It's called "Aggregated long/short accounts ratio."
Whenever this indicator is <1, it shows that the market rally isn't over yet.
E.g. Feb 2024, Jan 2023 etc.
Whenever this indicator is >2, it shows that bulls are getting too confident, and euphoria has arrived.
E.g. Feb 2025.
Right now, this indicator is at 1, which means that longs are still in control.
The market rally is still driven by spot, which could be seen through rising ETF inflows.
But if this indicator goes above 2, I will become very cautious of a market correction.