What does the put/call ratio tell you?

Short answer

The put/call ratio divides put volume by call volume. Above 1 means more puts than calls traded; below 1 means more calls. Traders read it as a sentiment gauge, and very high or very low readings are often treated as contrarian signs that fear or greed has gone too far.

Unusual options activity, live

As of Oct 17, 8:55 PM ET

Source · Rebel Intelligence. A large order can be a hedge, not a bet.

How to read it

Equity-only ratios lean bullish (retail buys more calls), so compare a reading to its own history.
Index ratios run higher because institutions buy puts as portfolio insurance.
A volume ratio shows today's activity; an open-interest ratio shows positions still held.

Why one number is not enough

A put can be a bearish bet or a hedge on a long stock position, and a call can be sold, not bought. Combine the ratio with the size, side and timing of the trades — unusual options activity shows that detail.

Common questions

What is a normal put/call ratio?

It varies by market. Equity-only ratios often sit around 0.5–0.8; index ratios commonly run above 1. Compare against the same series' own range.

Is a high put/call ratio bearish?

It shows defensive positioning. At extremes, many traders read it as a contrarian bullish sign because fear may already be priced in.

Go deeper with Rebel Intel

What is the put/call ratio for SPY today?Which stocks have the most put buying today?Show me today's unusual options flow

Educational only, not investment advice. Options involve risk and are not suitable for all investors. See how Intel is reviewed.