Analyze carry trade opportunity for a currency pair: 1. Carry Calculation: - Spot rate - Forward points (1M, 3M, 6M, 12M) - Implied interest rate differential - Annualized carry (%) 2. Carry Attractiveness: - Carry vs. implied volatility ratio - Sharpe ratio historical - Carry percentile vs. history 3. Risk Assessment: - Historical drawdowns - Correlation with VIX/risk assets - Gap risk events 4. Fundamental Support: - Rate differential sustainability - Central bank trajectory alignment - Terms of trade support 5. Positioning Analysis: - Crowdedness of carry trade - CFTC positioning - Carry trade popularity index 6. Technical Overlay: - Trend alignment with carry direction - Key support for carry position - Breakdown levels 7. Trade Construction: - Optimal tenor for roll - Options overlay for tail protection - Position sizing based on VaR Output: Carry trade recommendation with risk-adjusted return projection.