PCR Extreme Signals in Nifty

PCR > 1.3 across top strikes = excess puts = fear. Historically Nifty mean-reverts up from such fear, but not instantly and not always. As a feature pcr_strikes z-scored; extreme z > 2 enters a 'capitulation watch'. The model does NOT buy blindly -- it waits for oi_buildup to flip bullish (money returning). PCR alone is a mood gauge, not a trade. Combine with vix_z and max_pain. Contrarian only works with confirmation; raw PCR extremes also precede crashes.