{
  "strategy": "yield_enhancement",
  "symbol": "SPY",
  "timestamp": "2026-10-20T15:01:44.2093386Z",
  "decision": "avoid",
  "score": 29,
  "confidence": 0.7,
  "regime": "covered_call_income",
  "best_structures": [
    {
      "rank": 1,
      "structure": "covered_call",
      "expiry": "2026-12-18",
      "legs": [
        {
          "action": "sell",
          "type": "call",
          "strike": 803,
          "delta": 0.25021779246090475,
          "premium": 5.44,
          "quantity": 1
        }
      ],
      "credit": 5.44,
      "debit": null,
      "max_profit": 5.44,
      "max_loss": null,
      "breakevens": [],
      "edge_score": 29,
      "liquidity_score": 78.11
    }
  ],
  "metrics": {
    "structure": "covered_call",
    "strike": 803,
    "delta": 0.25021779246090475,
    "premium": 5.44,
    "annualized_yield_pct": 0.0419,
    "assignment_probability": 0.2502,
    "upside_surrender_pct": 0.0407,
    "dte": 59,
    "earnings_before_expiry": false,
    "ex_dividend_risk": "not_modeled",
    "underlying_price": 771.5699999999999,
    "breakeven_price": null,
    "iv_rank_30d": null,
    "roll_candidate": {
      "expiry": "2026-12-31",
      "strike": 806,
      "delta": 0.25164451445527125,
      "premium": 5.880000000000001
    },
    "next_earnings_date": null,
    "days_to_next_earnings": null,
    "income_diagnostics": {
      "calculation_version": "income_diagnostics_v1",
      "position_basis": "one_standard_equity_option_contract",
      "deliverable_status": "standard_100_share_assumption_not_verified",
      "contract_multiplier": 100,
      "shares_required": 100,
      "bid_per_share": 5.42,
      "ask_per_share": 5.46,
      "mid_per_share": 5.4399999999999995,
      "credit_basis": "displayed_bid_not_guaranteed_fill",
      "quote_at": "2026-10-20T15:01:41Z",
      "quote_timestamp_status": "upstream",
      "gross_credit_usd": 542,
      "fees_per_contract_usd": null,
      "net_credit_usd": null,
      "stock_cost_basis_per_share": null,
      "collateral_usd": null,
      "collateral_basis": "stock_cost_basis_unavailable",
      "gross_income_period_return_pct": null,
      "net_income_period_return_pct": null,
      "period_days": 59,
      "gross_breakeven_price": null,
      "net_breakeven_price": null,
      "gross_max_profit_usd": null,
      "gross_max_loss_usd": null,
      "gross_capped_total_return_pct": null,
      "absolute_delta_proxy": 0.25021779246090475,
      "earnings_risk_status": "none_on_loaded_calendar",
      "ex_dividend_risk_status": "unknown",
      "methodology_url": "https://lab.flashalpha.com/llms/trader-context.md#earnings-and-income-additions"
    },
    "income_diagnostics_status": "available_standard_contract_assumption",
    "absolute_delta_proxy": 0.25021779246090475,
    "assignment_probability_method": "legacy_absolute_delta_proxy_not_calibrated_assignment_probability",
    "earnings_risk_status": "none_on_loaded_calendar",
    "legacy_quote_basis": "mid_not_guaranteed_fill",
    "legacy_annualized_yield_interpretation": "Arithmetic extrapolation using max(1,DTE); not a sustainable return forecast."
  },
  "risk_flags": [
    {
      "severity": "low",
      "code": "EX_DIVIDEND_RISK_NOT_MODELED",
      "message": "Ex-dividend assignment risk is not modeled — confirm independently before deploying."
    }
  ],
  "why": [
    "Short 803 call at 0.25Δ yields 4.2 % annualised, surrendering 4.1 % upside."
  ],
  "avoid_if": [],
  "data_quality": {
    "score": 90,
    "warnings": []
  },
  "endpoint_version": "2026.09.30",
  "data_as_of": {
    "node": "fa5",
    "equity_feed": "2026-10-20T15:01:43.727Z",
    "equity_options_feed": "2026-10-20T15:01:43Z",
    "index_feed": "2026-10-20T15:01:43.113Z",
    "index_options_feed": "2026-10-20T15:01:43Z",
    "futures_feed": "2026-10-20T15:01:42.41Z",
    "futures_options_feed": "2026-10-20T15:01:36.055Z",
    "flow_feed": "2026-10-20T15:01:00Z",
    "oi_feed": "2026-10-19T20:00:00Z",
    "macro_feed": "2026-10-19T21:00:20Z"
  }
}