The CBOE (Chicago Board Options Exchange) total put-to-call ratio has dropped on a 10-day moving average basis, reflecting a shift in options positioning after a broader market rally.
The CBOE total put-to-call ratio has fallen to 0.78 on a 10-day moving average basis, its lowest level since May 2025 and the third-lowest reading since November 2021. The ratio is down 0.23 points from an early-April high of 1.01. Put-to-call ratios are widely watched as a gauge of market sentiment in options trading, with lower readings generally indicating stronger demand for call options (bullish bets) relative to put options (bearish or hedging bets).