{"id":"sentiment-put-call-ratio","category":"sentiment","title":"Put/Call Ratio Sentiment Signal","summary":"Equity PCR as a contrarian indicator — extremes in fear or greed signal reversals.","trigger":{"always":false,"sectors":[],"tickers":[],"regimes":[]},"ttl_hours":24,"content":{"formula":"PCR = Daily Volume of Puts / Daily Volume of Calls","thresholds":{"equity_pcr_below_045":"Extreme greed — contrarian bearish. Tighten stops, buy index puts, sell call spreads on extended names.","equity_pcr_045_075":"Balanced — standard trend-following. No contrarian signal.","equity_pcr_above_085":"Extreme fear — contrarian bullish. Look for reversals, sell cash-secured puts, open bull risk reversals."},"smoothing":"Apply 10-day SMA to daily PCR — single-day spikes from large block trades are noise.","pcr_types":{"equity_pcr":"Cleaner sentiment gauge — excludes index hedging by institutions (use this)","total_pcr":"Includes index options — baseline is higher (~0.8-1.1); noisier signal"},"verdict":"Extreme PCR readings are contrarian signals, not trend-following confirmations. When everyone is buying calls (PCR < 0.45), the easy money has been made. When everyone is buying puts (PCR > 0.85), the fear is usually overdone."}}