> 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 Tail Ratio 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 by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` 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 what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. 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.