The comparison problem
Calendar charts place every cycle in a different part of the x-axis. Cycle normalization instead defines a reference low and measures the number of days since that low.
ROI normalization
Each series is rebased to the selected cycle-low price. A value of 300% means price is four times the reference level if ROI is expressed as gain over the base. Consistent definitions matter when comparing charts.
What it reveals
The chart makes differences in speed, magnitude and duration visible. It can highlight whether later cycles have produced smaller percentage expansions or taken longer to reach comparable stages.
Selection bias
Cycle lows are identified retrospectively. Changing the anchor date changes the comparison, so the chart is descriptive rather than a live cycle-timing algorithm.