This chart drops the values and keeps the dates. Each of the three on-chain indicators gets its own lane, filled green on the dates it sat at or past its low-risk edge and red on the dates it sat at or past its high-risk edge, and left empty everywhere in between. Stacked on one time axis, the lanes show which stretches of Bitcoin's history had all three at an extreme at once.
It marks the dates each on-chain indicator sat at or past its low-risk or high-risk edge, so the dates when all three agree are easy to spot.
MVRV Z-Score, the Puell Multiple, and NUPL each have a low-risk edge and a high-risk edge, the levels described on their own pages. This chart ignores everything between them. A lane is filled on the dates its indicator sat at or past one of those two edges, and empty on every other date.
The three are measured in different units, so their values cannot be compared side by side. Their timing can. Reducing each one to a single state per date is what lets all three share an axis, and it is why this chart answers when rather than how much.
Read down a column rather than along a lane. One filled lane means one indicator is at an edge, which happens often. Three filled the same color on the same date means the on-chain picture is one-sided. The bottom lane is that column count drawn as a single band, faint where one indicator is past an edge and solid where all three are, so the one-sided stretches can be found without scanning for them.
Green stretches run long and red stretches run short. That asymmetry is in the indicators rather than the drawing: the high-risk edges sit at levels reached only briefly around major peaks, while the low-risk edges are crossed for months at a time around major lows.
An edge is a line, and a line makes a close call look decisive. An indicator a hair short of its edge leaves its lane empty while one a hair past fills it solid, though the two readings are nearly the same. The values behind the lanes sit on each indicator's own page.
All three are built from the same market-cap and realized-cap data, so three lanes filling together is not three independent confirmations, and each edge is calibrated on a handful of completed cycles.
Each indicator is marked green on the dates its value sits at or below its low-risk edge, and red on the dates it sits at or above its high-risk edge. The bottom lane sums them up, growing more solid the more of the three agree, and fully solid when all of them do.