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.

Latest

0.76 x

+0.00 x

Date2026-09-04

History2025-01-02–2026-09-04

Observations413

Cboe

At a glance

Cboe Total Put/Call Ratio: latest value and prior change

As of 2026-09-04, Cboe Total Put/Call Ratio is 0.76 x. It is unchanged from 0.76 x on 2026-09-03.

Across 413 available observations from 2025-01-02 to 2026-09-04, the latest value is at the tie-adjusted 9th percentile.

Observed on: 2026-09-04
Default comparison window: 2025-01-02–2026-09-04
Observations · observed cadence: 413 · 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

2025-01-02–2026-09-04

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.

Cboe Total Put/Call Ratio · x
Observed	Value	Previous date	Difference (current − previous)
2026-09-04	0.76 x	2026-09-03	0.00 x
2026-09-03	0.76 x	2026-09-02	-0.08 x
2026-09-02	0.84 x	2026-09-01	-0.11 x
2026-09-01	0.95 x	2026-08-31	0.11 x
2026-08-31	0.84 x	2026-08-28	0.00 x
2026-08-28	0.84 x	2026-08-27	0.11 x
2026-08-27	0.73 x	2026-08-26	-0.14 x
2026-08-26	0.87 x	2026-08-25	0.04 x
2026-08-25	0.83 x	2026-08-24	-0.08 x
2026-08-24	0.91 x	2026-08-21	0.19 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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