jaggedsoft

BTC Mayer Multiple Bands

Introduced by Trace Mayer as a way to gauge the current price of Bitcoin against its long range historical price movements (200 day moving average), the Mayer Multiple highlights when Bitcoin is overbought or oversold in the context of longer time frames.

It's worth noting that as the market becomes larger and less volatile, the peaks are becoming less exaggerated. This is because a 200 day moving average baseline is a static yardstick against an ever growing, more stable, Bitcoin market. We should recalibrate what constitutes the overbought/oversold extremes on this chart accordingly.

Idea by CryptoKea. Original author:
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.

Want to use this script on a chart?

Comments

Surprising that it didn't treat the recent bloodbath as a buy signal
+1 Reply
jaggedsoft mljones
It could have with a little tweaking, but this is using CryptoKea's recommended settings. To trigger a buy signal from the black swan event, set L2 to 0.6 or similar.
+1 Reply
I can't see any buy/sell signals
Reply
@jaggedsoft , do this indicator suit with the instrument of Future Crude Pal Oil (FCPO) under MYEX and Crude Oil (CL) under NYMEX...?
Reply
@MrMama, Mayer multiple works fine for any asset, however this comes with settings that are specific to Bitcoin. You would have to adjust the buy/sell levels, or determine the ideal settings via backtesting.
Reply
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