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Tool lesson

Fair Value Tracker: Understand Estimated local market Mode

A practical Fair Value Tracker lesson for understanding estimated local market as fallback math, not a live local quote or scanner opportunity.

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

Understand why live local market can be unavailable

Trader question

What changes when local market is estimated instead of live?

Estimated local market starts as a source-state problem. Provider availability, market session, or stale local quote state can prevent the tool from treating the local leg as observed.

Desk checklist

  • Name the local market source state before reading basis.
  • Separate provider/session diagnosis from trading interpretation.
  • Treat estimated mode as a fallback state, not a broken page.

Interactive proof

Data quality state and Estimated local market label

Use the mode switch to compare a live local market quote with an estimated local market fallback.

1local market legEstimated is not observedThe local market leg is model-filled, so the learner should not call it a live quote.
2Signal stateestimated_mcxThe backend names the fallback state directly instead of pretending the read is live.
3Hidden fieldsGlobal basis, net global, pct globalNull fields are a safety feature when an estimated local leg would imply false precision.
4ScannerEstimated rows are skippedFallback math should not rank beside live scanner rows or look like an opportunity queue.
5Allowed noteFormula context onlyThe safe note explains the fallback and re-check condition before any basis language.

Estimated local market mode keeps the formula teachable while refusing to imply a live local quote. Hidden fields and skipped scanner rows are part of the safety design.

48s Remotion sceneWhyLiveMcxUnavailableVideo

Why live local market can be unavailable

Provider, session, and freshness states move across the screen so learners understand estimated mode as a source-state outcome.

Storyboard beats4 cues
1

A source panel shows provider, market session, and cache freshness.

2

One source condition weakens.

3

The local market leg changes from live to estimated.

4

The read changes from live context to diagnosis.

Remotion code

WhyLiveMcxUnavailableVideo

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 causes = ["Provider unavailable", "Market session closed", "Quote freshness weak"];

export const WhyLiveMcxUnavailableVideo = () => {
  const frame = useCurrentFrame();
  const shift = interpolate(frame, [34, 102], [0, 1], {
    extrapolateRight: "clamp",
    easing: Easing.bezier(0.16, 1, 0.3, 1),
  });

  return (
    <AbsoluteFill style={{background: "#071126", color: "#fff8e8", padding: 72}}>
      <h1>Estimated mode starts with source state.</h1>
      <div style={{display: "grid", gap: 14, marginTop: 56}}>
        {causes.map((cause, index) => (
          <Sequence key={cause} from={18 + index * 16} layout="none">
            <div style={{padding: 16, border: "1px solid rgba(255,248,232,0.28)", transform: "translateX(" + shift * index * 42 + "px)"}}>{cause}</div>
          </Sequence>
        ))}
      </div>
      <Sequence from={92} layout="none"><p style={{color: "#f9d78b"}}>The mode is a diagnosis clue, not a broken lesson.</p></Sequence>
    </AbsoluteFill>
  );
};

Sources used for this tutorial

Datafeedlocal marketUsed to explain why live local quote availability and feed state matter before reading basis fields.Contract Specifications of Goldlocal marketUsed for official local market gold quote basis, trading session, and settlement context.Contract Specifications of Silverlocal marketUsed for official local market silver quote basis, trading session, and settlement context.local Premium/Discount MethodologyWorld Gold CouncilUsed to frame model estimates, landed price, and premium/discount as indicative context with caveats.Do's and Don'ts of Investing in Securities Marketinvestor educationUsed to keep estimated-mode explanations educational and prevent hot-tip or trade-signal language.

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