Tail-risk indicators don't predict timing — they price the cost of insurance. When composite jumps from 30 → 55 in a few sessions, the market is repricing tail risk. That's the time to: (1) reduce leverage, (2) add cheap convexity (OTM puts, VIX call ratios), (3) tighten stops on high-beta longs. A composite consistently above 60 has preceded ~70% of historical 5%+ drawdowns in the next 30 days.