Deviationz -1.43 · 4thCHEAP
Calls are the richer wing (negative 25Δ RR); underpriced 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 valueOWN OPTIONALITY
Cheap vs baseline: own the underpriced wing, especially if catalyst/tape agrees.