the chart shows the NVM ratio. This oscillator works to compare the current value of the Bitcoin with its true value based on the Metcalfe Ratio
Necessary explanations about this oscillator are given in the following link.

In the analysis that has been observed in recent days in Trading View, some analysts consider the current situation as a range of accumulation at the bottom of the market. According to this oscillator, we are not yet at the bottom of the market. Although there is a possibility of the local top in the market, it seems that we will experience lower prices.
(Use this oscillator at the weekly timeframe . This oscillator is for bitcoin and uses onchain data)