gloomberb 0.18.1 → 0.18.3

package/src/plugins/builtin/ticker-detail/quote-monitor/card.tsx

@@ -20,6 +20,7 @@ import {
 } from "../../../../market-data/market/status";
 import { t } from "../../../../i18n";
 import { isQuoteStaleForCurrentSession } from "../../../../market-data/quotes/freshness";
+import { delistingLabel, delistingStateLabel } from "../../../../market-data/quotes/delisting";
 import { formatQuoteNavAsOf } from "../../../../market-data/quotes/time";
 import { useQuoteFlashDirection } from "../../../../components/quote-flash";
 import { followLiveSparklinePrice } from "../../../../components/price-sparkline/model";
@@ -89,6 +90,8 @@ interface QuoteStatus {
   failed: boolean;
   text: string;
   stale?: boolean;
+  /** DELISTED or INACTIVE: the listing no longer trades, and `text` says since when. */
+  ended?: string;
 }
 
 function resolveQuoteStatus(entry: QueryEntry<Quote> | null, symbol: string, quote: Quote | null | undefined): QuoteStatus {
@@ -98,6 +101,7 @@ function resolveQuoteStatus(entry: QueryEntry<Quote> | null, symbol: string, quo
       ? { failed: true, text: `${symbol} not recognized` }
       : { failed: true, text: error.message || "Quote unavailable" };
   }
+  if (quote?.delisting) return { failed: true, text: delistingLabel(quote.delisting), stale: true, ended: delistingStateLabel(quote.delisting) };
   if (isQuoteStaleForCurrentSession(quote)) return { failed: true, text: "Stale quote", stale: true };
   if (entry?.phase === "ready") return { failed: false, text: "No quote data" };
   return { failed: false, text: "Loading quote..." };
@@ -175,8 +179,9 @@ export function QuoteMonitorCard({
   // One decimal count per instrument, so streamed ticks never narrow or widen the price column.
   const priceOptions = liveQuoteFormatOptions(quote, currency, assetCategory, cachedFinancials?.quoteMetadata?.instrumentType);
   const priceText = display ? formatMarketPriceWithCurrency(display.price, currency, priceOptions) : "";
-  const changePercentText = display ? formatPercentRaw(display.changePercent) : "";
-  const changeValueText = display ? formatSignedMarketPrice(display.change, priceOptions) : "";
+  // A listing that no longer trades shows its last close alone: no move, not even a dash for one.
+  const changePercentText = display && !quote?.delisting ? formatPercentRaw(display.changePercent) : "";
+  const changeValueText = display && !quote?.delisting ? formatSignedMarketPrice(display.change, priceOptions) : "";
   const priceColumnWidth = Math.max(priceText.length, changePercentText.length + changeValueText.length + 1);
   const nameMaxWidth = Math.max(10, width - priceColumnWidth - (nativePaneChrome ? 5 : 3));
   // The terminal sets the line beside the change, under the symbol (or after it in a
@@ -187,6 +192,8 @@ export function QuoteMonitorCard({
   const extendedParts = display && extended
     ? extendedLineParts(extended, formatMarketPriceWithCurrency(extended.price, currency, priceOptions), (text) => displayWidth(text) <= extendedRoom)
     : null;
+  // A desktop card says a listing no longer trades on a row of its own.
+  const endedRow = nativePaneChrome && quoteFailed && !!quoteStatus.ended && !extendedParts;
   const extendedColor = quoteFailed ? colors.textDim : priceColor(extended?.change ?? 0);
   const extendedDim = !!flashDirection && headlineHolds;
   const sparklineRange = resolvePriceSparklineRange(priceHistory, chartPeriod);
@@ -254,7 +261,7 @@ export function QuoteMonitorCard({
           <Text attributes={TextAttributes.BOLD} fg={symbolFg} bg={symbolBg} style={desktopSymbolStyle}>
             {symbol}
           </Text>
-          <Text fg={quoteStatus.failed ? colors.negative : colors.textDim}>{quoteStatus.text}</Text>
+          <Text fg={quoteStatus.ended ? colors.warning : quoteStatus.failed ? colors.negative : colors.textDim}>{quoteStatus.text}</Text>
         </Box>
       ) : nativePaneChrome ? (
         <Box
@@ -276,7 +283,7 @@ export function QuoteMonitorCard({
             minWidth={0}
             style={{
               gridColumn: "1",
-              gridRow: extendedParts ? "1" : "1 / span 2",
+              gridRow: extendedParts || endedRow ? "1" : "1 / span 2",
               minWidth: 0,
               overflow: "hidden",
             }}
@@ -284,8 +291,8 @@ export function QuoteMonitorCard({
             <Text attributes={TextAttributes.BOLD} fg={symbolFg} bg={symbolBg} style={desktopSymbolStyle}>
               {symbol}
             </Text>
-            {quoteFailed && (
-              <Text fg={colors.negative} style={{ fontSize: "var(--gloom-type-ui)", lineHeight: "14px" }}>
+            {quoteFailed && !endedRow && (
+              <Text fg={quoteStatus.ended ? colors.warning : colors.negative} style={{ fontSize: "var(--gloom-type-ui)", lineHeight: "14px" }}>
                 {quoteStatus.text}
               </Text>
             )}
@@ -332,6 +339,28 @@ export function QuoteMonitorCard({
             </Box>
           </Box>
 
+          {endedRow && (
+            // Under the price, across the card, so the date is never cut on a narrow card;
+            // backed like the price so the sparkline does not run through it.
+            <Text
+              fg={colors.warning}
+              style={{
+                gridColumn: "1 / -1",
+                gridRow: "2",
+                justifySelf: "start",
+                alignSelf: "start",
+                fontSize: "var(--gloom-type-ui)",
+                lineHeight: "14px",
+                whiteSpace: "nowrap",
+                backgroundColor: colors.bg,
+                borderRadius: "var(--gloom-radius-sm)",
+                boxShadow: `0 0 0 2px ${colors.bg}`,
+              }}
+            >
+              {quoteStatus.text}
+            </Text>
+          )}
+
           {extendedParts && (
             <ExtendedSessionLine
               parts={extendedParts}
@@ -385,7 +414,7 @@ export function QuoteMonitorCard({
               </Box>
               <Box flexDirection="column">
                 <FigureText fg={changeColor} dim={flashing} style={figureHalo}>
-                  {compactQuoteFailure ? `${priceText} · ${quoteStatus.stale ? "STALE" : "ERROR"}` : priceText}
+                  {compactQuoteFailure ? `${priceText} · ${quoteStatus.ended ?? (quoteStatus.stale ? "STALE" : "ERROR")}` : priceText}
                 </FigureText>
                 <Box flexDirection="row" gap={1}>
                   <FigureText part="sub" fg={changeColor} dim={flashing} style={figureHalo}>{changePercentText}</FigureText>
@@ -432,7 +461,7 @@ export function QuoteMonitorCard({
           )}
 
           {quoteFailed && !compactQuoteFailure && (
-            <Box height={1} overflow="hidden"><Text fg={colors.negative}>{quoteStatus.text}</Text></Box>
+            <Box height={1} overflow="hidden"><Text fg={quoteStatus.ended ? colors.warning : colors.negative}>{quoteStatus.text}</Text></Box>
           )}
           {navAsOf && !compactNavAsOf && (
             <Box height={1} overflow="hidden"><Text fg={colors.textDim}>{navAsOf}</Text></Box>

package/src/plugins/builtin/time-sales/pane.tsx

@@ -1,7 +1,7 @@
 import { useEffect, useMemo, useRef, useState } from "react";
 import { Box } from "../../../ui";
 import { usePaneSettingValue, useShortcut } from "../../../public/react";
-import { DataTableStackView, KeyValueRow, PaneStatusBody, StatGrid, usePaneFooter, usePaneNoticeFooter, usePaneStatusFooter, usePaneTabs, usePaneTicker, type DataTableColumn } from "../../../components";
+import { splitDelayedStatus, DataTableStackView, KeyValueRow, PaneStatusBody, StatGrid, usePaneFooter, usePaneNoticeFooter, usePaneStatusFooter, usePaneTabs, usePaneTicker, type DataTableColumn } from "../../../components";
 import { useThemeColors } from "../../../theme/theme-context";
 import type { PaneProps } from "../../../types/plugin";
 import type { TapeQuote, TapeSnapshot, TapeTrade } from "../../../api-client/tape";
@@ -109,7 +109,7 @@ function TimeSalesView({ width, height, focused, symbol, exchange }: PaneProps &
   usePaneNoticeFooter({ registrationId: "time-sales:notices", focused, notices: [...(data?.gaps ?? []), ...(resource.transport ? [resource.transport] : []),
     ...(pinnedBeforeTape ? [`The pinned moment is before this tape's first ${tab === "quotes" ? "quote" : "print"}, ${tapeStampNewYork(rowTime(rows.at(-1)!))}.`] : [])] });
   usePaneStatusFooter({ registrationId: "time-sales:status", loading: resource.loading, error: resource.error,
-    info: data ? [{ id: "feed", quoteStatus: true, parts: [{ text: `${data.feed === "sip" ? "real-time" : "15m delayed"} · ${tapeStampNewYork(data.asOf)}`, tone: "muted" }] },
+    info: data ? [...splitDelayedStatus({ id: "feed", quoteStatus: true, parts: [{ text: `${data.feed === "sip" ? "real-time" : "15m delayed"} · ${tapeStampNewYork(data.asOf)}`, tone: "muted" }] }),
       ...(frozen ? [{ id: "paused", parts: [{ text: "paused", tone: "warning" as const }] }] : []),
       ...(!data.connected || resource.snapshotOnly ? [{ id: "snapshot", parts: [{ text: "snapshot", tone: "warning" as const }] }] : [])] : [] });
   const selectTab = (value: string) => { setTab(value); setDetail(null); setSelected(null); };

package/src/plugins/builtin/trace-bonds/client.ts

@@ -4,6 +4,7 @@ import { signalWithTimeout } from "../../../utils/async-deadline";
 import { parsePublicTickerKey } from "../../../utils/exchanges";
 import { httpFetch } from "../../../utils/http-transport";
 import { isoDateOrNull, numericOrNull, recordOrNull, textOrNull } from "../../../utils/guards";
+import { logFailure } from "../../../utils/log-failure";
 import { zonedDateKey } from "../../../utils/zoned-date-time";
 
 const ENDPOINT = "https://services-dynarep.ddwa.finra.org/public/reporting/v2/data/group/FixedIncomeMarket/name/corporateAndAgencySecurities";
@@ -226,6 +227,7 @@ function dataRows(data: unknown): unknown[] | null {
     const parsed = JSON.parse(data) as unknown;
     return Array.isArray(parsed) ? parsed : null;
   } catch {
+    // Intentional ignore: malformed nested rows make postBondPage reject the response shape.
     return null;
   }
 }
@@ -340,7 +342,9 @@ async function readPayload(response: Response): Promise<unknown> {
 async function openSession(signal: AbortSignal): Promise<string> {
   const session = await httpFetch(ENDPOINT, { headers: REQUEST_HEADERS, signal });
   const token = xsrfToken(session);
-  await session.body?.cancel().catch(() => {});
+  await session.body?.cancel().catch(() => {
+    // Intentional ignore: only session headers are needed; discarding its unused body is best effort.
+  });
   if (!token) throw new Error(failureText(session.status, "session"));
   return token;
 }
@@ -477,7 +481,14 @@ export async function fetchBondTape(input: string, options: BondTapeOptions = {}
   let answer = first;
   let issuer: BondIssuer | null = null;
   if (first.bonds.length === 0 && query?.kind === "issuer" && query.ticker && options.companyName) {
-    const company = await options.companyName(query.ticker).catch(() => null);
+    const company = await options.companyName(query.ticker).catch((error: unknown) => {
+      options.signal?.throwIfAborted();
+      if (error instanceof Error && error.name === "AbortError") throw error;
+      logFailure("trace-bonds.client", "Resolve bond issuer company failed")(error);
+      answer = { ...first, failures: [...first.failures, "Issuer-name lookup failed."] };
+      return null;
+    });
+    options.signal?.throwIfAborted();
     const name = company ? tapeIssuerName(company) : null;
     if (company && name && name !== query.name) {
       issuer = { company, name };
@@ -492,7 +503,7 @@ export async function fetchBondTape(input: string, options: BondTapeOptions = {}
   // No prints for the query: date the answer by the market's newest sale.
   const market = await postBondPage(token, [TRADED], 1, deadline)
     .then((payload) => latestTradeDate(mergeBondAnswers([{ payload, accepts: anyBond, limit: 1 }]).bonds))
-    .catch(() => null);
+    .catch(logFailure("trace-bonds.client", "Load bond market date failed", null));
   return { ...result, tradeDate: market };
 }
 

package/src/plugins/builtin/trace-bonds/headless.ts

@@ -89,7 +89,7 @@ export const traceBondsHeadless: HeadlessPaneDefinition<"bundle"> = {
         rows: bonds.map(reportRow),
         ...(query ? { empty: noPrintsText(query, tradeDate, issuer) } : {}),
       }],
-      complete: true,
+      complete: failures.length === 0,
       ...(failures.length > 0 ? { errors: failures } : {}),
       ...(truncated ? { notes: [TRUNCATED_TEXT] } : {}),
       ...(shown ? { warnings: [issuerFallbackText(query!, issuer)] } : {}),

package/src/plugins/builtin/vol-surface/client.ts

@@ -3,7 +3,7 @@ import { getSharedMarketDataCoordinator, MarketDataCoordinator, resolveEntryValu
 import type { InstrumentRef, OptionsRequest } from "../../../market-data/request-types";
 import type { QueryEntry } from "../../../market-data/result-types";
 import type { DataProvider } from "../../../types/data-provider";
-import type { OptionsChain } from "../../../types/financials";
+import type { OptionsChain, Quote } from "../../../types/financials";
 import { daysToExpiryFrom } from "../shared/volatility";
 import type { YieldPoint } from "../yield-curve/treasury-data";
 import {
@@ -13,6 +13,7 @@ import {
 import { abortable, abortError } from "../../../utils/async-deadline";
 import { errorMessage } from "../../../utils/errors";
 import { findListedExpiry, unlistedExpiryText } from "../../../utils/option-expiry";
+import { optionModelSpot } from "../options/model-spot";
 
 const DEFAULT_SURFACE_EXPIRY_LIMIT = 18;
 const SURFACE_LOAD_CONCURRENCY = 4;
@@ -91,6 +92,14 @@ export interface SurfaceLoadRequest {
   instrument: InstrumentRef;
   spot: number;
   spotAsOf?: string | number | null;
+  /**
+   * The underlying's quote, to read the spot from as OMON reads it
+   * (`optionModelSpot`): a chain from a closed session is priced at that
+   * session's official close, which the quote carries, so the same chain
+   * gives the same surface whatever trades before the next open. Without
+   * it, or without a chain to date, `spot` is used as given.
+   */
+  quote?: Quote | null;
   settings?: Partial<SurfaceSettings>;
   limit?: number;
   /** Listed expiries required by a selection, added to the representative sample. */
@@ -134,6 +143,9 @@ export async function loadVolatilitySurface(
   let catalogueExpiration: number | null = null;
   let treasuryError: string | null = null;
   let finished = false;
+  let spot = request.spot;
+  let spotAsOf = request.spotAsOf ?? null;
+  let spotBasis: SurfaceSnapshot["spotBasis"] = null;
   const checkAbort = () => { if (request.signal?.aborted) throw abortError(CANCELLED); };
   const snapshot = (): SurfaceSnapshot => {
     const failures: SurfaceFailure[] = [];
@@ -152,7 +164,7 @@ export async function loadVolatilitySurface(
       }
       const cached = models.get(expiration);
       if (cached?.entry === entry && cached.curve === curve) return cached.value;
-      const value = buildSurfaceExpiry({ chain, expiration, spot: request.spot, curve, settings, now,
+      const value = buildSurfaceExpiry({ chain, expiration, spot, curve, settings, now,
         source: entry.source, stale: !!entry.error || (entry.staleAt != null && entry.staleAt <= now), error });
       models.set(expiration, { entry, curve, value });
       return value;
@@ -166,7 +178,7 @@ export async function loadVolatilitySurface(
       : failures.length > 0 ? (ready ? "partial" : "error") : "ready";
     const dates = [...new Set(expiries.flatMap((expiry) => expiry.rateAsOf))];
     return {
-      symbol, spot: request.spot, spotAsOf: request.spotAsOf ?? null, phase, settings, catalogue: [...catalogue],
+      symbol, spot, spotAsOf, ...spotBasis ? { spotBasis } : {}, phase, settings, catalogue: [...catalogue],
       requested: selected.length, loaded, failed, expiries, failures,
       warnings: [...new Set([...expiries.flatMap((expiry) => expiry.warnings), ...surfaceCalendarWarnings(expiries)])],
       rateAsOf: dates.length === 1 ? dates[0]! : null, fetchedAt: now,
@@ -190,6 +202,14 @@ export async function loadVolatilitySurface(
       { forceRefresh: request.expiries ? false : request.forceRefresh }), request.signal, CANCELLED);
     checkAbort();
     const chain = resolveEntryValue(initial);
+    // Every expiry is valued at one spot, read against the catalogue chain's time before any expiry is fitted.
+    const modelSpot = request.quote ? optionModelSpot(request.quote, chain, now, request.instrument.exchange) : null;
+    if (modelSpot) {
+      spot = modelSpot.price;
+      spotAsOf = modelSpot.observedAt;
+      spotBasis = { basis: modelSpot.basis, session: modelSpot.session,
+        sessionDate: modelSpot.basis === "close" ? request.quote!.regularCloseSessionDate ?? null : null };
+    }
     const initialContracts = chain ? [...chain.calls, ...chain.puts] : [];
     const representedExpiry = initialContracts[0]?.expiration;
     if (representedExpiry != null && initialContracts.every((contract) => contract.expiration === representedExpiry)

package/src/plugins/builtin/vol-surface/headless.ts

@@ -4,14 +4,15 @@ import {
   expirationOptionSeconds, findListedExpiry, OPTION_EXPIRATION_FORMAT, OPTION_EXPIRATION_PLACEHOLDER, readOptionExpiration, unlistedExpiryText,
 } from "../../../utils/option-expiry";
 import { DATE_OPTION_EXAMPLES } from "../../../utils/calendar-date";
-import { skewHeader } from "../iv-history/format";
+import { IMPLIED_VOL_WORDS, skewHeader } from "../iv-history/format";
 import { formatStrikeLabel } from "../options/table";
 import { createSurfaceDependencies, loadVolatilitySurface } from "./client";
 import { buildSurfaceGrid, type SurfaceGridOptions, type SurfaceSettings, type SurfaceSnapshot } from "./model";
-import { formatCaptureTime, loadDatedSurface, storedSurfaceDate, type DatedSurfaceSnapshot } from "./stored";
+import { atCapturePrecision, formatCaptureTime, loadDatedSurface, storedSurfaceDate, type DatedSurfaceSnapshot } from "./stored";
+import { listingFateEmpty, loadListingFate } from "../../../tickers/listing-fate";
 import {
   expiryFeedFields, expiryLabel, formatIv, formatPrice, formatVolPoints, HIDDEN_SLOPE_TEXT, HIDDEN_YIELD_TEXT, selectSurfaceExpiry, surfaceForwardRow, surfaceSkewRow,
-  surfaceSmileRows, surfaceTermRows, TERM_SLOPE_MIN_DAYS, type SurfaceForwardRow, type SurfaceSkewRow,
+  surfaceSmileRows, surfaceSpotBasisLabel, surfaceTermRows, TERM_SLOPE_MIN_DAYS, type SurfaceForwardRow, type SurfaceSkewRow,
 } from "./tables";
 
 type SurfaceAxis = NonNullable<SurfaceGridOptions["axis"]>;
@@ -26,8 +27,8 @@ export function surfaceCoordinateLabel(axis: SurfaceAxis, coordinate: number, in
 
 /** The Skew view's sign conventions and units, one line each. */
 const SKEW_NOTES = [
-  "RR is 25D call IV minus 25D put IV, BF the average 25D wing IV minus ATM IV, 90/110 the IV at 90% of spot minus the IV at 110%; all in vol points.",
-  `Slope is the ATM IV change per year to the next listed expiry, in vol points; left out under ${TERM_SLOPE_MIN_DAYS} days to expiry, where it annualises a few hours of noise.`,
+  "RR is 25D call IV minus 25D put IV, BF the average 25D wing IV minus the IV at the forward, 90/110 the IV at 90% of the forward minus the IV at 110%; all in vol points.",
+  `Slope is the change per year in the IV at the forward to the next listed expiry, in vol points; left out under ${TERM_SLOPE_MIN_DAYS} days to expiry, where it annualises a few hours of noise.`,
 ];
 
 /**
@@ -132,6 +133,7 @@ function forwardsSection(snapshot: SurfaceSnapshot): HeadlessBundleSection {
 export const volSurfaceHeadless: HeadlessPaneDefinition<"bundle"> = {
   shape: "bundle", argument: { kind: "ticker", description: "Underlying ticker" },
   usListingsOnly: "Options data",
+  discovery: { suggestFor: IMPLIED_VOL_WORDS },
   describe: (args) => `OVDV ${args.symbols[0] ?? ""}`,
   options: [
     { key: "tab", type: "enum", values: SURFACE_TABS.map((value) => ({ value })),
@@ -154,6 +156,7 @@ export const volSurfaceHeadless: HeadlessPaneDefinition<"bundle"> = {
     const date = typeof args.options.date === "string" && args.options.date ? storedSurfaceDate(args.options.date) : null;
     let snapshot: DatedSurfaceSnapshot;
     let quote: Quote | null = null;
+    let instrument: { symbol: string; exchange?: string } = { symbol };
     if (date) {
       // A stored close needs no current price: it carries the spot it was fitted at.
       snapshot = await loadDatedSurface(symbol, date, { signal: ctx.signal, api: ctx.apiClient });
@@ -162,21 +165,35 @@ export const volSurfaceHeadless: HeadlessPaneDefinition<"bundle"> = {
         snapshot = { ...snapshot, failures: [...snapshot.failures, { expiration: requested, message: unlistedExpiryText(requested, snapshot.catalogue) }] };
       }
     } else {
-      const instrument = await ctx.resolveInstrument?.(symbol) ?? { symbol };
-      quote = await ctx.marketData.getQuote(symbol, instrument.exchange);
+      const resolved = await ctx.resolveInstrument?.(symbol) ?? { symbol };
+      instrument = resolved;
+      quote = await ctx.marketData.getQuote(symbol, resolved.exchange);
       if (!(quote.price > 0) || !Number.isFinite(quote.price) || quote.stale) {
-        return { sections: [], complete: false, unavailableSymbols: [symbol], errors: ["A current underlying price is required"] };
+        // A listing that stopped trading has no current price: what became of it is why (TWTR).
+        const fate = await loadListingFate(resolved, ctx.marketData, { quote });
+        return { sections: [], complete: false, unavailableSymbols: [symbol],
+          ...listingFateEmpty(fate, ["A current underlying price is required"]) };
       }
-      snapshot = await loadVolatilitySurface({ instrument, spot: quote.price, spotAsOf: quote.lastUpdated,
+      // At a stored close's precision, so the live report and a --date one export the same digits. A chain
+      // from a closed session is priced at that session's close, as OMON prices it.
+      snapshot = atCapturePrecision(await loadVolatilitySurface({ instrument, spot: quote.price, spotAsOf: quote.lastUpdated, quote,
         settings: { ivSource: args.options.ivSource as SurfaceSettings["ivSource"], priceSide: args.options.priceSide as SurfaceSettings["priceSide"] },
         limit: Number(args.options.limit), signal: ctx.signal,
         requiredExpiries: requested == null ? [] : [requested],
-      }, createSurfaceDependencies(ctx.marketData, ctx.apiClient));
+      }, createSurfaceDependencies(ctx.marketData, ctx.apiClient)));
     }
+    const available = snapshot.expiries.some((expiry) => expiry.fit);
+    const loadErrors = snapshot.failures.map((failure) => failure.expiration == null ? failure.message
+      : `${expiryLabel(failure.expiration)}: ${failure.message}`);
+    // A symbol with no option chain at all says what became of it when something did (FB is a fund now,
+    // Meta trades as META) in place of the chain's own error; a chain without clean quotes is the symbol's own.
+    const fate = !snapshot.stored && !available && snapshot.catalogue.length === 0
+      ? listingFateEmpty(await loadListingFate(instrument, ctx.marketData, { quote }), loadErrors) : null;
+    // The spot a chain from a closed session was priced at, and its session.
+    const spotBasis = available ? surfaceSpotBasisLabel(snapshot) : null;
     const stored = snapshot.stored ?? null;
     const axis = args.options.axis as SurfaceAxis;
     const tab = (SURFACE_TABS as readonly string[]).includes(String(args.options.tab)) ? args.options.tab as SurfaceTab : "surface";
-    const available = snapshot.expiries.some((expiry) => expiry.fit);
     const expiryWarnings = snapshot.expiries.flatMap((expiry) => expiry.warnings.map((warning) =>
       ({ expiry: expiryLabel(expiry.expiration), warning })));
     const perExpiry = new Set(expiryWarnings.map((row) => row.warning));
@@ -197,9 +214,11 @@ export const volSurfaceHeadless: HeadlessPaneDefinition<"bundle"> = {
       ],
       complete: available && snapshot.failures.length === 0 && snapshot.expiries.every((expiry) => expiry.state === "ready"),
       unavailableSymbols: available ? [] : [symbol],
-      errors: [...snapshot.failures.map((failure) => failure.expiration == null ? failure.message
-        : `${expiryLabel(failure.expiration)}: ${failure.message}`), ...smile?.errors ?? []],
-      ...(stored || tab === "skew" ? { notes: [...stored ? storedNotes(snapshot, args.options) : [], ...tab === "skew" ? SKEW_NOTES : []] } : {}),
+      errors: [...fate?.errors ?? loadErrors, ...smile?.errors ?? []],
+      ...(fate?.empty ? { empty: fate.empty } : {}),
+      ...(stored || spotBasis || tab === "skew" ? { notes: [
+        ...stored ? storedNotes(snapshot, args.options) : spotBasis ? [`Spot ${formatPrice(snapshot.spot)}, ${spotBasis}.`] : [],
+        ...tab === "skew" ? SKEW_NOTES : []] } : {}),
       // A stored close is dated by its session, whichever view prints it.
       ...(stored ? { freshness: { status: "not-a-feed" as const, basis: "stored close capture", asOf: stored.sessionDate } }
         : smile?.freshness ? { freshness: smile.freshness } : {}),

package/src/plugins/builtin/vol-surface/model.ts

@@ -99,10 +99,23 @@ export interface SurfaceFailure {
   reasonCode?: string;
 }
 
+/**
+ * What a surface's spot is (`optionModelSpot`): the official close of the
+ * session the chain was quoted in (`close`, that session's New York date),
+ * or the latest price (`last`, with the extended session it printed in).
+ */
+interface SurfaceSpotBasis {
+  basis: "close" | "last";
+  session: "pre-market" | "after hours" | "overnight" | null;
+  sessionDate: string | null;
+}
+
 export interface SurfaceSnapshot {
   symbol: string;
   spot: number;
   spotAsOf?: string | number | null;
+  /** Absent when the caller gave a bare spot, as a stored close does. */
+  spotBasis?: SurfaceSpotBasis | null;
   phase: "loading" | "partial" | "ready" | "error";
   settings: SurfaceSettings;
   catalogue: number[];
@@ -401,11 +414,16 @@ export function buildSurfaceExpiry(input: BuildSurfaceExpiryInput): SurfaceExpir
 }
 
 /**
- * A fitted expiry's skew in decimal IV: RR is the 25-delta call minus put, BF
- * their average minus ATM, 90/110 the IV at 90% of spot minus 110%. The
- * 25-delta strikes are found on the fit inside the quoted strikes, as the
- * Table's delta columns find them, so a fit that cannot price a far wing it
- * was never quoted at does not blank a quoted expiry's skew.
+ * A fitted expiry's skew in decimal IV, measured from its forward: `atm` is
+ * the IV at the forward (ATMF), RR the 25-delta call minus put, BF their
+ * average minus ATMF, 90/110 the IV at 90% of the forward minus 110%. The
+ * spot only enters through the 25-delta strikes' spot delta, whose carry is
+ * the parity forward's, so a pre-market print against the close's chain does
+ * not move a fly, and a long-dated fly is not dragged below zero by the skew
+ * between spot and a forward several percent above it. The 25-delta strikes
+ * are found on the fit inside the quoted strikes, as the Table's delta
+ * columns find them, so a fit that cannot price a far wing it was never
+ * quoted at does not blank a quoted expiry's skew.
  */
 export function surfaceExpirySkew(expiry: SurfaceExpiry, spot: number): SkewMetrics {
   const smile = (strike: number) => evaluateSurfaceSmile(expiry, strike);
@@ -413,8 +431,9 @@ export function surfaceExpirySkew(expiry: SurfaceExpiry, spot: number): SkewMetr
     const strike = deltaStrike(expiry, spot, delta);
     return strike == null ? null : smile(strike);
   };
-  const put25 = at(-0.25), call25 = at(0.25), atm = expiry.atmIV;
-  const low = smile(spot * 0.9), high = smile(spot * 1.1);
+  const forward = expiry.forward;
+  const put25 = at(-0.25), call25 = at(0.25), atm = positive(forward) ? smile(forward) : null;
+  const low = positive(forward) ? smile(forward * 0.9) : null, high = positive(forward) ? smile(forward * 1.1) : null;
   const both = put25 != null && call25 != null;
   return { atm, put25, call25, putCallSkew: both ? put25 - call25 : null, riskReversal: both ? call25 - put25 : null,
     butterfly: both && atm != null ? (put25 + call25) / 2 - atm : null,
@@ -433,12 +452,13 @@ export function surfaceCalendarWarnings(expiries: readonly SurfaceExpiry[]): str
   return count > 0 ? [`${count} calendar arbitrage ${count === 1 ? "warning" : "warnings"}`] : [];
 }
 
+/** The ATM-forward IV change per year to the next expiry that has one: spot plays no part in it. */
 export function withSurfaceTermSlopes(expiries: readonly SurfaceExpiry[]): SurfaceExpiry[] {
   const sorted = [...expiries].sort((a, b) => a.years - b.years);
   return sorted.map((expiry, index) => {
-    const next = sorted.slice(index + 1).find((item) => item.atmIV != null);
-    return { ...expiry, termSlope: expiry.atmIV != null && next?.atmIV != null
-      ? volatilityTermSlope({ years: expiry.years, volatility: expiry.atmIV }, { years: next.years, volatility: next.atmIV }) : null };
+    const next = sorted.slice(index + 1).find((item) => item.skew.atm != null);
+    return { ...expiry, termSlope: expiry.skew.atm != null && next?.skew.atm != null
+      ? volatilityTermSlope({ years: expiry.years, volatility: expiry.skew.atm }, { years: next.years, volatility: next.skew.atm }) : null };
   });
 }
 

package/src/plugins/builtin/vol-surface/pane.tsx

@@ -1,5 +1,5 @@
 import { useCallback, useEffect, useMemo, useRef, useState } from "react";
-import { DataTableView, EmptyState, PaneStatusBody, QueryBar, StatGrid, statGridRows, usePaneFooter, usePaneMenuItems,
+import { splitDelayedStatus, DataTableView, EmptyState, PaneStatusBody, QueryBar, StatGrid, statGridRows, usePaneFooter, usePaneMenuItems,
   usePaneNoticeFooter, usePaneTabs, usePaneTicker, type DataTableColumn, type DataTableKeyEvent, type StatItem } from "../../../components";
 import { useTableLoadMore } from "../../../components/table-view-shared";
 import { useStaticChartBitmapSize } from "../../../components/chart/composite/bitmap";
@@ -39,7 +39,7 @@ import { VolatilitySurface } from "./surface";
 import { SmileChart, TermChart } from "./charts";
 import { surfaceCoordinateLabel } from "./headless";
 import { expiryLabel, formatIv, formatPrice, formatVolPoints, HIDDEN_SLOPE_TEXT, HIDDEN_YIELD_TEXT, selectSurfaceExpiry, surfaceForwardRow,
-  surfaceSkewRow } from "./tables";
+  surfaceSkewRow, surfaceSpotBasisLabel } from "./tables";
 import { findListedExpiry, unlistedExpiryText } from "../../../utils/option-expiry";
 
 const TABS = [
@@ -95,17 +95,19 @@ export function VolSurfacePane({ focused, width, height }: PaneProps) {
   const spotAvailable = !!quote && quote.price > 0 && Number.isFinite(quote.price) && !quote.stale;
   const spotAsOfRef = useRef(quote?.lastUpdated ?? null);
   spotAsOfRef.current = quote?.lastUpdated ?? null;
-  const spotRef = useRef(quote?.price ?? 0);
-  spotRef.current = quote?.price ?? 0;
+  const quoteRef = useRef(quote ?? null);
+  quoteRef.current = quote ?? null;
   const requestKey = JSON.stringify([target?.cacheKey, symbol, axis, tenors, ivSource, priceSide, spread, age, limit, spotAvailable, requestedExpiration]);
   // Every load reads the spot at the moment it starts; a reload in session
   // therefore uses the current stream price, not the one from the first load.
+  // A chain from a closed session is priced at that session's close, which
+  // the quote carries, so a pre-market print does not move it.
   const surfaceRequest = useCallback((force: boolean, signal: AbortSignal): SurfaceLoadRequest => {
     const instrument = target?.instrument;
     return {
       instrument: { symbol: target?.effectiveTicker ?? symbol!, exchange: target?.effectiveExchange ?? "",
         brokerId: instrument?.brokerId, brokerInstanceId: instrument?.brokerInstanceId, instrument },
-      spot: spotRef.current, spotAsOf: spotAsOfRef.current, limit, forceRefresh: force, signal,
+      spot: quoteRef.current?.price ?? 0, spotAsOf: spotAsOfRef.current, quote: quoteRef.current, limit, forceRefresh: force, signal,
       requiredExpiries: expirationRef.current == null ? [] : [expirationRef.current],
       settings: { ...DEFAULT_SURFACE_SETTINGS, ivSource, priceSide, maxRelativeSpread: Number(spread), maxStaleSessions: Number(age) },
     };
@@ -153,6 +155,14 @@ export function VolSurfacePane({ focused, width, height }: PaneProps) {
   const underlying = (target?.effectiveTicker ?? symbol ?? "").toUpperCase();
   const datesLoader = useCallback(async () => (await loadSurfaceDates(underlying)).dates, [underlying]);
   const dates = useAsyncResource(underlying ? datesLoader : null);
+  // A symbol with no current price, or no option chain at all, says what became of it when something
+  // did, as `quote` says it: TWTR stopped trading, FB is a fund now and Meta trades as META.
+  const noChain = !historyDate && !!quote && (!spotAvailable
+    || (!!resource.data && !resource.loading && resource.data.catalogue.length === 0));
+  const fateExchange = target?.effectiveExchange ?? "";
+  const fateLoader = useCallback(async () => (await getSharedMarketDataCoordinator()
+    ?.loadListingFate({ symbol: underlying, exchange: fateExchange }))?.note ?? null, [underlying, fateExchange]);
+  const fateNote = useAsyncResource(underlying && noChain ? fateLoader : null).data ?? null;
   const ivRank = useIvRank(underlying || null);
   useEffect(() => () => controller.current?.abort(), [request]);
   const incremental = partial?.key === requestKey ? partial.snapshot : null;
@@ -229,6 +239,11 @@ export function VolSurfacePane({ focused, width, height }: PaneProps) {
   const nearestRow = (years: number | undefined) => years == null || !denseGrid?.tenors.length ? -1
     : denseGrid.tenors.reduce((best, value, index) => Math.abs(value - years) < Math.abs(denseGrid.tenors[best]! - years) ? index : best, 0);
   const selectedExpiry = snapshot ? selectSurfaceExpiry(snapshot, expiration) : null;
+  // Another date loads under the query bar, which keeps the last surface's expiries until it answers.
+  const lastShown = useRef<{ underlying: string; snapshot: DatedSurfaceSnapshot } | null>(null);
+  if (snapshot) lastShown.current = { underlying, snapshot };
+  const barSnapshot = snapshot ?? (lastShown.current?.underlying === underlying ? lastShown.current.snapshot : null);
+  const barExpiry = barSnapshot ? selectSurfaceExpiry(barSnapshot, expiration) : null;
   const openChain = useCallback(() => {
     if (!snapshot) return;
     const selected = pinned ?? selectedExpiry?.expiration;
@@ -334,7 +349,7 @@ export function VolSurfacePane({ focused, width, height }: PaneProps) {
   for (const entry of snapshot?.expiries ?? []) {
     for (const warning of entry.warnings) expiryWarnings.set(warning, [...expiryWarnings.get(warning) ?? [], entry.expiration]);
   }
-  const notices = [...(snapshot?.warnings ?? []).filter((warning) => !expiryWarnings.has(warning)), ...failures,
+  const notices = fateNote ? [] : [...(snapshot?.warnings ?? []).filter((warning) => !expiryWarnings.has(warning)), ...failures,
     ...(activeTab === "surface" && sheet?.omitted.length ? [`3D sheet omits ${sheet.omitted.map((entry) => expiryLabel(entry.expiration)).join(", ")}: smile fit fell back to interpolation (shown in Table)`] : []),
     ...[...expiryWarnings].map(([warning, expirations]) => `${expirations.length > 1 && expirations.length === snapshot?.expiries.length
       ? "All expiries" : expirations.map(expiryLabel).join(", ")}: ${warning}`),
@@ -345,6 +360,7 @@ export function VolSurfacePane({ focused, width, height }: PaneProps) {
       && !snapshot.failures.some((failure) => failure.expiration === pinned)
       ? [`${expiryLabel(pinned)}: ${unlistedExpiryText(pinned, snapshot.catalogue)}`] : []),
     ...(active.error ? [active.error] : [])];
+  const spotBasis = snapshot && !snapshot.stored ? surfaceSpotBasisLabel(snapshot) : null;
   // What the quotes are and when they were observed; a reload moves the time.
   const freshness = !snapshot ? null : snapshot.stored ? `stored close ${snapshot.stored.sessionDate}`
     : surfaceFreshnessLabel(snapshot, CLOUD_QUOTE_DELAY_MINUTES);
@@ -360,7 +376,7 @@ export function VolSurfacePane({ focused, width, height }: PaneProps) {
     info: [
       ...(active.loading ? [{ id: "loading", parts: [{ text: snapshot && snapshot.loaded < snapshot.requested
         ? `loading ${snapshot.loaded}/${snapshot.requested} expiries` : "loading", tone: "muted" as const }] }] : []),
-      ...(freshness ? [{ id: "source", parts: [{ text: freshness, tone: "muted" as const }] }] : []),
+      ...(freshness ? splitDelayedStatus({ id: "source", parts: [{ text: freshness, tone: "muted" }] }) : []),
       ...(snapshot?.expiries.some((entry) => entry.stale) ? [{ id: "stale", parts: [{ text: "stale", tone: "warning" as const }] }] : []),
       ...(selectedExpiry?.fit && activeTab === "smile" ? [{ id: "fit", parts: [{ text: `${selectedExpiry.fit.method} · RMSE ${(selectedExpiry.fit.residual * 100).toFixed(3)} vol pts`, tone: "muted" as const }] }] : []),
       ...(selectionStatus ? [{ id: "selection", parts: [{ text: selectionStatus, tone: "muted" as const }] }] : []),
@@ -447,24 +463,28 @@ export function VolSurfacePane({ focused, width, height }: PaneProps) {
   useEffect(() => setTableOnScreen(tableShown), [tableShown]);
   return <Box flexDirection="column" width={width} overflow="hidden" {...(nativePaneChrome ? FILL_REST : { height })}>
     {tabStrip}
-    {!symbol ? <EmptyState title="Choose an underlying ticker." /> : <PaneStatusBody loading={active.loading && !snapshot}
-      error={!snapshot ? active.error : null} empty={!snapshot && !active.loading} subject="volatility surface">
-      <QueryBar width={width}
+    {!symbol ? <EmptyState title="Choose an underlying ticker." /> : <>
+      {barSnapshot ? <QueryBar width={width}
         filters={[
-          { id: "expiry", label: "Expiry", value: String(pinned ?? selectedExpiry?.expiration ?? ""),
-            options: snapshot?.catalogue.map((value) => ({ value: String(value), label: expiryLabel(value) })) ?? [],
+          { id: "expiry", label: "Expiry", value: String(pinned ?? barExpiry?.expiration ?? ""),
+            options: barSnapshot.catalogue.map((value) => ({ value: String(value), label: expiryLabel(value) })),
             onChange: (value: string) => setExpiration(Number(value)) },
           ...(storedDates.length ? [{ id: "date", label: "Date", value: shownDate ?? "", defaultValue: "",
             options: [{ value: "", label: "Live" }, ...storedDates.map((date) => ({ value: date, label: date }))],
             onChange: (value: string) => setHistoryDate(value || null) }] : []),
         ]}
-        meta={snapshot?.stored
+        meta={!snapshot ? undefined : snapshot.stored
           ? `Stored close · spot ${formatPrice(snapshot.spot)} · captured ${formatCaptureTime(snapshot.stored.capturedAt)} New York`
-          : [`Spot ${formatPrice(snapshot?.spot)}${quote?.currency ? ` ${quote.currency}` : ""}`, selectedExpiry?.asOf?.slice(0, 10)].filter(Boolean).join(" · ")} />
+          : [`Spot ${formatPrice(snapshot.spot)}${quote?.currency ? ` ${quote.currency}` : ""}`,
+            // The close a closed session's chain is priced at dates the chain too.
+            spotBasis, snapshot.spotBasis?.basis === "close" ? null : selectedExpiry?.asOf?.slice(0, 10)].filter(Boolean).join(" · ")} /> : null}
+      <PaneStatusBody loading={active.loading && !snapshot && !fateNote}
+      error={!snapshot && !fateNote ? active.error : null} empty={!!fateNote || !snapshot && !active.loading}
+      emptyTitle={fateNote ?? undefined} subject="volatility surface">
       <StatGrid items={ivStats} width={width} />
       {/* The terminal sizes the view in the rows under the bar and figures; the desktop fills what is left. */}
       {nativePaneChrome ? <Box flexDirection="column" overflow="hidden" {...FILL_REST}>{content}</Box> : content}
-    </PaneStatusBody>}
+    </PaneStatusBody></>}
   </Box>;
 }