{
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      "code": "low_tier",
      "scope": "expiry",
      "severity": "WARN",
      "expiry_dt": "2026-09-29",
      "interval_from": null,
      "interval_to": null,
      "strike": null,
      "target_key": "2026-09-29",
      "message_short": "LOW tier (direct straddle)",
      "message_long": "Accept tier: LOW (DIRECT_STRADDLE_ONLY path)",
      "metrics": {}
    },
    {
      "code": "rejected",
      "scope": "expiry",
      "severity": "INFO",
      "expiry_dt": "2027-03-30",
      "interval_from": null,
      "interval_to": null,
      "strike": null,
      "target_key": "2027-03-30",
      "message_short": "Rejected: insufficient_strikes",
      "message_long": "Expiry rejected: insufficient_strikes",
      "metrics": {
        "reject_reason": "insufficient_strikes"
      }
    },
    {
      "code": "low_source",
      "scope": "interval",
      "severity": "WARN",
      "expiry_dt": null,
      "interval_from": "2026-09-29",
      "interval_to": "2026-12-29",
      "strike": null,
      "target_key": "09-29\u219212-29",
      "message_short": "LOW confidence",
      "message_long": "Event confidence: LOW (baseline not robust)",
      "metrics": {
        "confidence": "LOW"
      }
    },
    {
      "code": "elevated_fwdvol",
      "scope": "interval",
      "severity": "WARN",
      "expiry_dt": null,
      "interval_from": "2026-05-19",
      "interval_to": "2026-05-26",
      "strike": null,
      "target_key": "05-19\u219205-26",
      "message_short": "Elevated fwd vol (34.4%)",
      "message_long": "Forward volatility: 34.4% (threshold: 30%)",
      "metrics": {
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        "threshold": 0.3
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    },
    {
      "code": "elevated_fwdvol",
      "scope": "interval",
      "severity": "WARN",
      "expiry_dt": null,
      "interval_from": "2026-05-26",
      "interval_to": "2026-06-02",
      "strike": null,
      "target_key": "05-26\u219206-02",
      "message_short": "Elevated fwd vol (31.0%)",
      "message_long": "Forward volatility: 31.0% (threshold: 30%)",
      "metrics": {
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    },
    {
      "code": "elevated_fwdvol",
      "scope": "interval",
      "severity": "WARN",
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      "interval_from": "2026-06-02",
      "interval_to": "2026-06-09",
      "strike": null,
      "target_key": "06-02\u219206-09",
      "message_short": "Elevated fwd vol (31.6%)",
      "message_long": "Forward volatility: 31.6% (threshold: 30%)",
      "metrics": {
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        "threshold": 0.3
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    {
      "code": "low_coverage",
      "scope": "run",
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      "interval_from": null,
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      "strike": null,
      "target_key": "run",
      "message_short": "Low coverage (41%)",
      "message_long": "Weighted-mid coverage: 41.1% (threshold: 50%)",
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    "build_metadata": {
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    "ui_limits": {
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      "max_horizon_label": "8w_liquid",
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      "notes": "UI clamps horizon; avoid LEAPS/illiquid expiries beyond 8 weeks"
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    "ui_capabilities": {
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      "id_namespace": "market_calendar",
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}