You mean Put-Call Ratio...
Put-Call ratio for a stock/index is nothing but the total number of outstanding Puts divided by the total number of outstanding Calls for that stock / index.
A high Put-Call ratio would imply that there are lots of puts in the system as compared to calls. Different people interpret this ratio differently. You might want to plot the historical put-call ratio for the stock/index you are interested in and make your own conclusions...
Hope this helps...
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