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CBOE Put-Call Ratio Indicates Negative Outlook

How can you tell the difference between put buying and put selling?

A growing number of people are writing in the money or at the money put options to buy shares at a lower effective price. The excess put premium over the intrinsic value reduces the effective price I have to pay for shares. This kind of put volume is bullish not bearish.

I have watched stocks under attack by short sellers who cannot get shares to short sell in the money call options. Their call volume is not bullish.

Taking the ratio may give some indication but there is an increasing amount of noise in the ratio. This noise makes it less reliable.