OPEN-SOURCE SCRIPT
Updated BTC Spread Indicator
"Hot potato, Bitcoin style!
In the dynamic world of cryptocurrency, keeping an eye on price movements across different exchanges can be as exhilarating as a game of hot potato. By calculating the average Bitcoin price across major exchanges, we can then dive deeper to identify the spreads between this global average and the prices on individual exchanges. This analysis reveals who's currently 'holding the potato'—or dealing with higher prices—and predicts who might be next. It's a fun, yet insightful way to visualize market volatility and trading opportunities. Let's see where the potato lands next!"
In the dynamic world of cryptocurrency, keeping an eye on price movements across different exchanges can be as exhilarating as a game of hot potato. By calculating the average Bitcoin price across major exchanges, we can then dive deeper to identify the spreads between this global average and the prices on individual exchanges. This analysis reveals who's currently 'holding the potato'—or dealing with higher prices—and predicts who might be next. It's a fun, yet insightful way to visualize market volatility and trading opportunities. Let's see where the potato lands next!"
Release Notes
**Changes Made:**1. **Outlier Removal**:
- Implemented Z-score based outlier detection and removal for a cleaner spread analysis.
2. **Global Asset Correlation**:
- Added analysis for correlations between BTC spreads and global assets: QQQ, DXY, and SPY.
- Introduced a smart entry condition influenced by the correlation with QQQ.
3. **Toggle Features**:
- Added toggles to show/hide EMAs and global asset correlations:
- `toggleEMA`: Toggle visibility of EMAs for BTC spreads.
- `showDXY`: Toggle visibility of correlation with DXY.
- `showQQQ`: Toggle visibility of correlation with QQQ.
- `showSPY`: Toggle visibility of correlation with SPY.
Release Notes
Minor typo fixes with toggles. 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.
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.
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.