ILLUSTRATIVE / SAMPLE WORKED EXAMPLE
Put/call ratio, worked example
In Sample chain B, the illustrative sample chain used below, the open-interest put/call ratio is 0.66 (28.6K put contracts against 43.2K call contracts), as of Sep 25, 2026, computed with OptionsPositionDesk's own open-interest methodology.
OptionsPositionDesk editorial - reviewed September 29, 2026. Illustrative sample chain, not a live quote. Sample chain B is a fictitious example chain, not any real ticker.
The sample chain behind this number
Sample chain B is a fictitious, seven-strike illustrative chain centered near a $50.00 reference price, built for this page only to demonstrate the formula. It is not an observation of any real company's or fund's market, and no real ticker symbol is attached to it. Every number updates only when this page is rebuilt, never in real time.
| Strike | Call open interest | Put open interest |
|---|---|---|
| $44.00 | 2.6K | 2K |
| $46.00 | 5.6K | 2.9K |
| $48.00 | 9.2K | 5K |
| $50.00 | 9.3K | 6.9K |
| $52.00 | 7.3K | 5.4K |
| $54.00 | 5.2K | 4.5K |
| $56.00 | 3.9K | 1.9K |
Key results
- Call open interest (total)
- 43.2K
- Put open interest (total)
- 28.6K
- Put/call ratio (open interest)
- 0.66
- Call wall (sample)
- $50.00
- Put wall (sample)
- $50.00
- Max pain strike (sample)
- $50.00
- Gap to reference price
- 0%
How the calculations work
put/call ratio = total put open interest / total call open interest. This example sums each side for the selected sample expiration. It returns N/A when the call denominator is zero, rather than inventing a ratio.
These are mechanical calculations from the displayed illustrative chain. Review the full methodology and data-quality notes and the machine-readable sample before comparing the example with a live chain.
Assumptions and limits
This worked example uses a single sample expiration (Oct 16, 2026), a 100-share multiplier, and the same open-interest and max-pain formulas OptionsPositionDesk applies to every chain: see the methodology. The put/call ratio here uses open interest, not session volume; the two can disagree. Max pain minimizes a hypothetical aggregate payout at one expiration and is not a price target. Neither number reveals dealer inventory, hedge intent, or beneficial ownership, and neither is tied to any real ticker.
To check a real ticker's actual current numbers, search for it in the live workspace below. It recalculates from whichever chain the configured data source returns, and clearly labels demo versus licensed data.
Common questions
Is this a real ticker's put/call ratio?
No. Sample chain B is a fictitious, clearly labeled illustrative sample chain built only to demonstrate the formula, not a live quote for any real security. Open any ticker's live open-interest view for that ticker's current chain.
How is the open-interest put/call ratio calculated?
Total put open interest divided by total call open interest across the chain for one expiration. A zero call denominator returns N/A rather than an invented value.
Does a high ratio mean a stock will fall?
No. The ratio describes outstanding positioning, not direction, intent, or whether contracts are hedges. Read it alongside volume, walls, and the underlying's own trend.