Tool lesson

Fair Value Tracker: Check Freshness Before Signal State

A practical Fair Value Tracker lesson for using source freshness as the first quality gate before reading basis, confidence, or signal-state language.

12 minBeginner5 chapters

Educational only

The examples teach workflow and risk framing. They do not provide trade recommendations, personalized advice, leverage guidance, or guaranteed outcomes.

Chapter 01

Check freshness by leg

Trader question

Are COMEX, FX, and local market fresh enough to read?

The Fair Value Tracker is only as trustworthy as its weakest source leg. The learner should inspect COMEX, FX, and local market timestamps before deciding whether the basis number is usable, caution-only, or paused.

Desk checklist

Check COMEX/global reference timing.
Check FX timestamp because FX controls the local currency bridge.
Check whether local market is live, stale, closed, or estimated.

Interactive proof

Freshness panel and source cards

Use the triage board to switch source regimes while the same basis number stays fixed.

1COMEXDelayed, closed, or stale global legThe global reference can remain useful only if the timestamp and session context are visible.

2FXFresh adapter or old benchmarkFX freshness controls every local currency conversion, so stale FX should downgrade the parity note.

3local marketLive quote or estimated local legAn estimated local value changes basis from observed comparison into caution-only model context.

4Regime taglive, delayed, closed, stale, estimatedThe tag explains the source state before the signal-state language is allowed to matter.

5ConfidenceQuality gate before basisConfidence should decide whether the learner proceeds, monitors, or pauses the read.

The same basis number can move from usable to caution-only when one leg turns stale, delayed, closed, or estimated. Source state owns the first sentence.

Interactive desk lab

Freshness Triage Board

A practical Fair Value Tracker triage board for checking COMEX, FX, and local market source states before trusting basis, confidence, or signal state.

Native scroll

50s Remotion sceneFreshnessByLegVideo

Timestamp first, basis second

The same +local currency 310 basis number passes through fresh, stale, and estimated source states so learners see why timestamp controls permission.

Storyboard beats4 cues

COMEX, FX, and local market source cards appear before the basis number.

The basis card stays fixed at +local currency 310.

FX turns stale and the note downgrades.

local market turns estimated and the read pauses.

Remotion code

FreshnessByLegVideo

The snippet is stored with the lesson so a future Remotion project can render the chapter video.

Show component snippet

import {AbsoluteFill, Easing, Sequence, interpolate, useCurrentFrame} from "remotion";

const cards = ["COMEX delayed", "USDINR fresh", "MCX live"];

export const FreshnessByLegVideo = () => {
  const frame = useCurrentFrame();
  const fade = interpolate(frame, [92, 124], [1, 0.32], {
    extrapolateRight: "clamp",
    easing: Easing.bezier(0.16, 1, 0.3, 1),
  });

  return (
    <AbsoluteFill style={{background: "#fff8e8", color: "#071126", padding: 72}}>
      <h1>Read the timestamps before the basis.</h1>
      <div style={{display: "grid", gridTemplateColumns: "1fr 1fr 1fr", gap: 18, marginTop: 54}}>
        {cards.map((card, index) => (
          <Sequence key={card} from={18 + index * 14} layout="none">
            <div style={{padding: 18, border: "1px solid #aa8432", background: index === 2 ? "#ddf3e8" : "#fffdf7"}}>{card}</div>
          </Sequence>
        ))}
      </div>
      <div style={{opacity: fade, marginTop: 44, padding: 24, border: "1px solid #d9971f", fontSize: 40}}>Basis: +INR 310</div>
      <Sequence from={82} layout="none"><p style={{color: "#805407"}}>Stale FX changes the note.</p></Sequence>
      <Sequence from={116} layout="none"><p style={{color: "#b42318"}}>Estimated MCX changes permission.</p></Sequence>
    </AbsoluteFill>
  );
};

Sources used for this tutorial

Datafeedlocal marketUsed to distinguish live, delayed, end-of-day, historical, and provider-state language for the local market leg.Gold Futures Contract SpecificationsCME GroupUsed for COMEX futures context before assigning freshness and delay caveats to the global leg.Reference Rate MethodologyFinancial Benchmarks global markets Pvt. Ltd.Used to explain FX benchmark provenance, timing, and freshness caveats.Reference Rate ArchiveReserve Bank of global marketsUsed as a currency-reference source anchor when learners diagnose FX freshness.Do's and Don'ts of Investing in Securities Marketinvestor educationUsed to keep stale-data, confidence, and signal-state language educational rather than advice-like.

Next step

Open the tool with the checklist beside you.

Move from the lesson into the matching Bullion Brains tool, keep the checklist visible, and treat the output as evidence until the caveats are clear.

Open Fair Value Tracker