |
| The session closes (1 Month, Today) | One reading at each session's close, read when you pick 1 Month, for the last 21 sessions. 1 Month draws those sealed on the selected expiry. |
| The time shown | The snapshot's own time in India time, not your computer's clock. |
When the Page Has Little or Nothing to Show
| What you see | What it means |
|---|---|
| One point and a flat rule (no archive for the session) | The page has only the current chain, so it draws the one reading. It does not draw a line it cannot support. The change is left out. |
| “Building the PCR session” | The archive is still being read. The chart fills when it arrives. |
| “Waiting for the first PCR reading” | There is no valid reading yet in this window or strike scope: for example Open Interest is not complete for the strikes chosen. Try another window. |
| “PCR data is unavailable” and the reason | The chain could not be read. Nothing is charted until it can. |
| “Building the 1 month view” | The page is reading one close for each session. |
| “No session closes yet” | The archive holds no session close with a valid ratio for this expiry. The note under the chart names the expiry. |
| “Waiting for a valid reading” inside the plot | The window has no point with a ratio. |
| A dash for 5m, 15m or Today | No earlier reading to compare with. Not zero. |
| No reading on the verdict pill | No snapshot carries both Call and Put Open Interest in the scope, or none has been collected for the expiry yet. |
Which Tool When
When should I use this page and when another?
The PCR page is one of a family that reads the same option chain. Each answers a different question.
| You want to know | Use | Why |
|---|---|---|
| How the whole book of open Put and Call contracts has changed through the day | PCR | It draws the ratio through the day and lets you choose the strikes counted. |
| The ratio at one strike, the Greeks, bids and asks, volume | Option Chain (guide) | One row per strike; the PCR column and the ratios on the insight card are there. |
| Where Open Interest stands strike by strike, and what was added or removed | Open Interest (guide) | The Open Interest profile, Strike PCR view, the window change and max pain. |
| Which contracts saw sudden changes in Open Interest and premium | OI Spurts (guide) | A map of rotation, with the evidence for each contract. |
| How Open Interest is concentrated across strikes and time | OI Heatmap (guide) | A heatmap, which shows where positions sit, not only their total. |
| What the market charges for a Call and a Put together | Straddle (guide) | The combined premium and the expected move. |
| Which contracts match your conditions across many underlyings | Options Scanner (guide) | Screens across underlyings, including a volume-based PCR field in the custom screens. |
| What a position made of several options pays | Strategy Builder (guide) | The payoff of a position, which the ratio cannot show. |
One way to combine them: the PCR page for the split of the whole book, the Option Chain or Open Interest page for where on the ladder it sits, and the price chart you already use for what the price is doing.
Using It on a Phone
How do I use the page, and this guide, on a phone?
At 768 pixels of width or less the page uses a layout for a phone: the insight row and the chart sit in one column, the chart fills the rest of the screen, and Customise opens from the settings button in the top bar of the app, not from the page bar.
| Part of the chart | On a phone |
|---|---|
| Head | One line: NIFTY PCR, the ratio and its change. The context (Latest · Spot) is left out, and on the narrowest screens so is the change in per cent. |
| Row under the head | The time step tabs and one Lines button, which shows how many lines are on (for example “Lines 1”). There is no crosshair or full screen button. |
| Lines menu | Press Lines to open a small menu with the same six toggles as the chips on a desktop: PCR, Put Open Interest, Call Open Interest, Net Open Interest, Spot and Levels. Tap one to switch its line on or off. Tap outside the menu, or press Escape, to close it. |
| Axes | The right axis (the ratio) only. With Spot on, the price line is drawn on its own scale but without an axis of its own, so the plot keeps its width. |
| Readout | The time and at most two values, on one line. |
| Zoom | The zoom pill is not shown. |
| Under the chart | No legend; only the one-line scope note naming the expiry, the day, the window and the strikes. |
- Pictures in this guide. A wide picture is wider than a phone screen, so it sits in a frame that scrolls sideways; the right edge fades while there is more to see. Enlarge above a picture opens it full size (the Close button or a tap outside closes it). Tables scroll the same way.
- The chart. Touch the chart and the readout and the head follow your finger.
- The insight. It opens as a sheet; the detail panel opens from the right and fills the width.
- The same default. The strikes are ATM ±20 on a phone too, so the ratio is the same as on a desktop for the same minute.
- Remembered choices are per device: your phone and your desktop each keep their own.
The touch behaviour was read from the code and tried on a phone-sized screen, not on every device.
What the Page Does Not Do
What does the page not do?
- It does not forecast. The verdict names where the ratio stands. It has not been trained or tested against later prices.
- It does not know who holds the contracts, or whether a position is a hedge, a bet, a spread or a roll.
- It does not draw a volume ratio. The chart is Open Interest only. The Option Chain shows a Volume PCR for the day.
- It does not show a ratio per strike. That is the Option Chain's PCR column and the Open Interest page's Strike PCR view.
- It is not a tick-by-tick display. It reads saved minute snapshots.
- It does not draw more than 21 past sessions on 1 Month, and its minute readings cover the recent sessions only (how many: not verified).
- It does not join different expiries into one line, and on 1 Month it does not draw sessions of any other expiry.
- It places no order and keeps no position of yours.
- It does not give or imply advice.
What We Have Not Verified
Which statements in this guide could we not confirm, and what should I check myself?
Everything in this guide about how the page behaves was read from the page’s own program code or taken from a picture of the page. The items below are the ones we could not confirm. Where the guide touches one of them it links here instead of stating it as fact. We state no exchange rule that we could not read from an official source.
| What | What we do not know | What you can do |
|---|---|---|
| How often a minute snapshot is saved | The page reads one saved reading per minute. The saving is done by a collector outside this program, so we have not confirmed that it runs every minute, or what it does when it is late. | Count the minute readings in the 1.00 line section (“306 minute readings” in the pictures) and look for gaps on the 1m step. |
| How many sessions of minute snapshots are kept | The 1 Month window reads one close for each of up to 21 past sessions and draws those sealed on the selected expiry. How many sessions of full minute snapshots the live service keeps is the collector’s setting, which we could not confirm. The program’s own notes describe a couple of sessions. | Use 1 Month for anything older than the last session or two. |
| The Customise hint about the expiry on 1 Month | Under the Contract heading, on 1 Month, Customise says each past session is read on that day’s nearest expiry and that the chosen expiry sets the newest session. The chart and the note under it follow a newer rule: only the selected expiry’s own sessions are drawn. We read both from the program’s code and did not establish whether the hint is meant to be updated. | Trust the note under the chart and the scope line, which name the expiry that is drawn. |
| The derivatives close at 15:40 and the expiry settle time | The page treats the derivatives session as ending at 15:40 from 3 August 2026 and at 15:30 before, and a date-only expiry as ending at the same time. The extension has been reported from an exchange circular, but we could not open the circular itself, so this is the page’s own setting and not a verified rule. | Read the latest exchange circular on market timings. |
| The exchange’s own definition of Open Interest | This guide defines Open Interest in the ordinary way: contracts that are open and not yet closed or expired. We did not cite an exchange page for it. | Read the definition on the exchange’s website if you need the formal wording. |
| Expiry weekdays, lot sizes and which expiries exist | The pictures use invented expiries (6, 13 and 27 October 2026) and the page lists whatever expiries the chain returns. We state no exchange rule about which weekday an expiry falls on, or which contracts are weekly or monthly, or lot sizes. | Read the expiry list in Customise, and the contract specification on the exchange’s website. |
| How many strikes a share lists | The pictures show a share (RELIANCE) with a short chain so that ATM ±20 reaches all of it. How many strikes each real share lists is not something we confirmed. | Read the strike count in the row’s text and in the Strikes hint of Customise. |
| Pictures taken before the chart was redesigned | On 19 October 2026 the chart was simplified: one thin line in one colour instead of a line that changed colour at 1.00, chips for the lines, a readout at the top left in place of the floating hover card, no key, and no indicators, chart type or chart settings; only the ratio and its latest value are on by default; and the phone shows a Lines button in place of the tools row. These pictures were taken on 5 October and have not been retaken, so they still show the earlier chart: The PCR page, The chart head and tools, The same day on the Full chain, A share with a short chain: RELIANCE, The chart for the whole day, The crosshair at the low of the day, Put and Call Open Interest switched on, Only the ratio line, Time step 1m, Time step 15m, Time step 1h, The zoom and pan buttons, Zoomed in, Full screen, The 15m window, The 1h window, The Custom window 10:00 to 12:00, The 1 Month window, A session on the 1 Month window, The 1 Month window on a later expiry, The page as of an earlier reading, A Calls ahead reading: BANKNIFTY, The page with the insight open, The Customise panel, The Lines, Marks and Levels sections, A single reading, A month with almost no history, The phone layout, Customise on a phone. The text describes the chart as it is now. | Trust the text where it differs from a picture, and read the chips and Customise on the page itself. |
| Touch and keyboard behaviour on every device | We read the touch and keyboard handling from the code and tried the phone layout at phone size. We have not tried every phone, browser or assistive technology. | If a control does not respond as described, use the button on the page. |
| The tolerance of the 5m and 15m comparisons | The page accepts a reading only if it is close enough to five or fifteen minutes back. We did not state the exact tolerance. | Read the snapshots matched in the 5 min, 15 min and Today section of the detail panel. |
| General statements about options and traders | Statements such as why a Put may be bought or sold, and what happens to Open Interest near expiry, are textbook descriptions. We did not measure them from this page’s data. | Treat them as background, and check the totals the page prints. |
| The other pages’ own rules | The Option Chain, Open Interest and Options Scanner pages are described only as far as their PCR figures go. For everything else see their own guides. | Open the guides linked in Which tool when. |
Glossary
What does each word mean?
- Option, Call, Put
- A contract that gives its holder a right, not an obligation. A Call gives the right to buy the underlying at a fixed price, the strike; a Put gives the right to sell it. The page writes Call and Put. The exchange codes CE and PE mean the same.
- Underlying
- The index or share an option is written on, for example NIFTY, BANKNIFTY or RELIANCE.
- Strike
- The fixed price named in an option contract. An option chain lists one row per strike, with the Call on one side and the Put on the other.
- Expiry
- The date on which an option contract ends. The page reads one expiry at a time and prints it, for example 6 Oct.
- Open Interest
- The number of contracts at a strike that are still open: bought and sold but not yet closed or expired. It counts positions, not trades, and it carries over from one day to the next. The page writes it in full.
- Volume
- The number of contracts traded so far today. It starts again from zero each session, unlike Open Interest.
- Put Call Ratio (PCR)
- Put Open Interest divided by Call Open Interest over the strikes counted. Above 1.00 there are more Put contracts open than Call contracts; below 1.00, fewer. It describes how the open positions are split. It does not say who holds them or what the price will do.
- Puts per 100 Calls
- The ratio times 100. A ratio of 1.07 is 107 Puts open for every 100 Calls.
- At the money (ATM)
- The strike nearest the current price of the underlying. "ATM ±20" means the 20 listed strikes below it, the 20 above it and the ATM strike itself: 41 strikes.
- Strikes in the ratio (scope)
- Which strikes are added up: the Full chain, or ATM ±20, ATM ±10 or ATM ±5. The default is ATM ±20.
- Whole expiry
- Every strike listed for the expiry. The Option Chain and Open Interest pages quote the ratio on the whole expiry; this page defaults to ATM ±20, so the two figures can differ.
- The 0.97 and 1.03 lines
- The two fixed lines the page compares the printed ratio with. At or above 1.03 it says Puts ahead, at or below 0.97 Calls ahead, and between them Balanced. These are labels for where the ratio stands.
- Verdict
- The word Puts ahead, Calls ahead or Balanced on the insight row. It names the position of the ratio against the two lines. It is not a forecast and it has not been tested against later price moves.
- Crossing of 1.00
- A change of side of the printed ratio between 1.00 and the reading before it. The chart marks it with a dot. A ratio of exactly 1.00 counts as above.
- Call wall, Put wall
- The strike with the most Call Open Interest at or above price (Call wall) or the most Put Open Interest at or below price (Put wall). They are read within the 15 strikes around the price, on this page as on the Option Chain and Open Interest pages. They are reference levels, not forecasts.
- Max pain
- The strike at which all option holders together would be paid the least if the expiry settled there. It is worked out from Open Interest across every strike.
- Spot
- The current price of the underlying. On the chart it is the grey line on the left axis, drawn when the Spot chip is on.
- Baseline
- The line the ratio is drawn against: 1.00, a faint dotted rule on the chart. Above it more Put contracts are open than Call contracts; below it, fewer.
- Net Open Interest
- Put Open Interest minus Call Open Interest on the strikes counted. Above zero more Put contracts are open than Call contracts; below zero, fewer. The chart draws it on a scale of its own, with a dotted zero rule, when its chip is on.
- Chips
- The small buttons above the plot that turn lines on and off: PCR, Put Open Interest, Call Open Interest, Net Open Interest, Spot and Levels. They also serve as the chart’s legend. On a phone they sit in the Lines menu.
- Readout
- The one line at the top left of the plot that prints the time and the value of each line that is on, at the point under the pointer or, otherwise, at the latest reading.
- Time step
- The interval the chart groups readings into: 1m, 5m, 15m, 30m or 1h. Each point is the last reading in its interval. The default is 5m.
- Window
- How much of the day, or of the month, the chart shows: 15m, 30m, 1h, Day, a Custom range or 1 Month (one reading per session close on the selected expiry).
- Chart time (as of)
- A reading you step back to, so that the chart, the insight and the scope line all read as of that moment. It is not remembered: reopening the page returns to the latest reading.
- 5m, 15m and Today
- How far the ratio moved over the last five minutes, the last fifteen minutes and since the previous session close. A dash means no earlier reading was available to compare with.
- Days to expiry (DTE)
- The number of days left to the expiry, shown beside the expiry in Customise.
- Minute snapshot
- One saved reading of every strike of the chain, taken about once a minute. The chart and the insight are built from these.
- Lakh, crore
- Indian units: a lakh is 100000 and a crore is 100 lakh (10000000). The page prints them as L and Cr, for example 12.72Cr.
- Strike PCR
- The same ratio at a single strike: that strike’s Put Open Interest divided by its Call Open Interest. The Option Chain prints it in a PCR column.
Questions Readers Ask
What do readers ask most?
What is a good PCR value?
There is no good or bad value. The page labels 1.03 or above Puts ahead and 0.97 or below Calls ahead, and those are only labels for where the ratio stands. What matters more is the strikes counted, the totals behind the ratio and how it has moved.
Why does this page show a different PCR from the Option Chain?
The Option Chain and the Open Interest page quote the ratio on the whole expiry. This page defaults to ATM ±20. In the pictures the same minute reads 1.07 here and 0.95 on the whole expiry. Set Strikes in the ratio to Full chain to match them.
Is it Open Interest or volume?
Open Interest: the contracts still open. The chart has no volume ratio. A Volume PCR (contracts traded today) is on the Option Chain’s insight card.
Does Puts ahead mean the price will rise?
No. It means that at or above 1.03 there are more Put than Call contracts open on the strikes counted. The page says the verdict is a rule of thumb that has not been tested against later prices.
Why do some traders call the same ratio bullish and others bearish?
Open Interest cannot tell a Put that was bought from a Put that was sold. A high ratio can mean protection being bought or Puts being sold in confidence. The page does not choose.
What does the dash for 5m or 15m mean?
There was no earlier reading, in this session, close enough to compare with. It is not zero. In the first minutes after 9:15 both show a dash.
What is Today measured against?
The previous session’s close. If that is not available the page uses the session’s first reading and says so in the detail panel.
Why does the 1 Month line have so few points on a later expiry?
Only the sessions sealed on the selected expiry are drawn. A close is sealed on the nearest expiry of its day, so a later expiry has little history until it comes near. The page never joins the line across expiries, and the note under the chart says how many sessions the expiry has.
Why are some sessions missing on 1 Month?
The archive holds no close for them. Nothing is filled in: no point is drawn, and the dates on the axis jump over them.
Why does the chart show fewer crossings than the box?
The dots are off by default; switch on Crossings of 1.00 in Customise to see them. Even then, the chart draws one point per time step and the box reads every minute. A short dip that fits inside one step may not show as a dot.
Are my settings saved?
Yes, in this browser on this device: the strikes, the eleven switches under Lines, Marks and Levels (which the chips on the chart share), the window, the Custom range and the time step. The chart time is never saved.
What is Net Open Interest?
Put Open Interest minus Call Open Interest on the strikes counted: the same two totals the ratio divides, given as a difference in contracts. Turn it on with the Net Open Interest chip above the chart. Net Open Interest.
Where are the indicators, the chart type and the hover card?
The PCR chart no longer has them. It draws the ratio as one thin line, the chips add the other lines, and the readout at the top left of the plot prints the values at the pointer or at the latest reading.
Does the page place orders or give advice?
No. It describes how open contracts are split and nothing more.
Are the numbers in this guide real prices?
No. The pictures use an invented market made for the guide. The figures show how the page works, not what the market is.
Sources
Where does each statement in this guide come from?
The guide rests on the program code of the PCR page and on pictures of the page itself. The constants below are quoted in the text from one list (scripts/guides/pcr-parts/limits.mjs), and the build fails if a constant is no longer found in the file it names. No exchange or regulator document is cited as proof of an exchange rule; the rules we could not confirm are in What we have not verified.
Where Each Part Comes From
| Part of the guide | Source files |
|---|---|
| The ratio, the strikes in scope, the lines, crossings | src/features/pcr/pcrModel.ts (pcrReadingAt, scopedRows, sideTotal, printedRatio, createPcrModel); pcrInsight.ts (pcrLean, PCR_BULLISH_AT, PCR_BEARISH_AT) |
| The chart: lines, chips, Net Open Interest, readout, levels, time step, zoom | src/features/pcr/PcrLightweightChart.tsx; pcr.css; src/lib/sahiChart/ChartPaneShell.tsx (minimal), ChartCamera.tsx, series.ts |
| Windows, 1 Month, chart time, remembered choices | src/features/pcr/PcrPage.tsx; PcrCustomizePanel.tsx; src/lib/chartWindow.ts; src/lib/remembered.ts; src/api.ts (fetchSessionCloses) |
| The insight row, box and detail panel | src/features/pcr/pcrInsight.ts; src/components/insights/InsightCard.tsx, InsightWindowControl.tsx, InsightMovement.tsx |
| Customise and its defaults | src/features/pcr/PcrCustomizePanel.tsx; pcrCustomiseSettings.ts |
| Open Interest, Volume, change and strike PCR elsewhere | src/features/option-chain/ChainInsightCard.tsx; chainInsightModel.ts; OptionChainTable.tsx (strikePcr); src/features/open-interest/openInterestInsight.ts; src/features/options-scanner/customScreener.ts |
| Walls and max pain | src/features/pcr/pcrModel.ts (wallsAt, maxPainAt); src/lib/maxPain.ts |
| Refresh timing and the Open Interest delay | src/hooks/useOptionChain.ts; src/features/pcr/PcrPage.tsx |
| Phone layout | src/features/pcr/pcr-phone.css; pcr.css (the Lines menu); PcrLightweightChart.tsx; src/App.tsx (Customise from the top bar) |
| The pictures | scripts/guides/shot-pcr.cjs; scripts/guides/pcr-mock.cjs; scripts/guides/pcr-parts/figures.json |
The Numbers the Guide Quotes
| Number | What it is | Source file |
|---|---|---|
| 1.03 | The ratio at or above which the page reads Puts ahead (more Put than Call Open Interest) | src/features/pcr/pcrInsight.ts |
| 0.97 | The ratio at or below which the page reads Calls ahead (more Call than Put Open Interest) | src/features/pcr/pcrInsight.ts |
| 20 | Strikes either side of the at-the-money strike that enter the ratio by default (ATM ±20), the same on every device | src/features/pcr/pcrCustomiseSettings.ts |
| Full chain, ATM ±20, ATM ±10, ATM ±5 | The strike scopes Customise offers | src/features/pcr/pcrCustomiseSettings.ts |
| 1m, 5m, 15m, 30m, 1h | Time steps of the chart (default 5m) | src/features/pcr/PcrPage.tsx |
| 15m, 30m, 1h, Day, Custom, 1 Month | Windows Customise offers (default Day) | src/features/pcr/PcrCustomizePanel.tsx |
| 15 | A Custom window is at least this many minutes wide, in whole five-minute steps | src/features/pcr/PcrCustomizePanel.tsx |
| 21 | Past session closes the 1 Month window reads (plus the newest reading) | src/api.ts |
| 5 | The option chain is fetched again this often while the market is open and the tab is visible | src/hooks/useOptionChain.ts |
| 9:15 | First minute of the session; earlier snapshots still carry the previous day and are ignored | src/lib/marketSession.ts |
| 15:40 | The derivatives session close the page uses (from 3 August 2026; 15:30 before) (not verified) | src/lib/marketSession.ts |
| 360 ms, then every 90 ms | Holding a zoom button repeats after this wait | src/lib/sahiChart/ChartCamera.tsx |
| 768 | At or below this width (CSS pixels) the page uses its phone layout | src/features/pcr/pcr-phone.css |
| pcrCustomise:v1, pcrWindow:v1, pcrCustomWindow:v1, pcrStep:v1 | What the page remembers in this browser (never the chart time) | src/features/pcr/pcrCustomiseSettings.ts |
The Pictures
Each picture is a capture of the real page on an invented market, taken on Monday 5 October 2026 at 2:20 pm (the page’s clock was frozen at that moment). They are regenerated with node scripts/guides/shot-pcr.cjs, and the figures in the text come from pcr-parts/figures.json, which that script writes.
Test Your Knowledge
Check the mechanics before you take them to a live chain.
1. The page prints PCR 1.07. What was divided to get it?
2. The ratio prints 1.02. The two lines the page uses to label it are 0.97 and 1.03. What word does it show?
3. In the pictures the same minute reads 1.07 on ATM ±20 and 0.95 on the whole expiry. What explains the gap?
4. The ratio rose from 1.00 to 1.10. Which statement does the figure alone support?
5. A ratio moves from 0.99 to 1.00. How does the page count it?
6. On the 1 Month window the page draws only the sessions of the expiry you selected. What follows for the line?
7. The row shows a dash for 5m. What does it mean?
8. You step Chart time back to 11:50. Which of these changes?
About the Sahi PCR
This view tracks the put-call ratio for the selected underlying together with the underlying CE versus PE open-interest balance that produces it, so the ratio is never read in isolation.
Crossover zones — the points where put open interest overtakes call open interest or the reverse — are marked as they happen through the session. Because both legs are shown separately, you can tell whether a move in PCR came from puts being added or from calls being unwound, which are very different signals.
At a glance
- Data
- Saved minute readings of the option chain, and one close for each past session; polled, not streamed
- Updates
- The chain is fetched about every 5 seconds while the market is open
- Coverage
- The underlyings the app lists: indices such as NIFTY and BANKNIFTY, and stock options. Read the list in the app
- Orders
- Analysis only. The page places no order
- Kept
- Your choices stay in this browser; nothing is sent to a server
- Pictures
- Real captures of the page on an invented market, for Monday 5 October 2026
See it on today's numbers
Everything above is method. These articles apply it to a live book — pcr among the rest — and are rebuilt as the snapshot data refreshes. Where a symbol's option book is too thin to support a reading, the article says so rather than asserting a level.
Frequently asked questions
What is a good PCR value?
There is no single good value — put-call ratio is read relative to its own recent range, not against a fixed number. A PCR near 1 suggests balanced call and put open interest. Readings well above the recent range are usually treated as put-heavy positioning, and readings well below as call-heavy. Direction of change matters more than the level.
What is an OI crossover and why does it matter?
An OI crossover is the point where total put open interest moves above total call open interest, or falls back below it, flipping which side of the book is heavier. It is the same event as the ratio passing 1.00, which is why it is marked on the PCR line itself. It matters because it marks a change in where the crowd is positioned rather than a change in price. Crossovers around key levels often coincide with a shift in intraday character.
How reliable is a crossover as a signal?
On its own it is context, not a signal. Crossovers are most informative when they line up with something else — price reclaiming a level, a build at a nearby strike, or a shift in max pain. A crossover that happens on thin open interest, or one that reverses within minutes, usually reflects noise in the totals rather than a genuine change in positioning.
Should PCR be read on total open interest or on change in open interest?
Both, and they answer different questions. PCR on total open interest describes the standing book, which moves slowly and reflects accumulated positioning. PCR on change in open interest describes what is being added today and reacts far faster. Intraday reads lean on the change-based ratio; positional reads lean on the total.
What is the difference between open interest and volume?
Volume counts every contract traded during the session and resets to zero the next day, while open interest counts contracts still outstanding and carries forward until they are closed or expire. High volume with rising open interest points to fresh positioning; high volume with falling open interest points to existing positions being unwound.
Can PCR be used on its own to take a trade?
No. PCR is a positioning statistic, not a signal — it describes how the option book is arranged, not where price is going. It is most useful as context alongside price structure and the open-interest distribution across strikes. Extreme readings tend to mark crowded positioning, and crowded positioning can persist far longer than expected.
Read next
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