Many are convinced that the relation between Put and Call can give some clues over the possible market tops and bottoms. This seems logical on principle, but the method used to handle that information is not the right one.
When looking at each one of the two types of options, we cannot tell how many such contracts are net purchases by small traders satisfied by the market makers and how many of the options sold were bought previously.
This is the same as the contract options traded to cover long or short …