{
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      "code": "low_tier",
      "scope": "expiry",
      "severity": "WARN",
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      "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": "low_tier",
      "scope": "expiry",
      "severity": "WARN",
      "expiry_dt": "2026-12-29",
      "interval_from": null,
      "interval_to": null,
      "strike": null,
      "target_key": "2026-12-29",
      "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": "2026-06-30",
      "interval_to": "2026-07-07",
      "strike": null,
      "target_key": "06-30\u219207-07",
      "message_short": "LOW confidence",
      "message_long": "Event confidence: LOW (baseline not robust)",
      "metrics": {
        "confidence": "LOW"
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    },
    {
      "code": "baseline_fallback",
      "scope": "interval",
      "severity": "WARN",
      "expiry_dt": null,
      "interval_from": "2026-07-07",
      "interval_to": "2026-07-14",
      "strike": null,
      "target_key": "07-07\u219207-14",
      "message_short": "Baseline fallback",
      "message_long": "Baseline quality: FALLBACK (edge case)",
      "metrics": {
        "baseline_n": 0
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    },
    {
      "code": "low_source",
      "scope": "interval",
      "severity": "WARN",
      "expiry_dt": null,
      "interval_from": "2026-07-14",
      "interval_to": "2026-07-28",
      "strike": null,
      "target_key": "07-14\u219207-28",
      "message_short": "LOW confidence",
      "message_long": "Event confidence: LOW (baseline not robust)",
      "metrics": {
        "confidence": "LOW"
      }
    },
    {
      "code": "low_source",
      "scope": "interval",
      "severity": "WARN",
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      "interval_from": "2026-07-28",
      "interval_to": "2026-08-25",
      "strike": null,
      "target_key": "07-28\u219208-25",
      "message_short": "LOW confidence",
      "message_long": "Event confidence: LOW (baseline not robust)",
      "metrics": {
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    },
    {
      "code": "elevated_fwdvol",
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      "severity": "WARN",
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      "interval_from": "2026-07-14",
      "interval_to": "2026-07-28",
      "strike": null,
      "target_key": "07-14\u219207-28",
      "message_short": "Elevated fwd vol (31.9%)",
      "message_long": "Forward volatility: 31.9% (threshold: 30%)",
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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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}