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Puts are the richer wing (positive 25Δ RR); stretched vs its 180-day baseline.

Vol bid into strength — upside convexity chase, not defensive hedging.

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

Rich vs baseline: fade or finance the expensive wing via defined-risk structures.

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