Silver PCR Live – MCX Silver Put Call Ratio (SILVER)

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

Silver Put-Call Ratio

Market closed • Latest session data
0.68call OI higher

Silver PCR is 0.68, 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:

    0.6792

  • CHG IN OI PCR:

    0.519

What is Silver PCR?

The Silver Put Call Ratio, or SILVER 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 Silver 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 Silver 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 SILVER PCR against its own recent values and the current option-chain structure.

Silver-specific market context

Silver behaves as both a precious metal and an industrial commodity, so its option positioning can respond to a wider set of factors than gold. International bullion sentiment, industrial-demand expectations, the US dollar, interest rates and the rupee can all affect MCX Silver. This can make Silver PCR more volatile and more sensitive to sudden changes in the option chain.

A rapid rise in Silver PCR should be checked against the absolute increase in put open interest and the movement in put premiums. If put open interest rises while premiums weaken and the underlying holds support, put writing may be contributing to the move. If put premiums and open interest rise together during a price decline, protective or directional put buying may be more important.

Silver often moves sharply around key levels, so the location of open interest matters as much as the overall ratio. A market-wide PCR may look balanced while one nearby strike contains a large concentration that acts as short-term support or resistance.

How to use Silver PCR with the option chain

Use Silver PCR with strike-wise OI, price momentum and volatility. Because silver can produce fast directional moves, avoid treating an extreme PCR as an immediate reversal signal; first check whether the ratio is stabilising or continuing to expand with price.

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 Silver 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

The overall ratio cannot identify exact levels by itself. For levels, examine the individual strikes with the highest put and call open interest and confirm them with price behaviour.
Use both for different purposes. OI PCR is better for existing positioning, while volume PCR highlights current-session participation. Change-in-OI PCR helps identify whether the day's activity is adding or reducing positions.
Silver options can have different liquidity and strike concentration, while the underlying responds to both precious-metal and industrial themes. A relatively small position change may therefore move the ratio more sharply.
Not necessarily. It only means the selected put metric is greater than the call metric. The reading can result from put writing, protection buying or call unwinding, each of which has a different implication.
There is no universal good value. The useful range changes with expiry, volatility and market conditions. Compare the current reading with Silver's own recent history rather than applying a fixed threshold from another commodity.
Silver PCR compares put-side and call-side activity in MCX Silver options. OI PCR measures outstanding positions, change-in-OI PCR measures fresh positioning during the session and volume PCR measures traded activity.
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