CoinStudio

BTC Dominance Indicator

This script calculates the BTC dominance and adds markers as overlays on top of your crypto chart.

A red "D" means "BTC dominating" and an orange "S" means "BTC submissive". In both cases further price actions are imminent.

You can use this script for any crypto asset to see how it performs while btc is dominating.

If you are for example trading a BTC paired asset, then this can give you a warning if BTC starts to dominate ( BTC paired assets tend to dump if BTC dominates).

On the other hand, you can use this as signal on USD paired cryptos if BTC dominates as USD paired cryptos tend to go with BTC .

It is recommended to use additional indicators with this as it is not meant as buy/sell signalling tool.
Release Notes: v 1.0.1: +added label titles
Release Notes: v 1.0.2 #changed title image to bitcoin 1y
Release Notes: # fixed an issue where the dominance signal would potentially occur too late
Release Notes: # fixed title screen (happened after the last version update)
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Comments

Please note that this indicator also shows that BTC clearly correlates with non-crypto assets and charts, example DIJ:

https://www.tradingview.com/chart/p8M18NLI/
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