Definition
Shows where the current reading stands within a historical distribution window (e.g., 5 years).
If an indicator is at the 85th percentile, the current reading is higher than 85% of all readings in the lookback window. Percentiles provide intuitive context: "Is this value normal, elevated, or extreme?" For "higher_worse" indicators (like VIX or TGA), a high percentile means tight conditions. For "lower_worse" indicators (like Fed Balance Sheet), a low percentile means tight conditions. ON RRP is the exception: DLI uses a conditional depletion-transition rule rather than a plain level percentile sign.