Puts are options that make money when the underlying asset (stock or ETF) goes down in price. A call makes money when the price goes up.
If the Put number is higher than the call number, it is an indicator that more people think the market will go down.
M2 is the amount of “money” in the system. It’s gone up a lot in the last couple of years. With interest rates “sucking” money out of the market you would expect the rate of change, year over year, to do down. This means there is not as much liquidity in the marketplace.
If you’re suggesting a deflationary indicator that’s a horrible thing. Deflation was what we had in the great depression, money is worth a lot as prices tank so you end up earning very few dollars (i.e. salaries compress as prices compress) but debts stay the same. So if you owe $200K on a good low fixed rate mortgage and your salary tanks from $150K/year to $50K you can still afford the now much cheaper clothes and groceries still but have no hope of keeping up that unchanging mortgage payment every month. Or student loan payments. Or credit card payments. Borrowers get destroyed by deflation, and so do lenders who simply cannot get paid. And not irresponsible borrowers, mind you, but people who bought a home at a then reasonable cost to raise their family in. They end up losing it if the currency deflates.