theheirophant

đź”—Blockchain Fundamentals - Marketcap Multiple by Cryptorhythms

đź”—Blockchain Fundamentals - Marketcap Multiple by Cryptorhythms

Intro
A brand new original indicator to judge long term bitcoin accumulation and distribution zones. Created by myself - theheirophant.

I love the way the indicator MVRV (market value to realized value) works, but there's no way to replicate it on tradingview as it uses outside data not available in the TV ecosystem. Then while looking at various marketcap alternatives, and idea was plain in front of my face!

Looking at marketcap + top cap + average cap creates a bounded area of price as seen here


Description
So I created an oscillator that shows marketcap's relation to top cap as the upper bound, and average cap as the lower bound. It then is rescaled from 0.25 to 10.

It should be viewed on a logrithmic scale and only works on the daily timeframe . You can enable/disable bar coloration and background highlighting from options.

It can be interpreted as times to accumulate and distribute on a long term basis. It would work well for trading spot markets.

The line at 0.75 acts as a sentiment indicator (above it is bullish , below it is bearish ).

đź‘Ť Enjoying this indicator or find it useful? Please give me a like and follow (dont forget twitter also)! I post crypto analysis, price action strategies and free indicators regularly.

đź’¬ Questions? Comments? Want to get access to an entire suite of proven trading indicators? Come visit us on telegram and chat. We make timely posts about the market, news, and strategy everyday. Our community isn't open only to subscribers - everyone is welcome to join. (check my sig )


Protected script
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
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.

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