You can use hardware flow control lines (RTS/CTS):
socat stdio file:/dev/ttyAMA0,crtscts=1,b9600
Nowadays, this is mostly useful when talking to an RS485 transceiver, since that's the most common example of half-duplex serial line that is still in use. On some commonly used transceivers, such as the 75HVD12, the DE (drive enable) pin is connected to the host's RTS. There's also an active-low /RE (receive enable) pin that is connected to either RTS or CTS.
If you have access to GPIO, such as on a Raspberry Pi, you might be able to assign DTR and DSR to an output and input pin respectively. Alternatively, an USB adapter such as FTDI232 will assert DTR if it is connected to a computer.