CPC VS ISEE

CPC is measuring intraday VOLUME ratio of put/call option trade. So this volume number includes the trades to open and ones to close. This is why you often see a very high opening reading on CPC when the market gap down and low opening reading when market gap up.ISEE, by definition, is a unique put/call value that only uses opening long customer transactions to calculate bullish/bearish market direction. Opening long transactions are thought to best represent market sentiment because investors often buy call and put options to express their actual market view of a particular stock. Market maker and firm trades, which are excluded, are not considered representative of true market sentiment due to their specialized nature. As such, the ISEE calculation method allows for a more accurate measure of true investor sentiment than traditional put/call ratios.Does that mean CPC is less valuable than ISEE? Of course not. If you have time, pay attention to the divergence btw CPC and ISEE reading, you will find a lot of interesting information about it.Pay attention to accumulative reading, instead of single day reading