Nifty Put-Call Ratio Deep Dive

PCR = put OI / call OI. Aggregate PCR hides structure; strike-level PCR reveals where fear sits. Compare near-expiry vs next-expiry PCR (term structure of fear). Feature pcr_strikes (top-5 ATM) + pcr_term (near/far ratio). The model uses pcr_term: rising near-expiry PCR vs flat far = short-term panic (mean-revert up watch). PCR is a mood meter across time and strike -- read the shape, not the single number.