What is a normal PCR for BTC options?

Deribit aggregate PCR often sits around 0.5–0.7 — lower than typical NIFTY weeklies (0.8–1.2). Call-heavy positioning is structural in BTC options. Comparing BTC PCR to Indian index thresholds without adjustment is a common mistake.

Is BTC max pain calculated per expiry or across all expiries?

RetailInterest public pages aggregate open interest across every listed Deribit expiry into one flat chain, then compute max pain once. That matches how traders watch total positioning, but it differs from single-expiry max pain on a weekly NIFTY chart.

Does BTC settle at max pain?

Sometimes near weekly Friday 08:00 UTC expiries, but daily expiries roll every day — there is no single monthly magnet like a NIFTY monthly. Treat max pain as a positioning snapshot, not a settlement forecast.

How often do BTC max pain and PCR update?

Deribit chains update continuously. Our public landers refresh from archived snapshots every few seconds; calculator pages cache up to 15 minutes. The terminal recalculates live every tick.

Should I use max pain and PCR together on BTC?

Yes — PCR tells you directional bias in positioning (call-heavy vs put-heavy); max pain shows where writer payout is minimized in aggregate. Divergence (e.g. low PCR but spot below max pain) often worth watching into Friday expiry.

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BTC max pain & PCR.

Reading time · 7 min

Same formulas as NIFTY. Different baseline numbers. Deribit BTC PCR usually runs 0.5–0.7, not 0.8–1.2. Max pain on our public pages is computed on an aggregate chain — all expiries flattened by strike — not the nearest weekly alone. If you're importing NIFTY habits, start there.

Today's numbers: BTC max pain · PCR · calculator

Definitions (quick)

PCR = total put OI ÷ total call OI. Primer: PCR explained.
Max pain = strike that minimizes total payout to option holders if everything expired there. Primer: max pain explained.

We sum OI across daily, weekly and monthly expiries before calculating either number — same as max pain today and the digest.

Typical BTC PCR

NIFTY weekly PCR often sits 0.8–1.2. Deribit BTC aggregate PCR is usually 0.5–0.7 — call-heavy by default. That doesn't map cleanly to the contrarian "high PCR = bounce" read Indian retail uses; the writer mix in crypto is different.

~0.45–0.55

Call-heavy. Normal-ish for BTC. Not "extreme bearish" on NIFTY scales.

~0.55–0.75

Middle of the BTC range. Compare to prior days on the digest.

> 0.85

Unusual on aggregate BTC. Often event hedging — check spot and liqs.

< 0.40

Heavy call writing. Rallies can hit resistance at written strikes.

Aggregate max pain

Indian terminal views often show max pain for one expiry — nearest weekly. Public BTC pages flatten every expiry's OI by strike, then run the calculation once:

Max pain moves slowly — far-dated OI anchors it.
Spot can sit far from max pain for days without meaning much by itself.
Friday 08:00 UTC weekly expiry still drives most pin behavior, even though dailies roll every morning.

PCR + max pain together

Low PCR, spot above max pain — call writers under pressure. Check OI analysis for whether calls are building or closing.
Rising PCR, spot below max pain — puts adding while price sits under the pain strike. Shows up sometimes before Friday expiry.
Flat PCR, drifting max pain — OI reshuffling, not necessarily a sentiment shift. Common mid-week when dailies expire but weeklies don't.

Expiry cadence

Every 08:00 UTC a daily slice of OI drops off. Friday weeklies are the bigger reset. Into Friday morning UTC, max pain and PCR matter more than on a random Tuesday. Calendar: Deribit expiry dates.

Historical context

Daily digest — avg PCR, max pain, spot range, liq $ per UTC day.
Replay — max pain and PCR path intraday.
OI analysis — max pain since UTC-day open.

Mistakes

NIFTY PCR thresholds on BTC

PCR 0.55 is call-heavy on NIFTY. On Deribit BTC it can be middle of the road.

Treating aggregate max pain as a pin target

Dailies settle at their own strikes every morning. Aggregate max pain is a summary, not one expiry's magnet.

Ignoring UTC time of day

Max pain at 02:00 UTC and 14:00 UTC the same calendar day can differ a lot. Our digest uses UTC days for that reason.

Highest OI strike ≠ max pain

The strike with the most call OI is not necessarily max pain. See max pain explained.

FAQ

What is normal BTC PCR?

Often 0.5–0.7 aggregate on Deribit. Lower than typical NIFTY weeklies.

Per expiry or aggregate?

Public BTC pages use aggregate all-expiry OI unless noted.

Does BTC pin to max pain?

Sometimes into Friday weekly expiry. Not reliable on dailies alone.

How fresh is the data?

Landers: latest archive snapshot. Calculator: up to 15 min delay. Terminal: live.

ETH same method — ETH max pain · BTC hub · terminal