Back-adjusted chart
DerivativesAlso called: Back-adjustment, Ratio-adjusted chart, Ratio adjustment
A continuous futures series in which the earlier history is shifted up or down by the rupee gap at each roll, cumulatively, so the joins disappear.
In plain terms
It preserves point-for-point moves and destroys absolute levels — old prices are no longer prices anyone paid, and they move again at the next roll. Ratio adjustment does the same job by multiplication, preserving percentages instead of rupee distances.