About Market Landscape

Market Liquidity is the broader analytical area. It is where QSE presents what continuous observation of Kalshi order books reveals about market structure: how much of the observed supply is tradeable, how books mature, and which parts of the observed corpus are thickening or thinning.

Market Landscape is a structural view inside that area. It exists to make the observed universe legible: instead of an undifferentiated ticker list, you see market families and the structural conditions across them.

Market Landscape is not a separate QSE engine, model, or analytical pipeline. It reads observations that already exist and summarises them.

• QSE repeatedly observes Kalshi order books for the markets inside its supported modules. Each observation is one recorded snapshot of one book.
• Related markets are grouped into families. A family is a Kalshi series, for example every market in one player-points series.
• Landscape summarises those families rather than listing every ticker individually.
• For each family you can examine where observed supply exists, how much of it was tradeable, and how that structure changed across the supported observation windows.
• Landscape is descriptive. It reports what was observed in a window. It does not forecast what happens next.

Coverage is not exhaustive. Landscape describes only the markets QSE actually observed inside its supported modules during the selected window, not the whole of Kalshi.

Market Landscape offers two readings of the same data. The default grouped view keeps families under their module and market class, which is the precise, readable way to work through the corpus. The optional Structural field view places every filtered family in one flat space so families can be compared across modules and market classes.

Horizontal position is Marketability, the share of observed books that had a tradeable two-sided quote. Vertical position is observed supply, the count of distinct tickers observed in the window, on a log scale because family sizes span several orders of magnitude. Both are the same free structural quantities shown in the grouped view, computed the same way.

The field always describes whichever Market Landscape window is selected, 24h, 72h, 7d, or 28d. It has no window of its own. Changing the window changes every figure, state, comparison, and signal marker in the field. This is separate from the canonical 72-hour Market Formation ranking, which keeps its own fixed period.

The Structural Field keeps Marketability on the horizontal axis and Observed Supply on the vertical axis while the selected lens changes only the node colouring, so families stay in the same place as you switch lenses. Colour still encodes exactly one selected lens. Node size encodes observation count, dimming encodes evidence maturity, a solid outline marks a family with a comparable prior window, and a diamond marks Newly Observed. A family with no honest value on an axis is omitted and counted in plain text. It is never imputed to zero and never nudged into position.

A yellow ring around a node marks a family with published Edge Spotter activity in the selected window. The ring is drawn outside the node and changes nothing else: it does not affect position, colour, size, structural state, or evidence maturity, and it never scales with how much activity exists. Every visitor, signed out included, can see where activity exists, while the identity of an unresolved market remains gated by plan, so the field shows where QSE has published, never what to trade.

The field view adds no data. It reads the same payload under the same server-enforced entitlements, so a lens or window you are not entitled to see cannot become an axis, a size, or a colour. Selecting a node opens the same family detail as the grouped view.

A structural state is a deterministic description of how a family's observed supply and marketability changed in this window compared with the previous equal-length window. States are computed, never judged.

States are structural descriptions, not rankings. No state is inherently better, more attractive, or more likely to produce a QSE signal than another.

Newly Observed

Observed in this window with zero observations in the previous equal-length window. A statement of presence only: it carries no evidence weight and is never shaded.

Emerging

At least 20 observations in this window and no observations at all in the previous equal-length window.

Heating Up

Observed distinct tickers rose at least 25 percent versus the previous window, and by at least 10 tickers.

Active

Observed supply held roughly steady (change under 25 percent) with a marketable share below 60 percent.

Established

Observed supply held roughly steady (change under 25 percent) with a marketable share of 60 percent or higher.

Cooling

Observed distinct tickers fell by 25 to 60 percent versus the previous window.

Fading

Observed distinct tickers fell by 60 percent or more, or the marketable share fell by at least 20 percentage points.

Dormant

No observations in this window, after at least 20 observations in the previous equal-length window.

Insufficient History

Fewer than 20 observations in this window, or a previous window too thin to compare against. No state is claimed.

The two answer different questions from different inputs. Landscape reads order-book observations. Edge Spotter runs the QSE engine on a market and publishes a signal only when its own criteria are met.

A family can appear prominently in Market Landscape while Edge Spotter has published zero signals for it. Structural activity, heating, formation, marketability, and trajectory are never evidence that a signal exists.

The Signal supply lens counts published Edge Spotter signals attributed to a family inside the window. It is a count of supply, never a performance figure, and it never reveals direction, probability, price, or which market the signal belongs to.

Every visitor can see whether a family has published Edge Spotter activity in the window. Depth beyond that presence depends on plan. Where necessary, QSE coarsens or withholds family-level signal detail so that Market Landscape cannot become a backdoor to protected signal-level information.

That is why an entitled user may see an exact count for one family, only an indication that activity was observed for another, and nothing at all for a third. The classification is made on the server before the page is sent. Nothing is simply hidden in the browser.

The rules that decide between an exact count, a coarsened indication, and a withheld value are deliberately not published, because publishing them would weaken the protection they provide.

Nothing on the Landscape discloses or implies:

• signal direction
• any individual protected signal
• probability
• fair value
• edge
• Confidence Allocation
• expected return
• profitability
• a recommendation
• an automated trade decision
• constituent ticker identity, merely because a family is displayed

Observed market structure can change quickly. Everything shown describes the selected observation window, not a permanent classification of the family.

Historical Paths extends Market Landscape by showing how published QSE episodes moved from their Landscape state at publication through Signal direction, AutoTrader participation, PEM activity when applicable, and final outcomes. It is descriptive only; ribbon width represents the number of historical episodes following each path.

• PEM applies only when AutoTrader held a position. Episodes without a position show PEM as not applicable.
• Historical Paths does not alter or condition Signals. It counts what already happened; it never ranks paths or forecasts a next state.
• The Market Landscape Structural Field remains the primary structural visualization. Historical Paths is a secondary, read-only companion built on the same published-Signal population as the Edge Spotter Track Record.

Windows, lenses, family identity and signal disclosure are enforced on the server, so a locked control is a reflection of your plan rather than the thing preventing access.