Stats › Options, shorts and positioning › Put call ratio
Cboe publishes five put call ratios, and they disagree
| Date | Context | Equity | Index | Total |
|---|---|---|---|---|
| 12 Mar 2020 | COVID crash | 1.28 | 1.41 | 1.46 |
| 16 Mar 2020 | minus 12% session | 1.10 | 1.25 | 1.28 |
| 27 Jan 2021 | meme stock peak | 0.40 | 1.15 | 0.73 |
| 16 Jun 2022 | bear market low | 0.86 | 1.50 | 1.24 |
| 5 Aug 2024 | yen carry unwind | 0.77 | 1.55 | 1.28 |
| 7 Apr 2025 | tariff selloff | 0.63 | 1.58 | 1.20 |
| 30 Jun 2026 | calm baseline | 0.64 | 1.01 | 0.88 |
| 31 Jul 2026 | latest | 0.63 | 1.01 | 0.91 |
On 7 April 2025 the equity ratio was identical to a calm day while the index ratio was near its sample high. The two measure different behaviour. Source: Cboe daily market statistics.
The put call ratio divides put volume by call volume. Cboe publishes at least five of them, and on the tariff selloff of 7 April 2025 the equity ratio read 0.63 while the index ratio hit 1.58. Single stock options speculate; index options hedge.
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