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OPTIONS PUT/CALL

5 min · DYOR Education

FreeCOIN · Options

Goal

Take apart OPTIONS PUT/CALL — the ratio of puts to calls as one number.

OPTIONS PUT/CALL on BTC/USDT, 1h: puts divided by calls, by open interest

What it shows

Puts divided by calls. One number.

Above 1 — more puts. Below 1 — more calls.
Counted by open positions or by volume in the bar — the “Source” field chooses.
The line is red when there are more puts and green when there are more calls.

The number does not say whether puts were bought or sold: every option has both sides. “More puts” does not mean “everyone expects a fall”.

BTC on 1 October 2026, by OI:

Binance — 1.00, equal.
Deribit — 0.58, almost twice as many calls.

What it's for

Read the balance of puts and calls as one number that a threshold can be set on.

For example.

P/C = 0.58 by OI on Deribit: for every 100 calls there are 58 puts open.
An alert condition “P/C > 1” reports the moment puts outnumber calls. You cannot set such a threshold on the two OPTIONS OI lines.
The number does not say whether puts were bought or sold: every contract has two sides.

Where to find it

Indicators›COIN›Derivatives›OPTIONS PUT/CALL

Settings

Field	Options	Default	What it changes
Source	OI Volume	OI	What to count the ratio by. - Want the balance in open contracts, which changes slowly — OI. - Want the balance in this bar’s trades, which jumps around — Volume.
Exchange	Chart	Chart	Cannot be switched for options indicators: there are no other values in the list. The options exchange is chosen by the “Options exchange” field below.
Options exchange	Binance Deribit	Binance	Whose options to count. The chart’s exchange does not affect this: the indicator takes only the coin from the chart. - Want Binance options — Binance. - Want the main options exchange, with 19 times more BTC open interest — Deribit.

In alerts

Metric OPTIONS. Condition fields:

Options exchangeExchangeMarket TypeCoinTimeframeOptions metric

“Options exchange” — Binance or Deribit. “Options metric” for this indicator: Put/Call Ratio (OI) and Put/Call Ratio (Volume). The “Exchange” and “Market type” fields are in the form, but the options asset is taken from the coin.

Try it yourself

Enable OPTIONS PUT/CALL on 1h with the OI source.
Switch “Source” to Volume and compare the two lines.

What you should get. By OI the line is smooth, by volume it jumps around: one bar’s trades change faster than open contracts.

Done+10 points

Takeaway

Above 1 — more puts, below 1 — more calls. Counted by open positions or by volume in the bar. The number does not say whether puts were bought or sold: every contract has two sides.

Quick check

PUT/CALL = 0.58. What does it mean?

58% of participants expect a fall
For every 100 open calls there are 58 puts
More puts than calls

Show answer

Correct answer: For every 100 open calls there are 58 puts

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