The equilibrium reactions of the metallochromic indicator dye Antipyrylazo III with calcium at physiological ionic strength have been investigated spectrophotometrically. Dye absorbance as a function of wavelength was measured at various total dye and calcium concentrations. Analysis of the absorbance spectra indicated that at pH 6.9 at least three calcium:dye complexes form, with 1:1, 1:2, and possibly 2:2 stoichiometries. The dissociation constant and the changes in dye extinction coefficients on formation of the 1:2 complex, the main complex which forms when Antipyrylazo III is used to study cytoplasmic calcium transients, have been characterized.