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PCR Explained: Put-Call Ratio
What PCR is
Total put open interest (or volume) divided by total call open interest. PCR above 1 means more put positioning than call positioning, and vice versa.
Reading it
Rising PCR with a rising market = hedged longs (healthy). PCR above ~1.3 often marks fear extremes that precede bounces; PCR below ~0.7 marks complacency that precedes falls.
OI vs volume PCR
OI-based PCR reflects positioning; volume PCR reflects today's urgency. TradingAI uses OI PCR for bias and volume PCR for confirmation.
Limits
PCR alone never triggers a trade on TradingAI — it is one vote alongside regime, VWAP, breadth and VIX.