Общее соотношение пут/колл Cboe

Explanation of Cboe Overall Put/Call Ratio

The Cboe Overall Put/Call Ratio is an indicator that shows the ratio of trading volumes between put options (the right to sell) and call options (the right to buy) for all options traded on the Chicago Board Options Exchange (Cboe). Specifically, it is calculated by dividing the total number of put options traded within a certain period by the total number of call options. This indicator functions as an important sentiment indicator that reflects the psychological state of market participants.

The reason this indicator is important lies in the ability to grasp changes in market psychology in real-time. Since put options serve as a hedging tool against downside risks, an increase in put option buying suggests that investors are concerned about market declines. Conversely, an increase in call option buying indicates strengthening bullish sentiment. Therefore, this ratio becomes a valuable tool for quantifying investor risk-averse attitudes and market outlooks.

As a general trend, when the ratio is high (significantly exceeding 1.0), the market is excessively pessimistic and may function as a contrarian signal. This suggests that extreme bearishness has already been priced in. Conversely, when the ratio is low (below 0.5), the market is excessively optimistic and warns that adjustment risks are increasing. Investors typically attempt to predict the timing of market reversals by identifying extreme values. However, since this indicator reflects short-term market sentiment, rather than using it independently, comprehensive judgment combined with other technical analysis and fundamentals is important.