OPEN-SOURCE SCRIPT
Bitcoin Golden Bottom Oscillator (MZ BTC Oscillator)
This indicator uses Elliot Wave Oscillator Methodology applied on "BTC Golden Bottom with Adaptive Moving Average" and Relative Strength Index of Resulted EVO to form an Oscillator to detect trend health in Bitcoin price. Ticker is set to "INDEX : BTCUSD" on 1D timeframe.
Methodology
Color Schemes
BTC Golden Bottom with Adaptive Moving Average
https://www.tradingview.com/script/XRTrXB9E-BTC-Golden-Bottom-with-Adaptive-Moving-Average/
Methodology
- Oscillator uses Adaptive Moving Average with 1 year of length, Minor length of 50 and Major length of 100 to mark AMA as Golden Bottom.
- Percentage Elliot Wave Oscillator is calculated between BTC price and AMA.
- Relative Strength Index of EVO is calculated to detect trend strength and divergence detection.
- Hull Moving Average of resulted RSI is used to smoothen the Oscillator.
- Oscillator is hard coded to 'INDEX:BTCUSD' ticker on 1d so it can be used on any other chart and on any other timeframe.
Color Schemes
- Bright Red background color indicates that price has left top Fib multiple ATR band and possibly go for top.
- Light Red background color indicates that price has left 2nd top Fib multiple ATR band and possibly go for local top.
- Lime background color indicates that price has entered lowest band indicating local bottom.
- Bright Green background color indicates that price is approximately resting on Golden Bottom i.e. AMA.
- Oscillator color is set to gradient for easy directional adaption.
BTC Golden Bottom with Adaptive Moving Average
https://www.tradingview.com/script/XRTrXB9E-BTC-Golden-Bottom-with-Adaptive-Moving-Average/
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.
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.
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.