What this shows: the ICE BofA US High Yield Index Option-Adjusted Spread (FRED series BAMLH0A0HYM2), plotted inverted — a wider spread (risk-off) appears lower on the chart, matching the i3-style presentation. Series is weekly (last observation of each Mon–Fri week). The average line is the full-history mean of all weekly closes, and the σ lines are at ±1 and ±2 population standard deviations (ddof=0, as in the TradingView ta.stdev setup). The −2σ line can sit below 0% — that is a statistical band, not an economically meaningful spread. Source: FRED (daily OAS), resampled weekly. Updated daily by cron.