It is an internal indicator that we are still developing - will be released in a dashboard format when we are ready!
It looks at various onchain indicators, sentiment type indicators, and macroeconomic indicators. We then normalize and aggregate into one top line score "Signal Intensity" (0-100).
The more intense the indicator, the more 'top-like' conditions we are seeing in BTC. The inverse is also true...the less intense the indicator, the more 'bottom-like' conditions we are seeing.
The % change in indicator intensity is also quite useful as well when trying to get a bit more surgical in locating tops, bottoms, and periods when a shift in direction is more likely to occur.