In plain English
CMO is a momentum score on monthly bitcoin closes. It asks: over the last nine months, were the up-months bigger than the down-months?
Deeply negative prints (below −50, especially −70/−80) have lined up with every major structural low this desk highlights. It is “sellers got exhausted,” not “bitcoin is cheap on value.” It can stay oversold while price makes a lower low.
Math and metrics
Tushar Chande CMO on monthly closes. Current month uses the last weekly close. White dots = clustered local CMO troughs inside the oversold band (one print per cycle, the deepest).
Su = Σ max(ΔP,0), Sd = Σ max(−ΔP,0) over 9 monthly bars.
CMO = 100 · (Su − Sd) / (Su + Sd) ∈ [−100, +100] when Su+Sd>0.
Green band CMO≤−50 (oversold). Red band CMO≥+50 (overbought). Not a valuation model.