Drawdown
How far the value sits below its previous high, at a point in time.
Formula
Drawdown = Value ÷ Highest value so far − 1
How to read it
0% at every new high. The time spent below 0% is the time underwater.
How to use it
Shows where a series stands against its own high right now.
Also called: drawdown, current dd, average drawdown, median drawdown.