Days Since ATH tints the price line according to how much time has passed since the last all-time high, glowing warm at a fresh record and chilling towards cold as the wait drags on. Any new record puts it straight back to warm.

Where a fall is usually measured in money, this measures it in time, which is the identical decline reported in entirely different units.

What it actually measures

The reading is elapsed time since the highest price on record was set. Warm tones sit near fresh records and the colour cools as the drought extends, so the history reads as a sequence of droughts and recoveries at a glance.

In past cycles a deep cool tone marked the bear-market and early-recovery condition, when the market had been a long way from a record for a long time.

Two declines of identical depth, decades apart in feel

Distance from a peak has two dimensions and most measures only report one. A market can sit a few per cent below its record having been there for years, or a long way below it having fallen last month, and a price-based drawdown reads those two situations the same.

Read together with the price distance, the pair describes a drawdown far better than either does alone. A shallow decline that has lasted years is a very different market from a deep one that is a few weeks old, and it is easily the time axis that separates them.

What it does not tell you

What this offers is an account, not an instruction. Long waits have finished in fresh records and have also dragged on far longer, and all that appears on screen is how much time has gone by.

It is also anchored to a single session. One record set in unusual conditions defines the reference for as long as it stands, so a very long drought can say as much about that one day as about everything since.

And elapsed time carries no sense of progress. A market that has spent three years recovering most of the way looks identical here to one that has spent three years going nowhere. The time axis is deliberately indifferent to price, which is its strength when paired with a price measure and its weakness when read alone. On its own it is a calendar, and a calendar has no opinion about value.

How to read it

Fresh Record. A new all-time high has just landed and the count goes back to nothing. It settles precisely nothing about what happens next.

Extended Absence. A thoroughly cold line means a very long wait since the last record, which in earlier cycles covered the fall itself and the first part of the repair.

Days Since ATH updates inside the Market Cycles dashboard, alongside ATH Drawdown, 200-Period and Regime Divider.

Common questions

What is the colour on the line carrying?

The tint on the price line carries the waiting time since the last record: warm where one has just landed, chilling towards cold as the wait drags on.

How is this different from ATH Drawdown?

That one reports the gap in money. This reports it in time, and neither on its own describes a decline as well as the pair do together.

Does a long wait argue for lower prices?

An account, not an instruction. Long waits have finished in fresh records and have also dragged on considerably longer.

Why does the reading reset?

Because a new record moves the reference. Elapsed time since the peak returns to nothing the moment the peak is today.

What is the weakness of the anchor?

It is one session. A record set in unusual conditions defines the reference for as long as it stands.