A lady looking up and down (5)

I believe the answer is:

madam

'up and down' is the definition.

I don't understand how the rest of the clue works.

(Other definitions for madam that I've seen before include "Formal address to a woman - precocious little girl" , "'Call Me ---' (I. Berlin)" , "Term of address to a woman" , "Polite form of address for a woman" , "precocious schoolgirl?" .)

I've seen this clue in The Times.

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