SPX: Price–Active Address Divergence
Included with Plus.
How far the growth in SPX daily active addresses has run ahead of or behind the price over 28 days, scored against the last year.
Why use it. A price that rises while activity stalls, or falls while activity grows, often reverts towards the trend of use. Scoring the gap against its own last year shows when it is unusual. How to read it. Above 0 activity has grown faster than the price over the last four weeks, below 0 the price has run ahead. +2 or more and −2 or less have been uncommon. It measures divergence, not direction.
Calculation. Gap = the 28-day percentage change in active addresses − the 28-day percentage change in the daily close; score = (gap − the mean of the last 365 daily gaps) ÷ their population standard deviation. Active addresses are the published SPX Active Addresses chart, counted from our own Ethereum archive node; prices are the published SPX daily price chart (each UTC day's close). Closed UTC days only: a day still open has counted only part of its addresses. Values take the finality of their inputs and are recomputed every half hour.