Risk and sentiment
Cboe Total Put/Call Ratio
Total U.S. options put volume divided by call volume, used to examine short-term hedging demand.
At a glance
Cboe Total Put/Call Ratio: latest value and prior change
As of 2026-07-22, Cboe Total Put/Call Ratio is 1.01 x. It is 0.09 x higher than 0.92 x on 2026-07-21.
Across 381 available observations from 2025-01-02 to 2026-07-22, the latest value is at the tie-adjusted 92nd percentile.
- Observed on
- Default comparison window
- 2025-01-02–2026-07-22
- Observations · observed cadence
- 381 · Daily
- Data source
- Cboe
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
Time-series chart
Cboe Total Put/Call Ratio
2025-01-02–2026-07-22
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.
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.
Related views
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Checks whether options hedging lines up with volatility stress.
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Connects defensive options flow with U.S. breadth.