{
  "symbol": "SPY",
  "underlying_price": 514.65,
  "as_of": "2024-08-05T10:30:00",
  "market_open": false,
  "vrp": {
    "atm_iv": 20.84,
    "rv_5d": 15.07,
    "rv_10d": 13.77,
    "rv_20d": 10.46,
    "rv_30d": 10.5,
    "vrp_5d": 5.77,
    "vrp_10d": 7.07,
    "vrp_20d": 10.38,
    "vrp_30d": 10.34,
    "z_score": null,
    "percentile": null,
    "history_days": 0
  },
  "variance_risk_premium": 0.032489,
  "convexity_premium": 10.11,
  "fair_vol": 30.95,
  "directional": {
    "put_wing_iv_25d": 37.88,
    "call_wing_iv_25d": 21.51,
    "downside_rv_20d": 7.17,
    "upside_rv_20d": 9.84,
    "downside_vrp": 30.71,
    "upside_vrp": 11.67
  },
  "term_vrp": [
    {
      "dte": 7,
      "iv": 36.4,
      "rv": 14.07,
      "vrp": 22.33
    },
    {
      "dte": 14,
      "iv": 33.82,
      "rv": 11.65,
      "vrp": 22.17
    },
    {
      "dte": 30,
      "iv": 28.74,
      "rv": 10.5,
      "vrp": 18.24
    }
  ],
  "gex_conditioned": {
    "regime": "negative_gamma",
    "harvest_score": 0.35,
    "interpretation": "Dealers short gamma — rich premium may reflect genuine tail risk."
  },
  "vanna_conditioned": {
    "outlook": "Vol compression likely",
    "interpretation": "Positive vanna + spot above gamma flip: dealer hedging compresses vol. Supports premium selling."
  },
  "regime": {
    "gamma": "negative_gamma",
    "vrp_regime": null,
    "net_gex": -9633894255.59396,
    "gamma_flip": 455.9989678497264
  },
  "strategy_scores": null,
  "net_harvest_score": null,
  "dealer_flow_risk": 43,
  "warnings": [
    "negative_gamma",
    "poor_wing_liquidity",
    "term_inversion"
  ],
  "macro": {
    "vix": 38.56999969482422,
    "vix_3m": 33.709999084472656,
    "vix_term_slope": 0.8739953163389904,
    "dgs10": 3.78,
    "hy_spread": 3.5
  }
}