What is the put/call ratio?

The put/call ratio is puts outstanding (OI) or puts traded (volume) divided by calls outstanding or traded. It's a widely used contrarian sentiment indicator — readings above 1.0 indicate bearish dominance, below 0.7 bullish dominance.

How is put/call ratio interpreted in crypto?

Crypto put/call ratios rarely exceed 1.5 and typically oscillate between 0.5 and 1.2. Readings above 1.3 have historically been contrarian bullish — heavy put buying peaks at local lows. Readings below 0.6 signal euphoria and often precede pullbacks. Use volume-based for short-term, OI-based for trend identification.

Volume-based vs OI-based put/call ratio — which is better?

Volume-based is more responsive to intraday sentiment shifts but noisier. OI-based is smoother and better for identifying regime changes over weeks. Most pros watch both: OI for the macro setup, volume for the intraday confirmation.

Is a high put/call ratio bearish?

No — counter to the obvious interpretation, high put/call ratios are contrarian bullish signals. Heavy put buying indicates fear peaking, which historically marks local bottoms. The indicator works as a contrarian signal because options buyers tend to be wrong at extremes.

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Put/Call Ratio — Crypto Options