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ISEE is more than a mere put/call ratio. It distinguishes between options bought by investors from those sold (the motivations are very different).
New Contrary Indicator: ISEE
ISEE data focuses only on calls and puts bought by customers. According to Barron’s, “That includes everyone from individuals to hedge funds and money managers, but excludes professional traders like market makers and the proprietary trading desks of Wall Street firms, whose option transactions often have no directional bias and are undertaken to hedge decisions in other markets.” This new contrary indicator will be worth watching.
Quote: “A word to the wise is enough; for it is true, we may give Advice, but we cannot give Conduct.” -Benjamin Franklin