CBOE Put/Call Ratio
A popular options-based sentiment read of fear and complacency.
CBOE Put/Call Ratio is at the 67th percentile since 1998, running close to the middle of its history.
0.71x
67th percentile • 18% of the way to its prior froth peak
Historical context
Red bands mark major stress windows.
What this metric is telling us now
The put/call ratio compares put-volume demand with call-volume demand. It is often used as a contrarian sentiment signal because very high readings suggest fear and very low readings can mean complacency.
Why it matters
When investors are aggressively buying calls and the ratio falls too far, the market can be underpricing downside risk. Elevated ratios often show stress rather than froth.
Source and caveats
- Source: CBOE
- Update frequency: Daily
- Last updated: Jan 1, 2026
- Composite contribution: 67 subscore in Sentiment & Leverage; category score 75.75.
- Caveats: The signal is short-term and can swing on positioning rather than fundamentals. It works best as a sentiment backdrop, not a standalone timing tool.
Methodology note
Each metric is oriented so higher means frothier, converted to a percentile against its own history, and then averaged within its category before the category scores are averaged into the composite.
This site is for educational and informational purposes only. It is not investment advice, financial advice, tax advice, or a recommendation to buy, sell, or hold any security, asset, or strategy. The metrics, the composite bubble score, and any alerts are not forecasts and are not a signal to act. Markets can stay overvalued or undervalued for long periods, and past patterns do not guarantee future results. The data is aggregated from third-party sources, is provided "as is," and may contain errors, gaps, or delays. Do your own research and consult a licensed financial professional before making any financial decision.