Deviationz +2.57 · 98thRICH
Puts are the richer wing (positive 25Δ RR); stretched vs its 180-day baseline.
DriveLOWSTRUCTURAL
Persistent, non-event bid — the current structural skew regime.
Spot–vol linkCONFIRMED
ρ confirms — vol moves with spot as the skew implies.
Relative valueFADE / FINANCE
Rich vs baseline: fade or finance the expensive wing via defined-risk structures.