ARM

Calls are the richer wing (negative 25Δ RR); underpriced vs its 180-day baseline.

Vol bid into weakness — defensive demand; treat as downside fear.

ρ doesn't confirm — positioning/skew dislocation, not a clean spot-vol signal.

Cheap vs baseline: own the underpriced wing, especially if catalyst/tape agrees.

no proven separation for this bucket yet — relative-value read only