Natural Gas PCR Live – MCX Put Call Ratio (NATURALGAS)

Track the Natural Gas put-call ratio using open interest and change in open interest, with expiry-wise charts, Max Pain and intraday options sentiment.

Natural Gas Put-Call Ratio

Market closed • Latest session data
0.64call OI higher

Natural Gas PCR is 0.64, meaning call open interest is higher than put open interest. PCR is an open-interest ratio and should be read with price, volume and change in OI before drawing a trading view.

Latest trading session: 27 Jul 2026

Expiry

.

.

Spot Price

Expiry Date

  • Lot Size:

    1

  • PCR:

    0.6362

  • CHG IN OI PCR:

    0.5097

What is Natural Gas PCR?

The Natural Gas Put Call Ratio, or NATURALGAS PCR, compares activity in put options with activity in call options for the selected MCX expiry. It provides a compact view of how option positions are distributed, but it should not be treated as a direct forecast of price direction.

This page shows three different calculations:

  • Open Interest PCR: total put open interest divided by total call open interest. It represents the balance of outstanding positions.
  • Change-in-OI PCR: change in put open interest divided by change in call open interest. It helps track how positions are being added or reduced during the session.
  • Volume PCR: put option volume divided by call option volume. It reflects trading activity during the selected period.

These ratios answer different questions. OI PCR shows existing positioning, change-in-OI PCR shows the day's position movement and volume PCR shows activity. They should be reviewed together rather than used as interchangeable indicators.

How to read Natural Gas PCR

A PCR above 1 means that the selected put measure is greater than the corresponding call measure. A PCR below 1 means call-side activity is greater. A reading near 1 indicates a relatively balanced put-call distribution. These are mathematical descriptions, not automatic bullish or bearish signals.

The same PCR movement can be created by different option actions. Put writing, put buying, call writing, call buying and position unwinding can all change the ratio. To understand the likely meaning, compare PCR with:

  • the direction of the Natural Gas futures or underlying price;
  • changes in put and call premiums;
  • strike-wise open interest;
  • the selected expiry and time remaining;
  • implied volatility and current market liquidity.

Avoid applying a fixed 'good PCR' threshold across every commodity. Each contract has its own liquidity, strike distribution and historical range. The most useful comparison is the current NATURALGAS PCR against its own recent values and the current option-chain structure.

Natural Gas-specific market context

Natural Gas can be highly sensitive to weather expectations, storage conditions, production, demand and international energy-market developments. These influences can produce sharp price and volatility changes, so Natural Gas PCR should always be interpreted with the timing of the move and the selected expiry.

A rapid increase in put activity may represent downside protection before an event or fresh directional positions after a price break. Similarly, heavy call activity can reflect resistance-building call writing or bullish call buying. PCR does not identify the trade type on its own; premium movement and open-interest changes provide the missing context.

Natural Gas options can show different positioning across expiries because near-term and seasonal expectations may not be the same. Users should avoid combining ratios from multiple expiries into one conclusion without understanding where the activity is concentrated.

How to use Natural Gas PCR with the option chain

For Natural Gas, compare PCR with the underlying trend, implied volatility, major OI strikes and upcoming event risk. Use historical readings to identify whether the current value is genuinely extreme for this contract and expiry.

Start with the overall ratio, then inspect the strikes carrying the largest put and call open interest. Rising put OI below the current market may indicate a zone participants are defending, while rising call OI above the market may indicate an area of supply or resistance. These levels are not permanent; they can weaken quickly when writers unwind positions.

Use the historical PCR table to compare the current reading with the previous sessions. A value that looks high in isolation may be normal for the contract, while a moderate value may be important if it represents a sharp change from the recent range.

Limitations of Natural Gas PCR

PCR is an aggregated indicator. It does not directly identify whether each option was bought or sold, whether a position is a hedge, or whether a large institutional strategy contains several legs. It may also become unstable when total option activity is low or concentrated at a small number of strikes.

Do not use PCR as a standalone buy or sell signal. It is more useful as a confirmation tool alongside price structure, open-interest distribution, volatility, expiry, liquidity and risk management.

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FAQs

Natural Gas PCR compares put-side and call-side activity in MCX Natural Gas options. It can be calculated from total open interest, change in open interest and session volume.
It means the selected put measure exceeds the call measure. The interpretation depends on whether puts are being bought for protection or written near expected support.
Natural Gas prices and options can react quickly to changing expectations around weather, supply and demand. Liquidity and strike concentration can also cause large ratio changes.
You may compare them for context, but each expiry reflects a different time horizon and may have different liquidity. Use the expiry that matches the position being analysed.
It may highlight extreme positioning, but an extreme reading is not sufficient. Wait for price, premium and open-interest confirmation before treating it as a reversal setup.
Start with the total OI PCR, then check change in OI, volume and the largest strikes. Avoid using PCR without understanding volatility, expiry and risk.
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