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This chart is a derivative of MVRV and MVRV Z-Score. MV stands for Market Value, RV stands for Realized Value. Click the link below to learn more about these terms. This particular chart uses a 1yr moving average of the MVRV score to indicate macro trends over time.
When MVRV is above its 1yr moving average, that typically indicates bullish conditions for Bitcoin price. This is highlighted by the oscillator bar at the bottom of the chart turning green.
When it is below the 1yr moving average it typically indicates bearish conditions. During these times the oscillator bar is red.
When MVRV is at the same level as it's 1yr moving average the oscillator turns white.
You can learn more about MVRV and MVRV Z-Score here. They are some of the most powerful Bitcoin on-chain metrics.
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