Unrealised NUPL Bycohort Zscore NUPL Bycohort Zscore
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This standardizes the cohort NUPL into Z-Scores, expressing each cohort's paper-profit in standard-deviation units.
Why it matters
It normalizes cohort sentiment so extremes are comparable across cycles and between cohorts.
How it is built
Each cohort's NUPL is centred and scaled by its historical mean and standard deviation.
What to watch
Cohort NUPL-Z extremes pinpoint which group is at a historically stretched profit or loss.