Put-Call Ratio (PCR) is most commonly calculated as total Put Open Interest divided by total Call Open Interest, aggregated across strikes for a given underlying and expiry. A PCR above 1 suggests more Put than Call positioning; below 1 suggests more Call than Put positioning. It’s often read with a contrarian lens — extreme readings can suggest excessive one-sided sentiment.
Related Reading
See the full calculation method and contrarian interpretation in Put-Call Ratio (PCR) Explained: What It Means and How to Use It.