Definition. NVT Signal (NVTS) is a modified version of the original NVT Ratio that uses a 90-day moving average of the daily transaction volume in the denominator instead of the raw daily transaction volume. NVT Ratio is the unsmoothed variant.

Technical. For BTC, the volume is change-adjusted. For ETH, the volume counts successful top-level transactions only, so internal transfers are ignored. For ETH tokens, self-transfers and zero-value transfers are excluded from the volume. For other assets, market cap is the sum of all address balances valued at the current price, so it can differ from Market Cap, and the volume is the amount sent by each address; for DOGE, TON, TRX and XRP, all transfers are counted.

Interpretation. The moving average smooths the denominator, allowing the ratio to function as a leading indicator.