{
  "symbol": "SPY",
  "underlying_price": 699.11,
  "as_of": "2026-04-16T14:02:57.4623578Z",
  "market_open": true,
  "vrp": {
    "atm_iv": 14.69,
    "rv_5d": 9.67,
    "rv_10d": 12.66,
    "rv_20d": 19.27,
    "rv_30d": 18.17,
    "vrp_5d": 5.02,
    "vrp_10d": 2.03,
    "vrp_20d": -4.58,
    "vrp_30d": -3.48,
    "z_score": -2.16,
    "percentile": 5,
    "history_days": 60
  },
  "variance_risk_premium": -0.015554,
  "convexity_premium": 15.37,
  "fair_vol": 30.06,
  "directional": {
    "put_wing_iv_25d": 18.79,
    "call_wing_iv_25d": 13.71,
    "downside_rv_20d": 12.65,
    "upside_rv_20d": 13.81,
    "downside_vrp": 6.14,
    "upside_vrp": -0.1
  },
  "term_vrp": [
    {
      "dte": 7,
      "iv": 14.43,
      "rv": 14.13,
      "vrp": 0.3
    },
    {
      "dte": 14,
      "iv": 15.64,
      "rv": 18.23,
      "vrp": -2.59
    },
    {
      "dte": 30,
      "iv": 15.84,
      "rv": 18.17,
      "vrp": -2.33
    },
    {
      "dte": 60,
      "iv": 16.17,
      "rv": 15.22,
      "vrp": 0.95
    }
  ],
  "gex_conditioned": {
    "regime": "positive_gamma",
    "harvest_score": 0.5,
    "interpretation": "Dealers long gamma but premium is thin. Limited harvest opportunity."
  },
  "vanna_conditioned": {
    "outlook": "Mixed \u2014 vol expansion risk",
    "interpretation": "Negative vanna but spot above flip: potential for rapid vol expansion if spot drops."
  },
  "regime": {
    "gamma": "positive_gamma",
    "vrp_regime": "cheap_convexity",
    "net_gex": 5740147588.804483,
    "gamma_flip": 696.0551156146681
  },
  "strategy_scores": {
    "short_put_spread": 37,
    "short_strangle": 39,
    "iron_condor": 49,
    "calendar_spread": 29
  },
  "net_harvest_score": 38,
  "dealer_flow_risk": 23,
  "warnings": [],
  "macro": {
    "vix": 18.170000076293945,
    "vix_3m": 20.780000686645508,
    "vix_term_slope": 1.1436,
    "dgs10": 4.26,
    "hy_spread": 2.84,
    "fed_funds": 3.64
  }
}