This indicator should not be used on a timeframe lower than 1 hour, else the amount of noise could be distorting your trades. With the standard settings this indicator compares your currently selected asset and compares it against Bitcoin’s performance over a given period.
How to trade: I use this indicator to find crypto’s which could see strong returns in the near future because they are lagging behind (blue area < zero) BTC , and therefore have more ground to make up for. The first pic is a trade which I recently shared on Tradingview using this indicator. ALPHA's returns were weakening compared to Bitcoin’s and was therefore a decent buying opportunity. Also, this indicator is great to find potential tops (or bottoms). When the blue area starts peaking and reversing, it would be a good moment to exit your trade.
It’s not recommended to use this indicator “naked”. Use it to find potential undervalued (or overvalued) assets and adjust your trading plan accordingly.
Select the “Difference Switch” option if you’d want to attach an alert to the study. This alert will trigger once the indicator goes from negative to positive or the other way around.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact FieryTrading for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it until you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Public Library.
Visit my website for details: https://www.fierytrading.com/
Warning: please read before requesting access.