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      "code": "baseline_fallback",
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      "message_short": "LOW confidence",
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        "confidence": "LOW"
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    {
      "code": "baseline_fallback",
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      "metrics": {
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    },
    {
      "code": "baseline_fallback",
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      "target_key": "06-16\u219206-30",
      "message_short": "Baseline fallback",
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      "metrics": {
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    },
    {
      "code": "low_source",
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      "message_short": "LOW confidence",
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        "confidence": "LOW"
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    },
    {
      "code": "baseline_fallback",
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      "message_short": "Baseline fallback",
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    {
      "code": "low_source",
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      "target_key": "06-30\u219207-28",
      "message_short": "LOW confidence",
      "message_long": "Event confidence: LOW (baseline not robust)",
      "metrics": {
        "confidence": "LOW"
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    },
    {
      "code": "low_source",
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      "target_key": "07-28\u219209-29",
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      "metrics": {
        "confidence": "LOW"
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    {
      "code": "baseline_thin",
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      "target_key": "09-29\u219212-29",
      "message_short": "Thin baseline",
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    {
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      "interval_from": "2026-09-29",
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      "message_short": "LOW confidence",
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        "confidence": "LOW"
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    {
      "code": "elevated_fwdvol",
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      "severity": "WARN",
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      "interval_from": "2026-05-19",
      "interval_to": "2026-05-26",
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      "target_key": "05-19\u219205-26",
      "message_short": "Elevated fwd vol (33.1%)",
      "message_long": "Forward volatility: 33.1% (threshold: 30%)",
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      "code": "elevated_fwdvol",
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      "interval_to": "2026-06-02",
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      "target_key": "05-26\u219206-02",
      "message_short": "Elevated fwd vol (31.5%)",
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      "interval_to": "2026-06-09",
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      "message_short": "Elevated fwd vol (31.3%)",
      "message_long": "Forward volatility: 31.3% (threshold: 30%)",
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      "code": "low_coverage",
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    "build_metadata": {
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      "notes": "UI clamps horizon; avoid LEAPS/illiquid expiries beyond 8 weeks"
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}