Live options market positioning from Deribit — updated every 15 minutes. PCR above 1.0 means more downside protection than upside speculation; below 1.0 means the options market is leaning bullish.
| PCR Range | Zone | Historical pattern |
|---|---|---|
| < 0.50 | Extreme Greed | Options market heavily long — downside protection minimal |
| 0.50 – 0.70 | Bullish Positioning | More calls than puts; constructive bull phase sentiment |
| 0.70 – 1.00 | Neutral | Balanced put/call mix; no strong directional lean |
| 1.00 – 1.50 | Bearish Hedging | Active downside protection buying; risk-off positioning |
| > 1.50 | Extreme Fear | Historically contrarian bullish signal at extremes — overleveraged bears |
Zone labels are based on historical Deribit PCR distributions. Not financial advice — past options positioning patterns do not guarantee future price outcomes.
The options Put/Call Ratio (PCR) compares total put open interest to total call open interest. A PCR above 1.0 means more outstanding put contracts than calls — indicating that participants are net hedging or speculating on a price decline. Below 1.0 means calls dominate: the market is net positioning for upside.
Extreme readings are often used as contrarian signals: an extreme PCR can indicate a crowded trade that is due to reverse. However, PCR alone does not predict direction — it reflects current options market structure, not a price forecast.
Data from Deribit, which accounts for approximately 80% of global BTC and ETH options volume. Market data only — not financial advice.
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Data sourced from Deribit public REST API (free, no authentication). Figures are informational only and do not constitute financial advice. Liquid State · crypto market intelligence.