Far-OTM Wings & Skew

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Main Dashboard Squeeze & Strangle Vol Regime Event Wings
Rung
ROC uses BID premium. Collateral: puts = strike x100 (CSP), calls = spot x100. P(ITM) = |dual delta| (risk-neutral prob of finishing through the strike); P(touch) ~ 2x. Reten = wing bid-ROC/day / same-expiry ~6%-OTM bid-ROC/day. Sigma-dist uses realized vol (126d) and log moneyness. Breach = N-trading-day adverse moves through the strike distance in ~18m of history (overlapping windows).