Crypto Relative Underwater is a comparative market research tool designed to measure two dimensions of relative underperformance that are often overlooked when an asset is viewed only in USD terms: how deeply the asset has fallen behind another market, and how long that relative weakness has persisted. The indicator converts these questions into a structured historical framework by tracking relative highs, underwater periods, drawdown depth, recovery progress, and completed historical episodes. It is designed primarily for long term crypto market research rather than short term trading signals.

Core Concept

Traditional drawdown analysis measures how far an asset has fallen from its own previous high. Crypto…