Put Call Ratio (PCR)

Put Call Ratio or PCR is the ratio of total open interest in Put options to total open interest(OI) in call options. PCR higher than 1 means that open interest on put side is more than the open interest on the call side, which means that the market is bullish on the underlying, whereas if PCR is lower than 1, then the open interest on call side is higher than open interest on put side.