OPEN-SOURCE SCRIPT
Updated Tether Data
CONCEPT
A toolkit with a bunch of different metrics for the widely used stablecoin called tether (USDT).
It's very easy to use, just select in the settings what data you want to look at.
FEATURES
The "index" setting shows a volume weighted index of different exchanges to give the most accurate average USDT/USD price.
Very straight forward. This shows you the current tether market cap.
This gives you a better visualization of increases (or sometimes decreases) in the tether market cap.
This shows tether dominance in the market, same concept as bitcoin dominance.
It compares the USDT mcap to the total crypto mcap and then shows the dominance percentage wise.
It's considered bearish when USDT dominance goes up because it means people want to get out of coins and flee to something more stable.
This compares the tether market cap and compares it to the bitcoin market cap to give you an idea of how much BTC buying power has in theory.
The higher this ratio the more bitcoin could be bought with all the tether available.
You'll notice that this often looks very similar to the dominance metric.
The tether price of multiple exchanges.
In the settings you can select which ones you want the indicator to show.
TRADING
I can't tell you exactly how useful this indicator is for trading, I don't have strong opinions on it.
Some people think a high tether price and dominance is bearish.
Some think the market cap increasing (because of new prints) is bullish.
The buying power metric can give you an idea of how much dry powder there is in the market.
The exchanges metric shows you where you can get the cheapest USDT...
Just some ideas.
This indicator is free so if you add it to your favourites you can start using it immediately (it's possible that you have to refresh Tradingview before it actually works).
Source code is visible for learning purposes.
Cheers.
A toolkit with a bunch of different metrics for the widely used stablecoin called tether (USDT).
It's very easy to use, just select in the settings what data you want to look at.
FEATURES
- Value index.
The "index" setting shows a volume weighted index of different exchanges to give the most accurate average USDT/USD price.
- Market cap.
Very straight forward. This shows you the current tether market cap.
- Market cap changes.
This gives you a better visualization of increases (or sometimes decreases) in the tether market cap.
- Dominance
This shows tether dominance in the market, same concept as bitcoin dominance.
It compares the USDT mcap to the total crypto mcap and then shows the dominance percentage wise.
It's considered bearish when USDT dominance goes up because it means people want to get out of coins and flee to something more stable.
- BTC buying power.
This compares the tether market cap and compares it to the bitcoin market cap to give you an idea of how much BTC buying power has in theory.
The higher this ratio the more bitcoin could be bought with all the tether available.
You'll notice that this often looks very similar to the dominance metric.
- Exchanges.
The tether price of multiple exchanges.
In the settings you can select which ones you want the indicator to show.
TRADING
I can't tell you exactly how useful this indicator is for trading, I don't have strong opinions on it.
Some people think a high tether price and dominance is bearish.
Some think the market cap increasing (because of new prints) is bullish.
The buying power metric can give you an idea of how much dry powder there is in the market.
The exchanges metric shows you where you can get the cheapest USDT...
Just some ideas.
This indicator is free so if you add it to your favourites you can start using it immediately (it's possible that you have to refresh Tradingview before it actually works).
Source code is visible for learning purposes.
Cheers.
Release Notes
FTX shut down so I replaced FTX data with Bitstamp.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Send me a private message for access to my invite only indicators.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Send me a private message for access to my invite only indicators.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.