altcoin index oscillator — Indicator by noomnahor

altcoin index oscillator-convergence alt btc bitcoin

Use
Compare alt coins to the "altcoin index", an average of a selection of alt coins.
Above zero means the coin you are viewing is worth more than the index, indicating the possibility of overbought.
Below zero indicating the opposite, a possibility of oversold.
Press the cog icon to select which alt coins you want included in the index.

Notes
The coins in the index are ALTBTC, meaning their value against BTC . Due to this the indicator is useless when viewing BTC only charts.

Open-source script

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.

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.

Want to use this script on a chart?

//@version=2
//study("altcoin averages")
study("altcoin index oscillator", overlay=false)

curr = security(tickerid, period, ohlc4)

ch1 = input(true, "include ppcbtc", bool)
ch2 = input(false, "include ethbtc", bool)
ch3 = input(true, "include nmcbtc", bool)
ch4 = input(true, "include nxtbtc", bool)
ch5 = input(true, "include xmrbtc", bool)

count = ch1 + ch2 + ch3 + ch4 + ch5

ppc = iff(ch1, security("THEROCKTRADING:PPCBTC", period, ohlc4), 0)
eth = iff(ch2, security("KRAKEN:ETHXBT", period, ohlc4), 0)
nmc = iff(ch3, security("THEROCKTRADING:NMCBTC", period, ohlc4), 0)
nxt = iff(ch4, security("HITBTC:NXTBTC", period, ohlc4), 0)
xmr = iff(ch5, security("HITBTC:XMRBTC", period, ohlc4), 0)

average = avg(ppc, eth, nmc, nxt, xmr)
diff = (curr - average) / (average)
max = highest(diff, 21)
min = lowest(diff, 21)
highestAbs = abs(max) > abs(min) ? abs(max) : abs(min)
osc = diff / highestAbs

over = diff > 0
under = diff < 0

colordef = over ? red : under ? green : white

plot(osc, "osc", color=colordef, style=line)

plot(1, title = "Top Line", color = white, linewidth = 1)
plot(0, title = "Zero Line", color = yellow, linewidth = 1)
plot(-1, title = "Bottom Line", color = white, linewidth = 1)