Futures · Futures analysis foundations · lesson 2 of 9 · 6 min read · David Alexander
The routing table
the routing table
Family by family, where the analysis lives: index futures route to the indices track's drivers and the equity track's layers; commodity futures to the commodities balance-sheet machinery; currency futures to the FX track's crowd-reading; rate futures to the macro calendar with module 8's nuance attached. Each family inherits its underlying's calendar, its honesty framing and its analytical tools - plus the futures layer on top.
The router's core is a table. This lesson writes it out, family by family, with what each inheritance actually means in practice.
The table
- Index futures: route to the indices track - the drivers, the auction structure, the obligated flows - with the equity track's layer decomposition underneath, since the index is its constituents. The heaviest retail family, with the deepest inherited toolkit.
- Commodity futures: route to the commodities track whole - balance sheets, inventories, the report calendar, the COT. The track was largely written about these contracts; the inheritance is total.
- Currency futures: route to the FX track - the same pairs wearing contract specs; forward points become the basis, and the crowd-reading honesty transfers unchanged.
- Rate futures: the one family without a full platform track - routed to the macro calendar and the central-bank cycle, with module 8's forecast nuance flagged now: this family's curve is genuinely different, and the deep end explains why.
What inheritance means in practice
Three things per family. The calendar: a crude future's analyst watches Wednesdays because the commodities track said so - the events that move the underlying move the future, on the same clock. The honesty framing: index futures inherit the multiple's crowd-reading cautions; commodity futures the causal-mechanism confidence; each family's epistemic posture is its underlying's. And the tools: the balance-sheet arithmetic, the layer decomposition, the positioning reads - used as their tracks taught them, on the future's underlying, with the future as the expression.
Using the table
The working rule: before analysing any future, name its row - and if the row's destination track is unread, that track is the prerequisite, not this module. The router adds its layer in the next three lessons; the table is what it adds it to. One honest note on scope: families exist beyond these rows - volatility futures, crypto futures, exotics - and the routing principle covers them too: find the underlying's logic first, or decline the family.
Check your understanding
Question 1 of 2
What three things does a futures family inherit from its underlying's track?