The Y axis designates retail positioning from 100% Long at the very top and 100% Short at the very bottom.
Again, the chart is already inverted so we DO NOT have to flip our bias to be contrarian to the retail sheep.
When retail are say > 75% Long, we want to consider going Short. When retail is > 75% Short, we want to consider going Long.
The X axis is change over time.
If retail is positioning more short over a period of time, the bubble will move left.
If retail is positioning more long over a period of time, the bubble will move right.
The size of the bubble is based on the relative change in retail positioning. It is calculated in relation to all the pairs you have selected, so selecting different pairs will affect the size of the individual bubbles. Put simply – the bigger the bubble the more attention we want to give it among all pairs we are currently looking at.