Definition. Pi Cycle Top Indicator is composed of the 111-day simple moving average (111SMA) and a 2x multiple of the 350-day simple moving average (350SMA x 2) of the asset's price.

Interpretation. A reading where the shorter 111SMA rises to meet the 2x 350SMA marks the market as significantly overheated relative to its longer-run trend, a configuration that has historically clustered near cycle tops.

Notes. First put forward by Philip Swift.