The rationale is that tether is a printed supply stablecoin with a fixed value; there is no need to include its value in a combined market cap. It's debatable if that's true, but that doesn't explain what this indicator is.
The second part of this indicator is highlighting when the aforementioned adjusted market cap is above or below certain values. They are round numbers; a psychological factor. A psyop, if you will.
Options to configure are the lower and upper bound and colors. The alerts must be manually turned on, as usual.
This update is mainly to make a note on the utility of this: while it is accurate now, eventually the market cap will explode in a direction, likely to the upside. Take heed of the trend.
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.
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
I have a question about the values of the borders (850 and 975) - how are they calculated? Apparently, they need to be edited once in a certain period of time, since the indicator does not work on history, only the last month and no more. So, these values did not work before, and in the future they will not work either, right? How are they calculated?
since the indicator does not work on history
This is intended. I do not see any value in showing what I personally consider data that isn't useful.
bool afterJan3 = time >= timestamp(2021, 1, 3)
This is purely for cosmetic reasons. and has no effect on indicator calculation. If you would like to remove the history limiter:
bool dTrig = true and noUSDTMCap <= i_b850 bool uTrig = true and noUSDTMCap >= i_b975
It'll look something like this.
But the issue of manually setting signal triggers remains unclear to me. When the market capitalization reaches 1.5 or 2 trillion in the future, the boundaries of 850 and 975 will become useless. How to calculate new ones? And if there is a formula, why not integrate it into the code? For example, through the ratio to the current market capitalization.
Plus, it may be necessary to use not the current capitalization, but the average for X previous periods (2-5 maximum), just so that the indicator does not move the boundaries along with the price movement. Although I'm not entirely sure about that ...
In general, you have to experiment, but I definitely like your work, it has potential.