CBOE Equity Put/Call Ratio (PCC) Live Data, Formula & Analysis

Macro Economic Definition & Formula

The CBOE Equity Put/Call ratio measures the volume of bearish put options traded relative to bullish call options on US equities.

Formula: Total CBOE Equity Put Option Volume divided by Total CBOE Equity Call Option Volume

Key Indicator Specifications Table

Indicator ParameterValue / Specification
Indicator NameCBOE Equity Put/Call Ratio
Ticker SymbolPCC
Normal Baseline Range0.60 - 0.95
Unit of MeasureRatio
Authoritative SourceCBOE Options Exchange

Authoritative Data Source Citation

High ratios (>1.0) indicate heavy downside hedging and extreme retail/institutional pessimism; low ratios (<0.55) signal rampant bullish speculation.

Source: CBOE Options Exchange (https://www.cboe.com)

Market Impact & Historical Context

Extreme spikes above 1.05-1.15 frequently coincide with panic capitulation bottoms in the S&P 500.

Spiked to 1.46 in December 2022 immediately preceding the start of the 2023 mega-bull market.

sentimentPCC

CBOE Equity Put/Call Ratio

Latest Value110.5
+2.1%

The CBOE Equity Put/Call ratio measures the volume of bearish put options traded relative to bullish call options on US equities.

NORMAL BASELINE RANGE0.60 - 0.95
UNIT OF MEASURERatio
AUTHORITATIVE DATA SOURCECBOE Options Exchange

Historical Trend & Macro Shading

Formula & Calculation Mechanism

Total CBOE Equity Put Option Volume divided by Total CBOE Equity Call Option Volume

High ratios (>1.0) indicate heavy downside hedging and extreme retail/institutional pessimism; low ratios (<0.55) signal rampant bullish speculation.

Market Impact on US Equities & S&P 500

Extreme spikes above 1.05-1.15 frequently coincide with panic capitulation bottoms in the S&P 500.

Historical Precedents & Bull/Bear Regimes

Spiked to 1.46 in December 2022 immediately preceding the start of the 2023 mega-bull market.

Frequently Asked Questions (FAQs)

Q:What does a high CBOE Put/Call ratio mean?

A Put/Call ratio above 1.0 means investors are buying more Puts than Calls, signaling elevated market hedging and bearish sentiment.

Q:How do traders use the Put/Call ratio as a contrarian indicator?

When the ratio spikes to extreme highs (>1.10), market hedging is saturated and sellers are exhausted, often paving the way for a sharp short squeeze and rally.

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