NUPL (net unrealized profit/loss)

Market value minus realized value, as a share of market value: how much of the market is unrealized profit or loss.

What it means

High readings mean most holders sit on large gains; below zero, the average holder is at a loss.

What to watch

Readings above 0.5 (past tops) and below zero (past lows), over months, not days.

How Compass-Alpha uses it

Background only; not used in any figure on Compass-Alpha.