IV Level – absolute implied volatility mapped to a fixed cross-sectional range. Lower = cheaper option premium right now (this is not a per-ticker 252-day historical rank).
Cheap premium – setups where the absolute option premium sits at the low end of the desk's range
Event focus – prioritizes setups ahead of defined events
Small-risk structure – contracts capped under $4/share
Payoff estimate – if the expected move occurs, the contract returns roughly Nx the premium paid
