Risk and sentiment
Cboe Total Put/Call Ratio
Total US options put volume divided by call volume. A higher reading means hedging demand is crowding in, and extreme highs are sometimes read as a contrarian signal that fear has peaked.
Cboe Total Put/Call Ratio latest observations
- Observed
- 2026-10-27
- Latest
- 0.93 x
- Change from previous
- ▲ +0.07 x
Check the observation dates in both the summary and chart; release and refresh times can differ.
At a glance
Cboe Total Put/Call Ratio: latest value and prior change
As of 2026-10-26, Cboe Total Put/Call Ratio is 0.86 x. It is 0.07 x lower than 0.93 x on 2026-10-23.
Across 448 available observations from 2025-01-02 to 2026-10-26, the latest value is at the tie-adjusted 45th percentile.
- Observed on
- Default comparison window
- 2025-01-02–2026-10-26
- Observations · observed cadence
- 448 · Daily
- Data source
- Cboe
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
2026-08-03 → 2026-10-26 · x
- First
- 0.80 x
- 2026-08-03
- Latest
- 0.86 x
- 2026-10-26
- Window low
- 0.69 x
- 2026-08-04
- Window high
- 0.98 x
- 2026-09-16
The horizontal axis follows observation order; calendar intervals may differ. High and low refer to observed values within this window, not intraday or all-time extremes. Ties show the first observation date.
Time-series chart
Cboe Total Put/Call Ratio
2025-01-02–2026-10-26
Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.
Recent observations and calculated changes
The ten latest chart observations. Change subtracts the previous observation; intervals vary with holidays, release schedules and missing data. A difference in rates or ratios is not an investment return.
| Observed | Value | Previous date | Difference (current − previous) |
|---|---|---|---|
| 2026-10-26 | 0.86 x | 2026-10-23 | -0.07 x |
| 2026-10-23 | 0.93 x | 2026-10-22 | -0.01 x |
| 2026-10-22 | 0.94 x | 2026-10-21 | 0.07 x |
| 2026-10-21 | 0.87 x | 2026-10-20 | 0.00 x |
| 2026-10-20 | 0.87 x | 2026-10-19 | 0.00 x |
| 2026-10-19 | 0.87 x | 2026-10-16 | -0.05 x |
| 2026-10-16 | 0.92 x | 2026-10-15 | 0.12 x |
| 2026-10-15 | 0.80 x | 2026-10-14 | -0.08 x |
| 2026-10-14 | 0.88 x | 2026-10-13 | 0.05 x |
| 2026-10-13 | 0.83 x | 2026-10-12 | -0.08 x |
Source: Cboe
Interpretation guide
How to read the Cboe Put/Call Ratio
The Cboe Put/Call Ratio divides U.S. put-option volume by call-option volume. Puts are often used for downside hedging while calls often reflect upside participation, so the ratio helps frame whether short-term sentiment is defensive, neutral, or speculative.
What it means
A rising ratio means put volume is increasing relative to call volume. That can signal stronger hedging demand or post-selloff fear. A falling ratio means call demand is stronger, which can reflect optimism, momentum chasing, or speculative appetite.
- Below 0.70x points to call-heavy optimism and deserves a complacency check.
- The 0.70-1.00x zone is usually more neutral and should be read with VIX, breadth, and trend.
- Above 1.00x shows more defensive demand; above 1.20-1.30x can mark elevated fear.
Interpretation rules
The ratio can work as a contrarian sentiment gauge, but it is not a standalone buy or sell signal. High fear can keep rising when breadth is breaking down, and low fear can persist during a strong trend.
- A rising ratio with a rising VIX and expanding 52-week lows supports a defensive read.
- A high ratio followed by stabilizing breadth and S&P 500 recovery can support a post-capitulation setup.
- A low ratio with surging Nasdaq turnover warns that upside chasing may be crowded.
How to respond
Use this indicator as a sentiment filter for position size, entry timing, and hedging. At extremes, confirm price and breadth before treating the signal as actionable.
- Above 1.20x, look for breadth stabilization before adding risk on a fear-reversal thesis.
- Below 0.70x, reduce chase behavior if participation narrows or mega-cap concentration rises.
- If VIX and credit spreads rise together, do not treat heavy put demand as a simple bullish contrarian signal.
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Connects defensive options flow with U.S. breadth.