Definition. The Mayer Multiple is an oscillator calculated as the ratio between price and the 200-day moving average. The 200-day MA is a widely recognised indicator for establishing macro bull or bear bias, and the Mayer Multiple therefore measures the distance of price away from this long-term average as a tool to gauge overbought and oversold conditions.

Technical. The chart shows the oscillator and its price-domain equivalents:

• Mayer Multiple = Price / 200DMA (indigo, lower panel)
• Threshold lines at 2.4 (red) and 0.8 (green) on the oscillator
• Pricing bands 2.4 x 200DMA (red) and 0.8 x 200DMA (green) projected onto the price axis, alongside the 200DMA itself (blue)

Interpretation. Following the original analysis, overbought and oversold conditions have historically coincided with Mayer Multiple values of 2.4 and 0.8 respectively. These multiples are then applied to the 200DMA to establish cycle top and bottom pricing models: price trading above the 2.4-band has historically marked euphoric, overextended phases, while price below the 0.8-band has coincided with capitulation and deep-value conditions. Time spent between the bands constitutes the bulk of history, so the extremes are best read as rare-regime markers rather than frequent signals. Note the 2.4/0.8 thresholds were derived from Bitcoin's price history; on other assets the same construction applies but the historical calibration is approximate.

Notes. Coined by Trace Mayer. Resources: The Bitcoin Mayer Multiple. Built from Price. Related long-horizon moving-average models are charted in Technical Pricing Models and the Investor Tool.