Индекс CBOE Соотношение пут/колл

About Cboe Index Put/Call Ratio

The Cboe Index Put/Call Ratio is a ratio calculated by dividing the trading volume of put options (the right to sell) by the trading volume of call options (the right to buy) for index options traded on the Chicago Board Options Exchange (Cboe). This indicator quantifies investor sentiment (psychological state) regarding major stock indices such as the S&P 500.

This indicator is important because it functions as a leading indicator that captures turning points in market psychology. Purchasing put options is a defensive action predicting a decline, while purchasing call options is an aggressive action expecting a rise. When the ratio is high, it indicates investors are anxious about market declines, while conversely, when the ratio is low, it reflects investors' bullish stance on the market. Generally, when the ratio shows extremely high values (above 1.5), it signals that the market is excessively pessimistic and the possibility of a rebound increases. Conversely, when the ratio reaches extremely low values (0.6 or below), it tends to warn that investors have become overly bullish and a correction phase may be approaching. However, since this indicator reflects momentary psychology, it is important to avoid making judgments based solely on it and instead interpret it in combination with other economic indicators and chart analysis. Institutional investors and traders utilize this ratio as a tool for identifying market turning points.