Definition. Flags the periods where the Realized Profit/Loss Ratio trades above 1.0 — that is, where the USD value of profits locked in on-chain exceeds the USD value of losses.

Technical. Realized P/L Ratio is drawn in red against a grey 1.0 break-even line, on a log axis. The plotted series is clipped above 550 (if(Ratio < 550, Ratio, 0)) so that early-history spikes do not compress the axis. Blue signal columns are:

• if(Realized P/L Ratio > 1, 1, 0)

Price is the dark grey log-scaled line, and the complementary "below 1.0" series is hidden by default.

Interpretation. This is the volume-weighted counterpart to aSOPR: it divides total realised profit by total realised loss in USD terms, so a single large transactor moves it far more than a thousand small ones. A ratio above 1.0 means profit-taking dominates loss-taking in dollar terms, which is only sustainable when there is enough demand on the other side to absorb it. During a bear market the ratio sits below 1.0 for extended stretches as capitulating holders realise losses; the recovery is characterised by it breaking above and then holding, signalling that the pool of underwater sellers has been exhausted. Read alongside the aSOPR chart in this section — when the two diverge, the gap says whether the behaviour is concentrated in large entities or spread across the market.

Notes. Built from Realized P/L Ratio and Price. Supplies one of the two profitability conditions of the recovery confluence score.