Соотношение пут/колл акций Cboe

Cboe Equities Put/Call Ratio

The Cboe Equities Put/Call Ratio is an indicator that measures the ratio of trading volumes of put options (the right to sell) and call options (the right to buy) for individual equities listed on the Chicago Board Options Exchange (Cboe). Specifically, it is expressed as the value obtained by dividing put option volume by call option volume. This indicator serves as an important tool for reflecting market sentiment—the psychological state of investors.

This indicator is important because it allows for a quantitative understanding of whether investors have a bullish or bearish stance. When the ratio is high, it means relatively more investors are purchasing put options (downside protection), suggesting heightened anxiety about the market and heightened caution against declines. Conversely, when the ratio is low, the relative increase in call option purchases (upside gains) indicates a bullish market mood.

As a general trend, this ratio tends to rise as market volatility increases and fall as the market remains firm. Historically, the range of 1.0 to 1.5 is considered normal, with ratios exceeding 1.5 often interpreted as excessive bearish sentiment, and ratios below 0.6 as excessive bullish sentiment. Investors use this indicator for contrarian analysis, treating extreme readings as signals for potential market reversals. However, since this indicator reflects sentiment, it is most effective when combined with other technical and fundamental analysis.