Cycle Extreme is a composite on-chain signal (0-10) aggregating 7 indicators to identify Bitcoin cycle extremes: MVRV Z-Score (2yr), Puell Multiple, Reserve Risk, S2F Deviation, Power Law Oscillator, Rainbow Band and LTH MVRV.

Each indicator is scored 0-10 by percentile rank over its full history (Rainbow Band is scaled directly, 1-9 to 0-10), and the composite is the mean of all available indicator scores, requiring at least 4 to be present.

The line color follows the score itself: Maximum Opportunity (0-2), Opportunity (2-4), Neutral (4-6), Caution (6-8) and Maximum Risk (8-10).

Unlike the STH Risk Index or the Macro Risk Index, which focus on valuation and short-term holder behavior, Cycle Extreme blends models built on very different time horizons (from the fast-moving Puell Multiple to the multi-year Power Law trend), making it useful as a broad gauge of how stretched the current cycle is.