Market Map
Today's opportunity set, at a glance.
Symbols clustered by regime, volatility posture, and candidate count. Click a cluster to filter; open “why excluded” to inspect the eligibility failures.
Coming soon · pre-launch
Institutional-grade
options analytics.
Retail pricing.
Spread Foundry reads the market the way a desk does — regime, volatility, dealer positioning — then surfaces ranked, explained spread candidates and walks you from market posture to a risk-reviewed decision. The analytics a trading floor runs, made legible for the self-directed trader.
Context before candidatesExplanation before scoresRisk beside opportunity
Workspace · Today
EOD · Apr 23·286 spreads
Market posture
Bull market · volatility elevated but stabilizing
Premium still pays in the big, liquid names — but crowding near the top of the range means where you place strikes matters more than how much credit you collect.
CPI print · 2dFOMC · 6d
Worth a look today
Ranked by fit
- SPYIron condor70%PoP31% RoRRange premium, sized to the call wall.ready
- AAPLBull put credit68%PoP28% RoRTrend intact, earnings clear of expiry.ready
- METAPut credit64%PoP22% RoRShort leg near the wall — size down.near-wall
Every rank shows its reasonsOpen the desk →
The workflow
From market posture to a decision you can defend.
Most options tools drop you into a table of tickers and leave you to assemble meaning. Spread Foundry is a guided decision path — each screen answers the next question in a trader's process, with the reasoning visible the whole way down.
- 01
Market posture
Open to a market read, not a dashboard. Regime, where vol is elevated, which strategy families are favored today, what's excluded and why.
- 02
Symbol context
Pick a name and see why it matters: trend and regime, IV rank and expected move, earnings proximity, chain quality, dealer positioning.
- 03
Strategy fit
The app says which families fit the context. Verticals, condors, strangles, calendars — each with its own language and default risk framing.
- 04
Candidate comparison
Ranked candidates with family-aware metrics: why each exists, what it expresses, where its legs sit relative to the expected move and the walls.
- 05
Risk review
One coherent briefing — payoff, Greeks, liquidity, expected move, positioning, max loss, warnings. A decision surface, not a spreadsheet row.
Visuals are controls, not charts
Workflow is the product. Visual abstraction is the differentiator.
Complex options context — regime, expected move, dealer walls, candidate legs — compressed into named visual primitives that you act on. Click a regime to filter symbols. Select a wall to highlight the candidates it threatens. Every abstraction stays inspectable down to the number.
Candidate book · AAPL
21 found · 3 clean·Ranked by fit
| Family | Legs | Credit | PoP | RoR | Risk |
|---|---|---|---|---|---|
| Iron Condor | 110 / 125·35d | $2.38 | 70% | 47% | Pin risk |
| Bull Put Credit | 192 / 187·35d | $1.08 | 68% | 28% | Defined |
| Bear Call Credit | 268 / 273·56d | $0.94 | 66% | 23% | Defined |
| Call Calendar | 200 / 200·56d | $1.62 | 55% | — | Event |
Selected · Iron Condor · 70% PoP · 47% RoROpen the ranking ingredients →
Structure map · AAPL
Next expiry · 35 strikes·RR25 +0.8v
Outside the priced move
Short put 192 sits below the lower expected move — bull put credit can move forward to liquidity, wall, and sizing review.
Spot198.40Structure EM192–205Trade EM189–208Spread192 / 187
Regime Compass
Regime to favored families.
The opinionated link between market state and which strategies are eligible — drawn from FerroWave, not a static rulebook.
Candidate Story Card
One candidate, in trader language.
Setup, expression, expected-move relationship, liquidity, Greeks, warnings, and the ranking ingredients — why it surfaced and what would invalidate it.
Risk Rail
Risk that travels with you.
Max loss, liquidity gate, earnings proximity, expected-move breach, positioning conflict — kept beside every opportunity so the upside never hides the trade-off.
The last screen before you commit
A risk review, not a spreadsheet row.
Candidate detail is the proof point. Payoff and economics, the leg table, the full Greek surface, the expected-move relationship, liquidity, and every warning — placed in one coherent briefing so the decision is obvious and defensible.
- Net credit, max risk, breakeven, and probability of profit — read off in mono-ticker, never buried.
- Leg-level Greeks from FerroRisk, aggregated with correct signs — the same numbers, every machine.
- Paper-first journaling — Spread Foundry sharpens the decision; you execute on whatever platform you already trade on.
Risk review · Bull put spread
SPY·18 DTE·Paper
Legs
2 of 4 capacity
| Side | Strike | Qty | Price |
|---|---|---|---|
| SHORT PUT | 475 | 1 | 2.38 |
| LONG PUT | 470 | 1 | 1.12 |
- Net credit
- +1.26
- Max risk
- 3.74
- Breakeven
- 473.74
- POP
- 68%
Payoff at expiry
SPY 460–490
Greek surfaceFirst + second order
Δ+0.12
Γ−0.02
Θ+4.30
ν−2.85
ρ+0.08
vanna+0.04
volga+0.11
charm−0.01
veta+0.06
color−0.00
Under the bench · the Ferro engines
The edge isn't the UI. It's what's under it.
Anyone can draw a payoff diagram. What sets Spread Foundry apart is the substrate: three engines MorphIQ Labs builds, owns, and proves — the same analytics that power our professional tier, exposed at retail pricing. No black box. No bought-in vendor math you can't inspect.
Volatility surface · SPY
SVI · 3 tenors·FerroRisk
ATM IV16.0%RR25−3.6vTermNormalFitHealthy
SVIa 0.013b 0.140ρ −0.80m +0.028σ 0.050
The analytics, not a lookup
A desk-grade volatility surface under every read.
FerroRisk fits the whole surface — SVI / SSVI calibration with a fit-quality grade, RR25 skew, and term structure — and prices every Greek off it. This is the analytical bedrock the three engines are built on, not a vendor table you can't inspect.
FerroSpread
Spread engine · construction + ranking
It doesn't hand you a blank canvas. It hands you ranked, tradeable candidates.
FerroSpread enumerates every spread family, then ranks survivors by return-on-risk with full liquidity and quality gates applied first. Every candidate carries a deterministic ID and a quality lineage you can audit.
- All eight families — verticals, condors, strangles, calendars — generated and de-duplicated deterministically
- Worst-leg-wins tradeability class: one stale or illiquid leg downgrades the whole spread instead of hiding in an average
- Liquidity gates on OI, volume, and bid/ask before a candidate is ever ranked
Deterministic candidate IDs · fail-closed quality gates · explainable ranking keys
ferrospread.morphiqlabs.com
FerroRisk
Pricing & risk · Greeks + scenarios
Institutional pricing precision, not a spreadsheet approximation.
FerroRisk solves implied volatility with Jäckel's “Let's Be Rational” method to machine precision, then computes a complete Greek surface and reprices any scenario shock with exact P&L attribution.
- Full ten Greeks — including second-order vanna, volga, charm, veta, color — not just the textbook five
- IV to machine precision in at most two Householder iterations; same answer on every machine, every time
- Scenario grids across spot × vol × time with position-level P&L attribution
99 Lean theorems · Greeks, parity & the BS PDE proven · IV to machine-ε in ≤2 iters · Gappa-bounded kernels
ferrorisk.morphiqlabs.com
FerroWave
Signal & regime · the honest-risk layer
The engine that tells a spread to stand aside.
FerroWave runs wavelet (MODWT) multiscale analysis on price and volatility to classify the market regime and flag jump risk. When the read is wrong for a structure — or a shock is building into earnings — its size multiplier goes to zero and the candidate stands down.
- Regime classification — Bull, Bear, Sideways, Volatile, Transition — gates which spread families are even eligible
- Jump / stress-event detection from price microstructure ahead of earnings and macro prints
- Multiscale volatility decomposition informs strike width and expiration, not a single trailing number
111 Lean theorems · perfect reconstruction & Parseval proven · ~1 ulp Gappa bounds · 90%+ mutation kill
ferrowave.morphiqlabs.com
Every number on the bench traces back to one of these engines, and every engine ships through mutation-tested correctness gates before it reaches you. That's the difference between a tool that looks confident and one you can actually interrogate.
Formally verified · Lean · Gappa · Coq
We don't ask you to trust the math. We machine-checked it.
The pricing and signal mathematics behind Spread Foundry isn't just tested — it's proven. FerroRisk and FerroWave carry machine-checked proofs in the Lean theorem prover, with floating-point error bounds verified by Gappa and re-checked by the Coq kernel. This is the kind of assurance reserved for avionics and cryptography — almost unheard of in a trading tool, let alone a retail one.
210
Machine-checked theorems across FerroRisk and FerroWave, proven in Lean + mathlib.
0
Unproven steps. Every theorem reduces to three standard axioms — no “sorry”, kernel-verified.
≤2
Iterations to machine-precision implied vol — proven to converge, no bisection fallback.
~1 ulp
Bounded rounding error on the pricing and transform kernels, Gappa-proven, Coq-checked.
- Proven (ℝ)Greeks with correct signs, put-call parity, no-arbitrage bounds, convexity, the Black-Scholes PDE, and implied-vol uniqueness — proven over the reals. Perfect wavelet reconstruction and Parseval energy preservation, at any depth.
- Proven (Rust)The exposure, sign, and netting logic is proven on the actual shipping Rust via Aeneas — not a model of it, the code itself.
- Measured (f64)The proven relationships are then checked in the real f64 code on dense grids — holding to ~1e-15, machine epsilon.
- ValidatedCross-checked against the standard — QuantLib and independent oracles (16,384-step CRR trees, MPFR grids) — matched on price and more accurate on American exercise.
We also publish the boundary — exactly what is proven, what is measured, and what is still trusted (libm, hardware FP). A tool that tells you the limits of its own guarantees is one you can trust with the parts it does guarantee.
What Spread Foundry is — and isn't
The desk's analytics. The retail trader's price.
Spread Foundry is built for self-directed traders who want the analysis a trading floor runs — regime, surfaces, dealer positioning, ranked candidates — made legible, not dumbed down. It is not a gambling surface: risk framing is never decoration.
IsInstitutional-grade analytics, priced for active retail traders.
IsContext before candidates — the market story before the table of rows.
IsExplanation before scores — every rank shows its ingredients.
IsRisk beside opportunity — never premium without max loss and the walls.
Isn'tNot a scanner that dumps rows and leaves you to guess.
Isn'tNot a black-box confidence score or a signal feed.
Isn'tNot a cheap version of a professional platform.
When you outgrow the retail tier
MeridianScope is waiting.
Spread Foundry is where capabilities are born. When a workflow hardens — when you need audit trails, explainability reports, and advisor-grade controls — you graduate into MeridianScope. Same engines underneath; different surface around them. You don't start over.
meridianscope.com
The professional tier. Paper + bronze, institutional-cartographic voice. Not retail in disguise.
The forge is warming
Get the first build log.
We ship to the waitlist first. One email a month while we're building, a launch invite the day the desk opens.