PCR Term Structure in Nifty

Aggregate PCR hides time. Near-expiry PCR shows this week's mood; far-expiry PCR shows the quarter's bias. Feature pcr_term = near_pcr / far_pcr. Ratio > 1.2 = short-term panic vs calm far = mean-revert-up watch. Ratio < 0.8 = near complacency vs fearful far = caution. The model weights pcr_term with vix_z and oi_buildup. A single PCR number is a mood; the term structure is a sentence. Read the shape across expiries before acting on any one strike.