Yes, this came to me right after posting it. Not the price issue (look again, I'm just measuring a fraction of the length of each candle, so I get rid of the absolute price). But I see a problem with different volatilities across different assets. So instead of dividing by PIP, I will divide by ATR(30). Does that make sense? I can't figure out how to get something capped at 100% when I don't know what the biggest price jump will be.