This indicator uses RSI on the chart symbol and the ratio of BITFINEX:BTCUSDLONGS vs BITFINEX:BTCUSDSHORTS to identify areas of higher and lower risk to enter or exit the market.
I personally prefer to use this indicator in the 1hour, 30 mins and 15 mins timeframes.
It can send alerts and its backtestable with Gavins backtester, TTPTSL and other strategies that accept 1 as an entry.
Release Notes
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Thresholds adjusted for improved performance on BTC 1 hour timeframe. Added tooltips with explanations of parameters. New parameter RSI thresholds for better fine tuning.