Micro

Two cross-asset reads on one page: for each asset, where its realized volatility sits against its own history, across four horizons. And, on intraday bars, how assets connect — who moves with whom once the common factor is stripped out, and who leads whom.

• To confirm a breakout, or catch a fake one. A breakout in a Compressed vol regime is far more credible than one in a Stretched regime, where every wick can trap you.
• To read the cross-asset structure. The co-movement layer shows partial correlation — the direct link, common factor removed — which is what surfaces the real couples and the signed hedges (gold↔equities, dollar↔risk). The Tightest links panel pulls out the five strongest right now.
• To exploit lead-lag. If EURJPY leads USDJPY by a minute with a clear asymmetry, looking at EURJPY first becomes an intraday edge.
• To place an asset in its ecosystem. The drawer tells you what it moves with (neighbors), what leads it (incoming) and what it predicts (outgoing). Useful before taking a position, to know where to look for confirmation.

Three zones. At the top the pulse strip — a quick read of the dominant regime on the left, asset-class filter chips in the middle, the five tightest links on the right. Below, the body in two columns: on the left the Vol Regime heatmap (one asset per row, one column per horizon), on the right the cross-asset network (co-movement links + lead-lag arrows, over the same set of nodes). Clicking a heatmap row or a graph node opens an asset drawer on the right with its full volatility cone, its co-movement neighbors and its incoming / outgoing edges (up to three drawers side by side for comparison).

The header filters

Only the parameters that trigger a recompute (bars, window) sit in the shared header. The display settings — the co-move / lead-lag toggles and the ρ floor — live in the network panel's own header, next to the graph they filter.

The pulse strip

Three blocks side by side under the header.

Left block — Regime

A compressed read of the heatmap panel.

Middle block — Filter classes

A clickable chip per asset class present in the snapshot — FX, Metals, Commodity, Index, Bond, Crypto. Its own color plus the class's asset count. Click = isolates the class everywhere (heatmap, graph, top edges, drawer counts). Clicking the same chip again = restores every class. A show all button appears as soon as a selection is active.

Right block — Tightest links

The five strongest co-movement links by absolute partial correlation.

Clicking a row opens B's drawer.

The Vol Regime heatmap (left column)

One row per asset; one column per realized-volatility horizon — 5d, 21d, 63d, 252d. Each cell carries where the current vol sits in its own history. Default sort is 5d descending. The Asset column is frozen to the left.

Patterns worth spotting:

• A whole column in red: cross-asset vol expansion — typical of a macro regime shift.
• A whole row in red: an idiosyncratic blow-out on a single asset.
• 5d red, 252d cool: an event spike, mean-reversion likely.
• 5d cool, 252d red: structurally elevated vol — today's calm is hiding a heavy trend.

At the foot of the heatmap, a mini distribution bar restates how cells are spread across the bands on the active selection.

The cross-asset network (right column)

Two layers over the same set of nodes. A deterministic layout by asset class on concentric arcs — the same data always gives the same graph, no physics simulation.

Hovering a node dims everything not directly connected to it. Hovering a heatmap row does the same, and the asset is highlighted in the graph (and the other way around). Clicking a node opens its drawer.

The drawer (click a row or a node)

Full height on the right. Up to three drawers side by side for comparison; beyond that, the oldest slides out to the left.

• An asset Stretched on 5d but Compressed on 252d: News to identify the event behind the spike, then Markets if Polymarket is pricing a repricing off it.
• A whole class at Stretched: Trend matrix to see whether the directional momentum follows (the RISK and FLOW factors in particular).
• A lead-lag arrow involving a currency: FX for the pair's detail and decomposition.
• An asset followed by several others (plenty of outgoing edges): that's a price leader — worth watching on Theses or Brief to see whether the desk has a call on it.

• All of this is correlation, not causation. Co-movement is a partial correlation (common factor removed, so a direct link), lead-lag a timing signal. An arrow EURJPY → USDJPY doesn't say EURJPY causes USDJPY: more often they share a driver that reaches one a few minutes before the other.
• Edges are ephemeral. A strong relationship on 10d can collapse on 20d or 7d. Check it holds across several windows before turning it into a trade.
• The cone is realized vol, not implied. The diagnosis looks at what happened, not at what options are pricing.