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Two background diagnostic dashboards, reachable from the main toolbar's Data Chart dropdown without any OA window open: Sticky-Strike / Sticky-Delta Regime (SPX only) reads whether SPX's implied-vol surface is currently behaving sticky-strike (vol pinned to a fixed strike as spot moves — typical of range-bound markets) or sticky-delta (vol riding along with spot at fixed moneyness — typical of trending markets); Dispersion / Correlation Regime reads whether the S&P 500's index-vs-constituent behavior looks like normal dispersion or a crowded, correlation-driven market where a dispersion trade unwind tends to originate. Both are a read on the market's current character, not a trade signal by themselves.
Important: both are new, actively-refined diagnostics — treat the regime label as directional guidance, not a precise signal. Sticky-Skew's historical pull reuses one option expiry (nearest 30 days out today) across its whole lookback window, so the effective tenor drifts slightly the further back you look; Dispersion's DSPX/COR1M indices are relatively young, so there isn't decades of history yet to calibrate "normal" percentile ranges against.
Each trading day, SOAP2 fits a small local skew curve near SPX's ATM point and records spot, ATM IV, and the local skew slope. Comparing two consecutive days gives a Sticky-Strike Ratio (SSR) — how much of today's actual ATM IV move is explained by the sticky-strike prediction (reading yesterday's skew curve at today's new ATM strike) vs. the sticky-delta prediction (assumes no change). A single day's SSR is noisy by design, so the dashboard's headline number is a 5-day rolling average: ≥0.7 reads as Sticky-Strike (range-bound), 0.3–0.7 as Transitional/Mixed, 0–0.3 as Sticky-Delta (trending), and below 0 means the observed move went opposite to the sticky-strike prediction — active skew reshaping/whipsaw, not a clean trending read either. The Reversal flag fires when the rolling SSR is dropping fast while realized volatility is still low — the classic "regime about to break" signature.
SOAP2 tracks five daily series (SPX, SPW equal-weight, DSPX dispersion index, COR1M implied correlation, VVIX) and derives a synthetic constituent-level vol estimate, the SPW/SPX relative return and rolling beta, and percentile ranks for DSPX and COR1M against their own recent history. The regime label is a simple read on those two percentiles: Low Corr/High Disp (benign — constituents moving independently), High Corr/Low Disp (unwind risk — constituents moving together, the environment a crowded dispersion-trade unwind tends to originate from), or Mixed. The Reversal flag fires on a fast correlation-up/dispersion-down move, which can show up before the regime label itself has fully flipped.