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Sullivan's scaling function provides a complete description of the smooth conjugacy classes of cookie-cutters. However, for smooth conjugacy classes of Markov maps on a train track, such as expanding circle maps and train track mappings induced by pseudo-Anosov systems, the generalisation of the scaling function suffers from a deficiency. It is difficult to characterise the structure of the set of those scaling functions which correspond to smooth mappings. We introduce a new invariant for Markov maps called the solenoid function. We prove that for any prescribed topological structure, there is a one-to-one correspondence between smooth conjugacy classes of smooth Markov maps and pseudo-Hölder solenoid functions. This gives a characterisation of the moduli space for smooth conjugacy classes of smooth Markov maps. For smooth expanding maps of the circle with degree d this moduli space is the space of Hölder continuous functions on the space {0,…, d − 1}ℕ satisfying the matching condition.
