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.
- Value index.
- Market cap.
- Market cap changes.
It compares the USDT mcap to the total crypto mcap and then shows the dominance percentage wise.
It's considered when USDT dominance goes up because it means people want to get out of coins and flee to something more stable.
- BTC buying power.
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.
In the settings you can select which ones you want the indicator to show.
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 .
Some think the market cap increasing (because of new prints) is .
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.
People who use my dYdX exchange ref link get access for free: https://dydx.exchange/r/UOMLANHG
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.