We introduce a framework for the study of multiparty entanglement by analyzing the behavior of collective variables. Throughout the manuscript, we explore a specific type of multiparty entanglement which can be detected through the fluctuation of a collective observable. We thoroughly analyze its properties and how it can be extended to mixed states while placing it within the context of the existing literature. The novelty of our approach also lies in the fact that we present a graphical point of view. This is done by introducing a spectral space on which the various properties of our entanglement quantifier have a direct pictorial interpretation. Notably, this approach proves particularly effective for assessing $k$-entanglement, as we show its ability to extend previously established inequalities. To enhance understanding, we also demonstrate how this framework applies to specific scenarios, encompassing both finite-dimensional cases and infinite-dimensional systems, the latter being exemplified by the time-frequency modal degree of freedom of co-propagating single photons.