In small bowl, add saffron threads to several tablespoons warm chicken broth. Steep 5-10 minutes to release color and aroma.

In large, shallow pan (preferably a paella pan), heat olive oil over medium heat. Season chicken pieces with 1/4 teaspoon each salt and pepper and add to pan. Sear 6-8 minutes, turning occasionally, until golden brown on all sides. Remove chicken and set aside.

In same pan, add squid and cook 1-2 minutes, just until they start to turn opaque. Remove and set aside.

In same pan, add onion, garlic and red bell pepper. Sauté 5 minutes until softened. Add tomatoes and cook another 3-4 minutes until mixture thickens slightly.

Stir in rice, smoked paprika and saffron with its liquid. Stir 1-2 minutes to toast rice lightly, coating it in tomato mixture.

Pour in chicken broth and stir to distribute rice evenly across pan. Add chicken pieces back in, nestling them into rice. Adjust heat to low simmer. Cook without stirring 15-20 minutes, or until most liquid has absorbed. Check occasionally, adjusting heat as necessary to avoid burning.

Arrange shrimp, squid and peas on top of rice. Cover with lid or foil, and cook additional 5-8 minutes, until shrimp is pink and rice is fully cooked.

To achieve traditional crispy rice layer at the bottom (the socarrat), increase heat to medium-high for last 1-2 minutes. Listen for crackling sound and remove immediately from heat once you hear rice starting to crisp. (Note: Take care to prevent it from burning.)

Cover pan with clean kitchen towel or foil and let paella rest 5-10 minutes. (Note: This helps the flavors meld and allows the rice to finish steaming.)

Arrange lemon wedges and fresh parsley around edge of pan to be added to each serving. Serve straight from the pan at the table for an authentic experience.