> 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/market-valuation-and-on-chain/mvrv-ratio/faqs.md).
# FAQs
What exactly is MVRV?
It’s the ratio of the network’s market cap to its realized cap (sum of coins priced at last on-chain move). Values above 1 mean market value exceeds holder cost basis; far above 1 often marks frothy phases.
Why those fixed levels (3.5 / 2.5 / 1.0 / 0.8)?
They’re widely watched cycle landmarks: 1.0 ≈ fair value, 0.8 ≈ stress, 2.5–3.5 ≈ elevated to extreme euphoria. Use them as guides, not guarantees.
Do σ bands repaint?
No. The bands use historical mean/stdev over a fixed lookback and update only as new bars arrive; completed bars don’t change after close.
Does the script compute MVRV itself?
No. It reads curated MVRV series for BTC/ETH and plots them with added logic (levels, zones, bands). That keeps the output consistent with trusted data sources.
Why use “lookahead on” in the code?
To align historical MVRV values precisely with past bars when requesting the series, avoiding off-by-one shifts—visual accuracy matters for threshold touches.
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