Unfortunately, a put/call ratio is a contrarian indicator. The kind of ratio you have noted usually suggests the market is near a top as there are excessive bullish expectations which, of course, are already built into the stock. This is a tested theory although, to be honest, I am not sure if it holds for companies like ONCY with a small float and following. This indicator has been tested to be contrarian for large stocks and indices like OEX, QQQQ etc. Google "Forecasting Market Direction With Put/Call Ratios" if you want to learn more.