Spread·Foundry
The desk

Where the decision gets made.

The same surfaces a derivatives desk works from — regime gates, a ranked candidate book, structure and dealer positioning, a surface-risk read — in one guided path. Dense where it should be, and it shows its reasoning the whole way down. No oracle, no black box.

AAPLApple Inc.BullElevated
Wave ready·Risk clean
Workflow spine
  1. ✓
    Market gateBullElevated

    Favored: Bull Put Credit, Iron Condor, Call Calendar.

  2. 2
    Symbol gateElevated review

    Risk gate clean; FerroWave ready; high signal quality.

  3. 3
    Surface checkVRP z +0.08

    Normal term structure; put-rich skew; gamma flip ready.

  4. 4
    Decision boundaryCompare structures

    Open explicit structure comparison.

Strategy candidates
21 found · 3 clean
FamilyLegsCreditPoPRoRRisk
Iron Condor110 / 125·35d$2.3870%47%Pin risk
Bull Put Credit192 / 187·35d$1.0868%28%Defined
Bear Call Credit268 / 273·56d$0.9466%23%Defined
Call Calendar200 / 200·56d$1.6255%—Event
Surface risk
VRP z+0.08
TermNormal
SkewPut-rich
CorrSector-confirmed
JumpLow
Gamma flipReady
Earnings29d
01
Market posture

Open to a read on the market, not a dashboard.

The day starts with context: what regime we're in, where volatility is elevated or compressed, which strategy families have the most qualified candidates, and which symbols are excluded by data quality, earnings, liquidity, or regime.

  • Regime, volatility posture, and opportunity clusters at a glance
  • Strategy-family fit derived from FerroWave, not a static rulebook
  • Exclusions are visible — “why excluded” is one click away
02
Symbol context

See why an underlying matters before you trade it.

Pick a name and the desk assembles its context: price trend and regime, IV rank and term structure, expected move, earnings and event proximity, chain coverage and liquidity, open-interest concentration, and strategy-family fit.

  • IV rank, term structure, VRP, and expected move, in context
  • Earnings / event proximity surfaced before you build
  • Chain quality and liquidity stated, not assumed
Volatility surface · SPY
0.280.220.16−10%ATM+10%7D90D30D
ATM IV16.0%RR25−3.6vTermNormalFitHealthy
SVIa 0.013b 0.140ρ −0.80m +0.028σ 0.050
Surface check

The volatility surface the desk prices against.

Every read sits on a calibrated vol surface — an SVI / SSVI fit through the live quotes, graded for quality, with RR25 skew and term structure. It's the analytical bedrock options pros expect, kept inspectable right down to the parameters.

Calibrated by FerroRisk — the same surface engine behind the professional tier.

Explanation before scores

Every gate shows its work.

No opaque confidence number. Each gate and ranking decomposes into an inspectable trace — the wave read, the surface, the positioning, and exactly where the model's scope ends. A seasoned trader can audit the reasoning, not just the result.

The dashboard decides whether a symbol deserves structure comparison. It does not pick the spread for you.

Explainability trace · AAPL
  1. 1
    WaveHigh signal quality · Low jump stress

    Denoised trend is rising with low short-horizon jump stress and stable benchmark coherence.

  2. 2
    SurfaceVRP z +0.08

    Normal term structure; put-rich skew; gamma flip ready; neutral surface bias.

  3. 3
    Positioning192–205

    Spot 198.40, flip 196, put wall 190, call wall 205.

  4. 4
    Model scopeReady

    Spread analytics enter only after explicit structure comparison — the dashboard isn't picking the spread for you.

03
Strategy fit

The families that fit this context — and why.

Verticals, condors, strangles, calendars don't show up as identical rows in one table. Each family gets its own language, visual emphasis, and default risk framing, with the eligibility logic and any warnings inspectable.

  • Family allowlists keyed to the current regime
  • Each family carries its own default risk framing
  • Eligibility logic and warnings are inspectable, not implied
04
Candidate comparison

Ranked candidates that show their reasons.

FerroSpread surfaces ranked candidates with family-aware metrics: why each one exists, what it's trying to express, where its legs sit relative to the expected move and the dealer walls, and whether liquidity and risk gates are clean — before you open the detail.

  • Ranking ingredients exposed — explanation before scores
  • Strike Topography places every leg against EM and the walls
  • Liquidity and quality gates shown clean or flagged
Structure map · AAPL
STRUCTURE EMP WALLFLIPΓC WALLSPOT 198.40BE 190.9S P 192B P 187186205210
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
A visual primitive

Strike Topography: the candidate, in context.

The strike ladder rendered as terrain — expected-move band, put and call walls, dealer exposure by strike, and exactly where a candidate's legs sit against all of it. It's a control, not a chart: select a wall to highlight the candidates it threatens, hover a strike to read its exposure.

Stress test

See where it breaks before the market shows you.

Every candidate is repriced across a grid of underlying and implied-vol shocks — with the P&L in each cell, not a single headline number. Walk theta forward, crush vol into earnings, and read exactly where the structure turns from green to red.

Exact scenario P&L attribution, repriced by FerroRisk.

Scenario grid · SPY
Underlying move →
IV╲Px
−6%
−3%
0
+3%
+6%
+6v
−262
−40
+60
−30
−262
+3v
−248
+6
+120
+12
−248
0
−230
+84
+180
+90
−230
−3v
−210
+120
+220
+124
−210
−6v
−190
+150
+238
+152
−190
GainLossNowP&L per spread · repriced by FerroRisk
05
Risk review

One coherent briefing before you commit.

Candidate detail is the proof point. Payoff and economics, the leg table, the full Greek surface, the expected-move relationship, liquidity, positioning overlap, max loss, and every warning — placed in one decision surface, not scattered across tabs.

  • Net credit, max risk, breakeven, and POP read off in mono-ticker
  • Leg-level Greeks from FerroRisk, aggregated with correct signs
  • Paper-first journaling — you execute on your own platform; no order routing
The last screen

A decision surface, not a spreadsheet row.

Payoff, the leg economics, and the Greek surface in one place — so the decision is obvious and defensible. Risk never lives on a different screen from the opportunity.

Risk review · Bull put spread
Legs
2 of 4 capacity
SideStrikeQtyPrice
SHORT PUT47512.38
LONG PUT47011.12
Net credit
+1.26
Max risk
3.74
Breakeven
473.74
POP
68%
Payoff at expiry
SPY 460–490
470475+126−374
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
The path, again

Five steps. One decision.

01 · Posture

Read the market.

Regime, volatility, favored families, exclusions.

FerroWave
02 · Context

Read the symbol.

IV rank, expected move, earnings, liquidity.

FerroRisk
03 · Fit

Pick the family.

Eligible structures for this regime, with reasons.

FerroWave + FerroSpread
04 · Compare

Rank the candidates.

Family-aware metrics, legs against the walls.

FerroSpread
05 · Review

Commit with eyes open.

Payoff, Greeks, liquidity, warnings — one briefing.

FerroRisk
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