95th band is 13.7× the fit · 5th band is 1/2.1 of it
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val-v1 · logreg-v2 · Bands are expanding quantiles of the residual, so the fan is allowed to be lopsided and it is: the upside band sits further from the fit than the downside one. Price has spent most of its record ABOVE the least-squares line — an expanding fit lags a rising trend by construction, and that is a property of the method rather than a valuation signal.
95th band is 13.7× the fit · 5th band is 1/2.1 of it
Every value plotted for a past date could have been computed on that date. Normalised series expand their window rather than scaling against the full history, so nothing here is drawn using information that did not exist yet — which is also why the early years of a normalised series are dropped rather than shown against a range of one.