“Is the market pricing flash crash risk in the deep tails?”

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Fetches real data from the Cayo Largo API

What most people do

Look at 25-delta skew and assume it captures tail risk. It doesn't. The 25-delta wing is liquid and traded by everyone. The real crash signal lives in the 10-delta wing, which only institutional hedgers touch.

What this gives you

The Tail Strike score separates deep-tail from moderate-OTM positioning. A score above 0.15 with HIGH confidence means institutional players are specifically buying crash insurance, not just broadly hedging.

Go deeper

Compare with Put/Call Skew Scanner to see if the skew steepening is broad or concentrated in the tails. Link to Cascade Events to see Tail Strike signals before real crashes.