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@ChrisTrow90
It's installed correctly. It physically will not fit any other way other than with the pin against the 'lip' on the derailleur hanger and it won't move any further under the chainstay, it appears faulty to me. I've had the spring out and flipped it etc and no good.
So for reference, this is an old Trek I had which had the same setup and worked faultless:
I cannot match that angle with the gold tensioner I have now. A shame as it's nearly 30°c outside!