> 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/risk-adjusted-performance/tail-ratio/features.md). # Features The Tail Ratio indicator comes equipped with a suite of highly customizable tools to help you accurately measure, smooth, and interpret the asymmetry of market returns in real-time. * **Dynamic Percentile Calculation**: Utilizes customizable upper and lower percentiles (e.g., 90th and 10th) to isolate the true extremes of the return distribution. * **Log or Simple Returns**: Toggle between simple returns or logarithmic returns to match your specific quantitative analysis preferences. * **Smoothing Engine**: Built-in exponential moving average (EMA) smoothing to filter out erratic micro-volatility and provide a clean, readable oscillator. * **Visual Thresholds**: Clear visual demarcations (Mid, Upper Guide, Lower Guide) to quickly identify when the distribution becomes highly asymmetric. * **On-Chart Interpretation Table**: A built-in UI panel that displays the exact Tail Ratio value and its current statistical interpretation (Positive Skew, Normal, or Negative Skew). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.candelacharts.com/investing/risk-adjusted-performance/tail-ratio/features.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.