MarketXLS

Put/Call Volume Ratio

Returns the ratio of put volume to call volume. Values above 1.0 indicate more put activity (bearish sentiment), below 1.0 indicates more call activity (bullish).

Parameters

Parameter Required Description
Underlying Yes Stock ticker symbol
ExpirationDate No Specific expiry or all

Interpreting the Ratio

Ratio Interpretation
< 0.7 Bullish (heavy call activity)
0.7-1.0 Neutral to slightly bullish
1.0-1.3 Neutral to slightly bearish
> 1.3 Bearish (heavy put activity)

Syntax

=opt_PutCallVolRatio(Underlying, [ExpirationDate])
Excel Desktop (Windows)

Parameters

underlyingstringRequired
expirationDatedate

Returns

number

Put/Call volume ratio

Examples

=opt_PutCallVolRatio("AAPL")
All expirations P/C ratio
=opt_PutCallVolRatio("SPY", "2024-01-19")
Specific expiry ratio
=opt_PutCallVolRatio(A1)
Symbol from cell

When to Use

  • Quick sentiment indicator
  • Contrarian analysis (extreme readings)
  • Options flow analysis
  • Market sentiment tracking

When NOT to Use

Scenario Use Instead
Need OI ratio opt_PutCallOIRatio()
Need historical ratio opt_PutCallVolRatioHistorical()
Need raw volumes opt_TotalVolumeOptions()

Common Issues & FAQ

Is a high P/C ratio always bearish?

Not necessarily. Extreme readings can be contrarian indicators. Very high ratios sometimes occur at market bottoms as fear peaks.

Excel Templates Using Volume Ratio

These ready-made MarketXLS templates call opt_PutCallVolRatio() in their worksheet formulas. Open one to see the function working inside a complete model.

Related Formulas

More MarketXLS Options formulas you can use in the same worksheet:

See opt_PutCallVolRatio used in a complete workbook: MCP Options Order Flow Server: Read Options Flow in Claude and Excel (2026)

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MarketXLS Excel Add-in Tutorial - How to Use Volume Ratio and Other Financial Formulas
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