Understand every screen, number and symbol.

What ASRION is

ASRION combines market observations, official economic series and derived quantitative diagnostics in one terminal. It is designed to help you answer questions such as: What is moving? Is the move broad or isolated? Are rates, volatility, credit and the dollar confirming the same regime? Is a chart based on observed provider data or a derived statistic? How fresh is the observation? What assumptions are behind a risk measure?

ASRION is not a broker and the public market terminal is not an exchange-colocated execution feed. Provider and exchange latency applies. When an upstream source is delayed, stale, unavailable or lower frequency, ASRION is expected to disclose that state instead of inventing a fresher observation.

The main public terminal surfaces are Overview, Global Markets, Rates & Fixed Income, FX, Commodities, Equity, Crypto, Macro, Risk and Calendar. Authenticated users may also see Intelligence MAX, Trading Lab and account/entitlement-dependent capabilities.

Two-minute quick start

1. Open ASRION and wait until the feed badge stops showing only CONNECTING.
2. Look at the Overview first. It is the fastest way to understand the cross-asset state.
3. Click any market row or use search to select an instrument. The Primary Chart and related context update around that instrument.
4. Read Last as the latest available provider observation and Move or Day as the displayed change over the stated horizon.
5. Use the dedicated asset pages when you need more detail: Rates & FI for curves and credit, FX for currencies, Macro for official series, Risk for tail-state diagnostics, and so on.
6. Check the source, observation time and freshness before drawing a conclusion from a number.
7. Treat derived values such as breadth, dispersion, correlation, VaR, Expected Shortfall and Risk State as analytical summaries, not raw market observations.
8. Use the Docs link in ASRION whenever an unfamiliar symbol or abbreviation appears.

The ASRION screen, from top to bottom

The top bar contains the ASRION identity, global search, manual refresh, feed state and a UTC clock. UTC means Coordinated Universal Time; it is used so users in different locations can interpret timestamps consistently.

The navigation row switches between terminal surfaces. ASRION preserves the selected view when possible, so refreshing while working in a specialized surface should return you to that surface instead of forcing you back to Overview.

The status strip summarizes connectivity. Common messages include market-engine state, crypto WebSocket state, macro/official-source state and provider-latency disclosure.

Below the header, the ticker/tape and page panels display the observations and analytics. Panels with titles such as Primary Chart, Cross-Asset Correlation, FX Board or Risk Decomposition are independent analytical blocks. A value shown inside one panel may have a different source or cadence from a value in another panel; check the panel metadata and source disclosure.

Header controls and symbols

⌘K means the global search shortcut on macOS. On other platforms, clicking the search field works regardless of shortcut support.

↻ is manual refresh. It asks ASRION to refresh the relevant terminal state; it does not guarantee that an upstream provider has published a new observation.

UTC beside the clock means the clock is not your browser’s local timezone.

A green or positive feed indicator means ASRION currently has a connected/fresh-enough state according to its runtime checks. It does not mean every single instrument is equally fresh.

CONNECTING means ASRION has not yet received enough information to present that component as ready.

STALE means the last known observation is older than the runtime’s expected freshness window. A stale value is not automatically wrong, but it should not be interpreted as a current tick.

UNAVAILABLE, NO DATA, — or an empty-state message means ASRION does not have a valid value for that field. The correct interpretation is “no usable observation is available”, not zero.

How to read an ASRION market row

Instrument or Market is the human-readable market or security.

Symbol is the provider-facing ticker or ASRION identifier. Symbols can look strange because different data providers use different naming conventions.

Last is the most recent numeric observation available to that panel.

Move or Day is the displayed change for the stated daily/session reference. For most price instruments this is a percentage. For rate/yield instruments ASRION may display basis-point changes instead.

5m, 15m, 60m are short-horizon path changes over approximately five, fifteen and sixty minutes when enough provider history is available.

RV60 is ASRION’s rolling sixty-minute path-volatility diagnostic when the required path exists. Read it as a relative measure of how variable the recent path has been. It is not the VIX and should not be assumed to be an option-implied annualized volatility unless the panel explicitly says so.

Range describes where the current value sits relative to a recent or session high/low range. A value near the top of the range means the instrument is trading closer to that observed high; a value near the bottom means it is closer to the observed low.

Path or Path Move is the change from the first usable observation in the displayed path to the latest usable observation. It is path-dependent and can differ from the provider’s official daily change.

Colors, signs and visual states

Green normally means a positive change for the displayed metric; red means a negative change; neutral/grey means unchanged, unavailable or not directionally classified. Do not interpret green as “good” or red as “bad” in an investment sense. A higher yield, a wider credit spread or a higher volatility index can be shown with a positive sign while representing tighter financial conditions or more market stress.

A leading + means the value increased over the displayed comparison horizon. A leading − means it decreased.

Heatmaps use color and intensity to compress many observations into one view. Always read the legend or metric label before comparing colors across different heatmaps because the underlying measure may be return, volatility, breadth, range position or another derived quantity.

Units you will see

% means percent. A move from 4.00% to 4.10% in a yield is a 0.10 percentage-point increase, which is 10 basis points.

bp or bps means basis point(s). One basis point equals 0.01 percentage point. 100 bp equals 1 percentage point.

USD means US dollars. USD/barrel, USD/oz, USD/MMBtu, USD/hour and similar labels specify the unit of the underlying series.

index means the value is an index level rather than a directly spendable currency amount.

thousands, USD millions and USD billions are scale labels. A value of 2500 in a USD billions series represents 2.5 trillion US dollars.

SAAR means seasonally adjusted annual rate. It annualizes a seasonally adjusted pace and should not be read as a simple one-period raw change.

YoY means year over year. MoM means month over month. QoQ means quarter over quarter. When ASRION displays a transformed macro series, the exact transformation should be read together with its unit and source.

Why market symbols look strange

Provider symbols are identifiers, not mathematical notation.

A leading caret such as ^VIX, ^TNX or ^FTSE is a provider convention commonly used for indices or index-like reference series. The caret does not mean exponentiation.

A suffix such as =F in ES=F, NQ=F or CL=F is a provider convention for a futures-market data path. It does not mean “equals F”.

A suffix such as =X in an FX symbol is a provider convention for a currency pair feed.

A pair such as BTC-USD means the price of Bitcoin expressed in US dollars. Crypto paths may also come directly from an exchange/WebSocket source rather than the same provider used for other asset classes.

ETF tickers such as SPY, TLT, HYG, GLD and EEM are tradable funds used as liquid market proxies. A Treasury ETF is not the Treasury yield itself; a credit ETF is not the same object as an option-adjusted credit spread.

Opaque identifiers such as DGS10, BAMLC0A0CM, RRPONTSYD and WALCL are official/reference-series identifiers. They are listed in the Macro & Reference Series Directory later in this guide.

Search: what you can type

Search accepts familiar labels and provider symbols. Examples include S&P, ES=F, VIX, US 10Y, EURUSD, Gold, Bitcoin, HYG and similar market identifiers exposed by the connected universe.

If you know only the plain-language name, search by the name. You do not need to memorize provider tickers.

If a symbol appears in a panel and you do not recognize it, search this documentation’s Symbol Directory. The public directory is generated from ASRION’s configured data universe so that the label and provider symbol stay synchronized with the terminal.

Overview

Overview is the cross-asset starting point. It combines the Global Markets board, Primary Chart, Market Pulse, Cross-Asset Heatmap, US Treasury curve, Global Markets 3D, Top Movers, FX, Commodities, Crypto and a Macro Snapshot.

Use Overview to answer “what is happening now?” before moving into a specialized page. A single positive equity future is less informative than a move confirmed by global breadth, volatility, credit and regional markets.

Market Pulse summarizes breadth and session context. Breadth is the fraction or count of connected instruments moving in the chosen direction. Broad participation can make a move more representative of the wider universe, but breadth is still universe-dependent.

Top Movers ranks the largest observed changes among the connected set. Large moves can be caused by different volatility scales across asset classes, so a ranking is a screening tool, not a risk-normalized recommendation.

Global Markets

Global Markets is the broad cross-asset command surface. It expands the market board beyond the compact Overview and combines global indices, sectors, country/regional proxies, rates/fixed-income proxies, FX, commodities, volatility and crypto.

Use filters to isolate an asset class or region. The purpose is to understand whether a market narrative is local or global and whether different asset classes confirm or contradict each other.

Breadth is the share of connected instruments with a positive move under the selected grouping.

Dispersion describes how spread out the observed moves are across the connected universe. High dispersion means instruments are behaving very differently from one another; low dispersion means moves are more clustered.

Median absolute move describes the typical magnitude of movement without allowing positive and negative signs to cancel each other.

Global Markets 3D

Global Markets 3D maps supported market observations to geographic locations or regional proxies. Drag rotates the globe, zoom changes the camera distance and clicking a mapped market reveals its local observation/context when supported.

A pin is a geographic visualization of a market or proxy; it does not mean the security physically trades only at that exact coordinate. Country ETFs and regional proxies are mapped to a representative geography so the user can understand regional participation.

The 3D console may show mapped markets, regions, positive breadth, cross-asset dispersion, median absolute move, regional breadth and strongest/weakest movers.

Cross-Asset Correlation elsewhere in ASRION is not the same as geographic proximity on the globe. Two markets can be geographically distant and highly correlated, or geographically close and weakly correlated.

Rates & Fixed Income

Rates & Fixed Income focuses on the level and shape of interest rates, real yields, inflation compensation, funding conditions, duration and credit proxies.

The US Treasury Curve plots yields across maturities. The x-axis is maturity/tenor; the y-axis is yield.

2s10s means the 10-year Treasury yield minus the 2-year Treasury yield. A negative value means the 2-year yield is above the 10-year yield, commonly described as an inversion of that segment of the curve.

3m10y or 3m10Y means the 10-year Treasury yield minus the 3-month Treasury yield.

Level describes the general height of the curve. Slope describes the difference between short and long maturities. Curvature describes whether intermediate maturities sit above or below a simple line between shorter and longer points.

Real yield is a Treasury Inflation-Protected Securities reference yield. It is different from a nominal Treasury yield because inflation compensation is treated separately.

Breakeven inflation is a market-implied inflation-compensation measure derived from nominal and inflation-protected Treasury markets. It is not a guaranteed future inflation rate.

SOFR is the Secured Overnight Financing Rate, an important US dollar overnight reference rate.

IORB is Interest on Reserve Balances paid by the Federal Reserve.

OAS means option-adjusted spread. It is a credit-spread measure adjusted for embedded option effects under the source methodology. Wider OAS generally indicates greater credit compensation/stress; narrower OAS generally indicates tighter credit conditions.

IG means investment grade. HY means high yield. AAA, BBB, BB and CCC are credit-quality categories. They are not equity ratings.

Treasury ETFs such as SHY, IEF and TLT are price instruments. When yields rise, long-duration Treasury ETF prices often fall; therefore do not compare a bond ETF’s positive/negative return sign directly with a yield’s positive/negative basis-point move.

FX

FX means foreign exchange. A currency pair such as EUR/USD expresses how many US dollars correspond to one euro. A rising EUR/USD generally means the euro strengthened relative to the US dollar over that comparison horizon; a falling pair means the opposite.

Majors are heavily traded currency pairs, often involving the US dollar. Crosses are currency pairs that may not include the US dollar.

DXY is a US Dollar Index reference/proxy. It is not the same thing as every individual dollar pair.

Currency Strength is a synthesized diagnostic built from connected FX pair returns. It is not itself a directly tradable index unless the panel explicitly identifies a tradable instrument.

Dollar Drivers compares the dollar backdrop with rates, gold and risk assets. Co-movement is descriptive and does not establish causality.

Pair dispersion compares the spread in observed currency-pair performance. A large dispersion can indicate that the move is currency-specific rather than a single uniform dollar regime.

Commodities

Commodities includes energy, precious metals, industrial metals and agriculture when data is available.

Common futures symbols include provider conventions for WTI crude oil, Brent, natural gas, gold, silver, copper and agricultural contracts. Use the Symbol Directory for the current exact provider ticker and plain-language label.

A futures price is not the same as the physical spot price. Different contracts, maturities and provider paths can trade at different levels.

Front-month proxy means ASRION is using a liquid near-term futures-market representation. Contract roll effects can matter when comparing prices through time.

Cross-Commodity Ratios are relative-value diagnostics such as one commodity price divided by another or a normalized spread. They are derived quantities, not additional market ticks.

Macro Sensitivity summarizes observed relationships with the dollar, rates or equity conditions. It should be treated as contextual analysis, not proof of a stable structural relationship.

Equity

Equity covers global indices, US futures, broad ETFs, sectors and regional/country proxies.

ES=F is the provider path for S&P 500 futures. NQ=F is Nasdaq-100 futures. YM=F is Dow futures. RTY=F is Russell 2000 futures.

SPY, QQQ, IWM and DIA are ETFs. They are liquid proxies for broad equity exposures but are not identical to the cash index level.

XLK, XLF, XLE, XLV, XLI, XLY, XLP, XLB, XLU, XLRE, XLC and SMH are sector/industry ETFs used for US sector diagnostics.

Regional Breadth measures the fraction of connected regional observations moving positively under the current comparison horizon.

Relative Leadership vs S&P 500 asks which connected equity proxies are outperforming or underperforming the S&P 500 reference over the chosen horizon. Relative performance is not the same as absolute performance: an asset can be down and still outperform a benchmark that is down more.

Volatility indicators

VIX is the CBOE Volatility Index, an options-implied volatility measure associated with the S&P 500. It is not a direct forecast of the exact realized move and it is not a percentage return on the S&P 500.

VIX3M is a roughly three-month VIX term-structure reference.

VVIX is commonly described as volatility of VIX/volatility-of-volatility. It reflects the pricing of VIX option volatility under its source methodology.

SKEW is a CBOE tail-risk/skew reference. A higher value does not translate directly into a probability of a crash; it should be read as a tail-pricing diagnostic.

A volatility burst in ASRION means recent path variability has increased relative to the runtime’s comparison logic. It is an analytical state, not an exchange message.

Crypto

Crypto combines connected cryptocurrency market observations and, where supported, direct exchange/WebSocket events.

BTC, ETH, SOL, XRP and other symbols refer to cryptocurrency assets. A pair such as BTC-USD means Bitcoin priced in US dollars.

Tick means an observed market event from the connected source. ASRION must not fabricate intermediate ticks when none were received.

Tick Microstructure appears only when the connected direct feed exposes enough observations. If it is empty, the correct interpretation is insufficient direct tick data, not zero activity.

Relative to Bitcoin compares an altcoin’s move with Bitcoin over the same horizon. A positive differential means the altcoin outperformed Bitcoin over that comparison window; it does not necessarily mean the altcoin rose in absolute terms.

Crypto / Tech Coupling compares crypto behavior with technology equities, the dollar and rates. Coupling can change materially through time.

Macro

Macro uses official/reference economic series where possible. Macro data is naturally lower-frequency than market prices: some series update daily, weekly, monthly or quarterly. A monthly CPI observation should not be expected to update every few seconds.

CPI is the Consumer Price Index. Core CPI excludes food and energy under the source definition.

PCE is Personal Consumption Expenditures. Core PCE excludes selected volatile categories and is a closely watched US inflation measure.

PPI is Producer Price Index.

GDP is Gross Domestic Product. Real GDP adjusts for price changes under the source methodology.

Payrolls usually refers to nonfarm payroll employment. Initial Claims refers to initial unemployment insurance claims.

JOLTS refers to the Job Openings and Labor Turnover Survey; JTSJOL is the FRED series identifier used for job openings.

Industrial Production, Capacity Utilization, Retail Sales, Housing Starts, Building Permits, Consumer Sentiment, Durable Goods Orders and Business Inventories are separate macro indicators with different units and release schedules.

Macro Regime is ASRION’s directional synthesis of available macro context. It is a derived interpretation and must not be confused with an official statistical classification.

Liquidity and financial conditions

WALCL is the Federal Reserve total-assets series commonly used as a balance-sheet reference.

RRPONTSYD is the overnight reverse repurchase agreement series.

WRESBAL refers to reserve balances with Federal Reserve Banks.

WTREGEN is the US Treasury General Account balance at Federal Reserve Banks.

M2SL is the M2 money-stock series.

NFCI is the Chicago Fed National Financial Conditions Index. ANFCI is its adjusted version.

STLFSI4 is a St. Louis Fed Financial Stress Index series.

Financial-conditions indices aggregate multiple market/credit variables under their source methodologies. Their sign and scale must be interpreted according to the specific index, not according to a universal “positive is good” rule.

Risk: what the page is trying to answer

Risk is a diagnostic page, not a portfolio guarantee. It asks whether the connected market universe is showing elevated volatility, weak breadth, wide credit spreads, large dispersion, drawdowns, unusual correlations, tail-state behavior or data-quality problems.

ASRION Risk State is a transparent observed-data composite on a 0–100 style scale. The exact state depends on available inputs. Missing inputs should reduce confidence rather than be filled with fake values.

Risk Decomposition shows how components such as volatility, credit, breadth, dispersion and extremes contribute to the displayed state.

Drawdown is the decline from a prior observed high to the current value over the analyzed path. A −10% drawdown means the value is 10% below that relevant high.

Distance from High expresses the same idea as a distance from the observed maximum over the chosen path/window.

Correlation measures linear co-movement between two return/path series over a selected sample. +1 means perfect same-direction linear co-movement, 0 means no linear correlation in that sample, and −1 means perfect opposite-direction linear co-movement. Correlation does not prove causation and can be unstable.

Cross-Asset Correlation is calculated from recent connected paths when enough aligned observations exist. Missing or sparse observations can reduce the matrix coverage.

VaR, Expected Shortfall and tail measures

VaR means Value at Risk. A 95% empirical VaR is a loss threshold estimated from the observed sample such that only a smaller tail of observations is worse under the chosen historical/empirical method. VaR is model/sample dependent and is not a maximum possible loss.

Expected Shortfall, often abbreviated ES, measures the average loss conditional on being in the tail beyond a VaR threshold under the chosen methodology. Expected Shortfall is also called Conditional VaR in some contexts.

Be careful with the abbreviation ES: inside a risk-statistics label it can mean Expected Shortfall, while ES=F is the provider ticker for S&P 500 futures. Context determines the meaning.

Tail risk refers to the behavior of unusually extreme observations in the distribution’s tails.

Path extreme is an unusually large move relative to the analyzed path/window. It is not automatically a statistical outlier under every possible model.

Concentration, breadth and dispersion

Breadth tells you how many/what share of the connected universe is participating in a move.

Dispersion tells you how different the individual moves are from one another.

Concentration asks whether the observed state is dominated by a small number of instruments/groups rather than broadly distributed.

HHI means Herfindahl–Hirschman Index. It is a concentration measure based on squared shares. Higher HHI means more concentration under the way those shares were defined. Always check what the shares represent in the current panel.

These measures depend on the connected universe. If the set of available instruments changes, the diagnostic can change even if some individual prices do not.

Scenario Stress Lab

Risk may expose hypothetical stress scenarios such as Growth Shock, Inflation Repricing, Liquidity Squeeze or Risk-On Reversal.

A stress scenario is not an observed market event and is not a forecast. It is a controlled “what if?” configuration used to understand sensitivity and directional consequences under stated assumptions.

ASRION must label hypothetical scenarios as hypothetical. If a portfolio exposure has not been provided, a scenario should not pretend to know a portfolio P&L.

Use stress tests to ask “what variables would matter if this scenario occurred?”, not “what ASRION predicts will happen next”.

Calendar

Calendar focuses on official schedules such as FOMC, ECB, CPI/PPI, labor-market releases, GDP and PCE when available from originating institutions.

High impact is an interface classification for events that can materially affect major markets. It is not a guarantee that the event will cause a large move.

Policy groups central-bank decisions/communications. Inflation, Labour and Growth group macro releases by theme.

A countdown is time remaining until the scheduled event. Schedules can change; the originating institution remains the authority.

ASRION does not need to invent a consensus estimate to make an event useful. If consensus data is unavailable, the official schedule can still be shown without fabricating an expectation.

Intelligence MAX

Intelligence MAX is an evidence-bound quantitative research workbench layered on top of observed market and macro context. Its role is to organize testable hypotheses and research diagnostics, not to invent market observations.

Market Now summarizes the connected cross-asset state. Labels such as RISK-ON, RISK-OFF or MIXED are derived classifications based on the connected evidence at that moment. They are not trade instructions.

Cross-Asset Tape compares Last, Day, 5m, 15m and 60m observations across selected instruments.

Leadership & Breadth compares leaders, laggards and regional/sector participation.

Macro & Event Radar places the market state beside official macro series and scheduled events.

What Changed compares the current observation set with the previous observation set to highlight meaningful changes.

Decision Context describes conditions and evidence. The panel should be read as research context, not a buy/sell signal.

Hypothesis Discovery creates testable quantitative hypotheses from evidence. A valid hypothesis should be falsifiable, should identify the observations behind it and should be rejected when the evidence does not support it.

AI-generated synthesis, when enabled, sits above quantitative evidence. AI text is not the authoritative source of prices, macro observations, model outputs or validation results.

Trading Lab

Trading Lab is ASRION’s quantitative research execution environment for testing observed market states through the AFTE research pipeline.

It is designed for research, falsification, walk-forward validation, persistence and shadow/paper evaluation. It does not currently route production orders to a broker.

AFTE is the research engine used by Trading Lab. The workflow can include structural-surprise detection, robust multi-bar displacement, adaptive conformal coverage, adversarial falsification, release-state logic, risk/exposure controls and historical walk-forward replay.

REJECT is a legitimate research result. It means the evidence did not pass the required release/falsification conditions; ASRION should not manufacture a non-zero signal merely to keep the screen active.

Observed Market Tape is the provider-history chart for the selected instrument. It can show observed price path, source timestamps, path move, observed range and latest value.

Live in Trading Lab means live to the connected ASRION/provider observation cadence. It does not automatically mean exchange-colocated tick-by-tick data.

Walk-Forward Replay runs the research logic sequentially through an observed historical path. Historical replay must not be described as a live fill or live execution.

Trade Survival Ω uses the Greek letter omega (Ω) as the name of an AFTE research diagnostic. The symbol is not a monetary value or order quantity. Read it only within the documented AFTE research context.

Chart inspection

Major ASRION charts can expose crosshair/nearest-point inspection. Hovering or moving over a chart helps identify the nearest observed value and timestamp when supported.

Mouse-wheel zoom changes the visible horizontal range. Drag-to-pan moves across the path. Double-click or a 1:1 control restores the default scale when the chart supports those controls.

Fullscreen opens a larger inspection surface. Fullscreen does not change the underlying data.

If a chart appears flat, inspect actual point values before assuming the chart is broken. A repeated observed price can legitimately produce a visually flat path.

Downloading charts

When a chart offers PNG/SVG download, ASRION exports the exact chart targeted by the user rather than replacing it with the first generic chart in the panel.

The approved publication-style export uses a light/white presentation frame, readable title/subtitle, the actual colored chart, axes/context, source information, path-move information when available and an ASRION generation signature/timestamp.

PATH MOVE in an exported chart is the change across the displayed observed path. It may differ from the official daily return because the displayed path can start later than the market’s session reference.

The generated UTC timestamp is the export time, not necessarily the source observation time. The source observation timestamp should be read separately when provided.

Freshness, cadence and provider latency

No single refresh frequency applies to every ASRION dataset.

Market-price paths may update frequently but are still subject to provider/exchange latency, rate limits, market hours and source availability.

Direct crypto WebSocket events can have a different cadence from equity/futures provider checks.

Official macro series can update daily, weekly, monthly or quarterly.

Central-bank and economic-calendar data updates according to originating institutions.

Generated at or a runtime-check timestamp means when ASRION assembled/checked a payload. It is not automatically the economic observation date or exchange event time.

Observation time is when the source says the market/economic value belongs.

Publication/release time is when an institution released information.

Availability time is when the information became available to ASRION or a point-in-time research system. These times can differ and matter for historical research.

Observed, derived, model and AI: four different things

Observed means the value came from a connected provider or official/reference source without ASRION inventing the numeric observation.

Derived means ASRION computed a deterministic transformation from observations, such as a return, spread, breadth statistic, ratio, correlation or drawdown.

Model means the value depends on a statistical/quantitative model and its assumptions.

AI synthesis means a language model generated explanatory text or structured interpretation from supplied evidence. AI synthesis must not be treated as a market-data provider.

A well-formed ASRION panel should make these distinctions visible through labels, provenance or methodology text.

Missing data and —

A dash — is intentionally different from 0.

0 is a valid numeric observation equal to zero.

— means no valid value is currently shown for that field.

ASRION’s integrity rule is to preserve missingness instead of silently converting missing data into zero, a stale synthetic tick, a fake timestamp or an invented model result.

If one input is missing, a composite statistic may show reduced coverage, reduced confidence or no value rather than filling the missing input with a fabricated observation.

Data sources and provenance

ASRION uses multiple source families because no single provider is authoritative for every asset class and macro series.

Public market paths can use provider market-chart data and direct exchange/event sources where configured.

US macro/rates/reference series can use FRED-hosted series originating from institutions such as the Federal Reserve, Treasury-related sources, BLS, BEA and other approved publishers.

Calendar schedules should be tied to originating institutions such as the Federal Reserve, BLS, BEA or ECB when supported.

Every user should distinguish source from ASRION. ASRION is the analysis/terminal layer; the underlying observation still belongs to its cited provider or institution.

Accounts, access and entitlements

The public terminal exposes a broad market-observation experience without requiring every private capability.

Some advanced workflows require authentication. A signed-in user can have access controlled by plan/entitlement, role or workspace permissions.

If a panel says authentication is required, sign in before assuming the feature is broken.

If a panel says the account is authenticated but the entitlement is unavailable, the feature is intentionally gated for that account/plan.

If usage/credits apply to a capability, the account area should be treated as the source of truth for the user’s current plan and usage state.

What ASRION does not promise

ASRION does not promise zero-latency exchange data.

ASRION does not guarantee that every provider is available at every moment.

ASRION does not turn correlation into causation.

ASRION does not turn a research hypothesis into investment advice.

ASRION does not present a historical replay as a live fill.

ASRION does not fabricate consensus estimates, prices, timestamps, paper identifiers or broker executions to fill an empty state.

ASRION does not currently make Trading Lab a production broker-routing system.

Troubleshooting

If a panel stays on CONNECTING, first check whether the rest of the terminal is receiving data. A single provider can be unavailable while other panels continue to work.

If a value looks old, check source time/freshness and market hours. Weekend/holiday/closed-session data can legitimately remain unchanged.

If search finds nothing, try the human-readable label rather than the provider ticker, or use this documentation’s Symbol Directory.

If an advanced panel asks for authentication, sign in and reload the surface.

If a chart inspector does not appear after a deployment/update, perform a hard refresh so the current runtime assets are loaded.

If a downloaded chart does not match the chart you clicked, report the page, panel title and instrument; ASRION’s intended behavior is exact-target export.

If a macro series shows no new observation, check its natural publication cadence before treating that as a failure.

If Risk or Intelligence MAX shows lower coverage, inspect which upstream observations are unavailable rather than assuming the score itself is broken.

Glossary: quantitative and market terms

AFTE — the quantitative research engine used by Trading Lab for observed-state hypothesis testing, falsification and walk-forward research.

ANFCI — Adjusted National Financial Conditions Index.

Basis point / bp / bps — 0.01 percentage point.

Breadth — share/count of a connected universe participating in a direction or condition.

Breakeven inflation — market inflation-compensation measure derived from nominal and inflation-protected Treasury markets.

Correlation — normalized linear co-movement statistic between two series, from −1 to +1.

Cross-asset — analysis spanning multiple asset classes such as equity, rates, FX, commodities, credit and crypto.

Dispersion — degree to which individual observations/moves differ from one another.

Drawdown — decline from a prior observed high.

DXY — US Dollar Index reference/proxy.

ES (risk) — Expected Shortfall. Average tail loss beyond a VaR threshold under the selected methodology.

ES=F (ticker) — provider futures ticker for S&P 500 futures. This is unrelated to Expected Shortfall.

ETF — exchange-traded fund.

FOMC — Federal Open Market Committee.

FRED — Federal Reserve Economic Data platform/series distribution system.

HHI — Herfindahl–Hirschman Index, a concentration statistic.

HY — high yield credit.

IG — investment grade credit.

Implied volatility — volatility backed out from option prices under a model/convention; different from realized path volatility.

NFCI — National Financial Conditions Index from the Chicago Fed.

OAS — option-adjusted spread.

Path Move — first-to-last change across the displayed observed path.

PCE — Personal Consumption Expenditures.

PPI — Producer Price Index.

Range Position — location of the current value between an observed low and high for a selected window.

Real yield — inflation-adjusted/TIPS-market reference yield under the source methodology.

REJECT — a legitimate research state indicating the hypothesis/evidence did not satisfy the release criteria.

RRP — reverse repurchase agreement. RRPONTSYD is an overnight RRP reference series identifier.

RV60 — ASRION sixty-minute recent-path volatility diagnostic when sufficient path observations exist.

SAAR — seasonally adjusted annual rate.

SOFR — Secured Overnight Financing Rate.

Spread — difference between two yields/rates/prices or a credit compensation measure, depending on context.

Tail risk — behavior/risk associated with unusually extreme outcomes in a distribution tail.

Tenor — maturity/horizon such as 3M, 2Y, 10Y or 30Y.

TIPS — Treasury Inflation-Protected Securities.

VaR — Value at Risk, a loss quantile/threshold under a specified method and sample.

VIX — CBOE Volatility Index.

VVIX — volatility-of-volatility reference associated with VIX options.

Walk-forward — sequential historical evaluation that repeatedly advances through time rather than testing every decision with future information already visible.

Ω / Omega — symbol used in Trading Lab’s Trade Survival Ω research diagnostic; it is not an order quantity or currency amount.

Market Symbol Directory

The following directory is generated from ASRION’s configured public intraday universe. It explains the provider symbol instead of expecting the user to memorize ticker syntax.

Generated from public-market-intraday. Provider symbols can change when an upstream provider changes its naming convention; the plain-language label is the recommended starting point.

Macro & Reference Series Directory

These identifiers are official/reference series used by ASRION’s quantitative data layer. The ID may look opaque because it belongs to the source catalogue. Use the label and description as the plain-language interpretation.

Generated from ASRION’s authenticated quantitative reference-series catalogue. These IDs are source catalogue identifiers, not formulas.

Quant Market Proxy Directory

These are liquid market proxies available to the authenticated Quant data layer and/or ASRION diagnostics. A proxy is an instrument used to represent an exposure or market theme; it is not identical to the economic object it represents.

A proxy is a market instrument used to represent an exposure or theme. It is not necessarily identical to the underlying economic variable.

Frequently asked questions

Why does ASRION show both US 10Y and DGS10?

US 10Y is the human-readable label. DGS10 is a source-series identifier for the US 10-year constant-maturity Treasury reference. Another provider path such as ^TNX can also represent a market-facing 10-year yield reference. They are identifiers from different data paths, not three different definitions of “10 years”.

Why can TLT be down while the 30Y yield is up?

TLT is a long-duration Treasury ETF price. Yields and bond prices generally move inversely, especially for long duration. A positive yield move and a negative long-duration ETF price move can therefore be economically consistent.

Why is VIX green when that can mean more risk?

Green indicates the numeric value increased; it does not mean the economic interpretation is positive. A rising VIX can indicate rising implied volatility/stress even when the color reflects a positive numerical change.

Why do I see — instead of a number?

ASRION does not have a valid value for that field at that moment. It is intentionally not replaced with zero or a fabricated observation.

Why does the chart’s Path Move differ from Day?

Day is the provider/session daily comparison. Path Move measures from the first point of the currently displayed path to its last point. Different starting points produce different returns.

Why does Macro not update as fast as Crypto?

They are different data-generating processes. Crypto can expose frequent exchange events; monthly or quarterly economic statistics only change when the originating institution publishes a new observation.

Is Risk State a forecast?

No. It is a current-state diagnostic derived from available observations and quantitative components. It does not guarantee future market direction.

Is Intelligence MAX an autonomous trading AI?

No. It is a research workbench. Observations and deterministic quantitative evidence remain separate from AI-generated synthesis, and AI text is not allowed to invent missing market data.

Does Trading Lab execute real orders?

No. Its current operating boundary is research/shadow-paper evaluation. Broker routing and production execution are not connected.

Can I use ASRION output as investment advice?

No. ASRION is a market-intelligence and quantitative research environment. Outputs are data-, model- and methodology-dependent and are not investment advice.

Methodology and interpretation checklist

Before acting on an ASRION observation, ask five questions.

1. What exactly is the object: price, yield, spread, index, ratio, model output or AI text?
2. What is the unit: percent, basis points, dollars, index points or something else?
3. What is the source and observation timestamp?
4. Is the number observed or derived?
5. What horizon/sample produced the statistic?

If those five answers are clear, most of the “strange symbols” in a professional terminal become much easier to interpret.

Research and investment disclaimer

ASRION is provided for quantitative research, education, market observation and analytical workflows. Market and macro data can be delayed, revised, incomplete or unavailable. Derived analytics depend on the connected universe, sample, transformation and methodology. Model and AI outputs depend on assumptions and input quality.

Nothing in ASRION constitutes investment advice, a solicitation, a guarantee of performance, a broker confirmation or evidence that a live trade was executed.