> For the complete documentation index, see [llms.txt](https://docs.candelacharts.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.candelacharts.com/investing/macro-and-liquidity/macro-credit-model/overview.md).

# Overview

<figure><img src="/files/xgZGMGLKS14JtUpl2b2l" alt=""><figcaption></figcaption></figure>

The Macro Credit Model evaluates the ICE BofA Option-Adjusted Spreads (OAS) directly from the Federal Reserve Economic Data (FRED) database. It tracks either the absolute High Yield spread or the "Excess Spread" (High Yield minus Investment Grade).

{% content-ref url="/pages/T3NpZYA1jvIooyeCgzW2" %}
[Features](/investing/macro-and-liquidity/macro-credit-model/features.md)
{% endcontent-ref %}

{% content-ref url="/pages/NycgvqZgJYSlmdYaYFnh" %}
[Usage](/investing/macro-and-liquidity/macro-credit-model/usage.md)
{% endcontent-ref %}

{% content-ref url="/pages/ezpzuCWXjgNzQ5iJHexA" %}
[Confluences](/investing/macro-and-liquidity/macro-credit-model/confluences.md)
{% endcontent-ref %}

{% content-ref url="/pages/Uwhbo9GvdPbrMUisaaqu" %}
[FAQs](/investing/macro-and-liquidity/macro-credit-model/faqs.md)
{% endcontent-ref %}

Instead of looking at the raw spread values, the indicator computes a rolling statistical Z-Score to normalize the data across different market environments. When the Z-Score spikes into "Stress" territory, it signifies that credit conditions are deteriorating rapidly (a strong "Risk-Off" signal). Conversely, when spreads are tight and Z-Scores drop into "Extreme Low" territory, it indicates a healthy, accommodating credit environment ("Risk-On").


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