{
  "schema_version": "fwdvar_diagnostics_v4",
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      "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": "low_tier",
      "scope": "expiry",
      "severity": "WARN",
      "expiry_dt": "2027-03-30",
      "interval_from": null,
      "interval_to": null,
      "strike": null,
      "target_key": "2027-03-30",
      "message_short": "LOW tier (direct straddle)",
      "message_long": "Accept tier: LOW (DIRECT_STRADDLE_ONLY path)",
      "metrics": {}
    },
    {
      "code": "rejected",
      "scope": "expiry",
      "severity": "INFO",
      "expiry_dt": "2027-06-29",
      "interval_from": null,
      "interval_to": null,
      "strike": null,
      "target_key": "2027-06-29",
      "message_short": "Rejected: insufficient_strikes",
      "message_long": "Expiry rejected: insufficient_strikes",
      "metrics": {
        "reject_reason": "insufficient_strikes"
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    },
    {
      "code": "low_source",
      "scope": "interval",
      "severity": "WARN",
      "expiry_dt": null,
      "interval_from": "2026-09-01",
      "interval_to": "2026-09-08",
      "strike": null,
      "target_key": "09-01\u219209-08",
      "message_short": "LOW confidence",
      "message_long": "Event confidence: LOW (baseline not robust)",
      "metrics": {
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    },
    {
      "code": "neg_fwdvar",
      "scope": "interval",
      "severity": "INFO",
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      "interval_from": "2026-09-08",
      "interval_to": "2026-09-29",
      "strike": null,
      "target_key": "09-08\u219209-29",
      "message_short": "NEG forward variance",
      "message_long": "Negative forward variance: -0.0514",
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    {
      "code": "baseline_fallback",
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      "severity": "WARN",
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      "interval_from": "2026-09-29",
      "interval_to": "2026-10-27",
      "strike": null,
      "target_key": "09-29\u219210-27",
      "message_short": "Baseline fallback",
      "message_long": "Baseline quality: FALLBACK (edge case)",
      "metrics": {
        "baseline_n": 1
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    },
    {
      "code": "baseline_thin",
      "scope": "interval",
      "severity": "INFO",
      "expiry_dt": null,
      "interval_from": "2026-10-27",
      "interval_to": "2026-12-29",
      "strike": null,
      "target_key": "10-27\u219212-29",
      "message_short": "Thin baseline",
      "message_long": "Baseline quality: THIN (few neighbors: 1)",
      "metrics": {
        "baseline_n": 1
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    },
    {
      "code": "low_source",
      "scope": "interval",
      "severity": "WARN",
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      "interval_from": "2026-10-27",
      "interval_to": "2026-12-29",
      "strike": null,
      "target_key": "10-27\u219212-29",
      "message_short": "LOW confidence",
      "message_long": "Event confidence: LOW (baseline not robust)",
      "metrics": {
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    },
    {
      "code": "low_source",
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      "interval_from": "2026-12-29",
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      "target_key": "12-29\u219203-30",
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      "metrics": {
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    },
    {
      "code": "elevated_fwdvol",
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      "interval_from": "2026-09-01",
      "interval_to": "2026-09-08",
      "strike": null,
      "target_key": "09-01\u219209-08",
      "message_short": "Elevated fwd vol (54.7%)",
      "message_long": "Forward volatility: 54.7% (threshold: 30%)",
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    "build_metadata": {
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      "id_namespace": "market_calendar",
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}