The reason behind creating this indicator is to help give crypto traders a sense of what to expect in crypto currency markets. In general, crypto markets (ALT coins) are extremely dependent on the price action and sentiment of Bitcoin . By knowing what to expect for both BTC and ALT markets, crypto traders will have an edge on other traders by:
- knowing when it's a good time to run BTC or stable coin pairs for bots on 3Commas
- knowing when the ALT market is in a or mood
- knowing if we're in a true ALT season or not
- knowing if they should be focusing more on active trading on the BTC or stable coin market
The TBT Forecaster can be viewed on any time frame, but it was originally designed to work off of the 6-hour time frame. Note that faster (higher) time frames can make the tool somewhat unreliable since faster (higher) time frames are subject to more sudden, volatile movements compared to the 6-hour or Daily time frames. To help users of the TBT Forecaster keep a healthy perspective, the indicator can be set to "same as symbol" (the indicator will adapt to any time frame you use) or "6 hours" (the original and intended time frame).
The two lines of the indicator represent Bitcoin (top) and ALT coins (below). The TBO Forecaster uses information derived from the price of Bitcoin , Bitcoin price , moving averages, ATR ( ), Bitcoin Dominance, and the ALT coin indexes ( TOTAL2 and OTHERS). All of these metrics are combined and weighted into a system that quantifies the market sentiment for BTC and ALTs.
The TBT Forecaster shows a gradient of market sentiment, from to . These market sentiment labels consist of a variety of different metrics that have to do with , price action, and several indices. The full gradient of sentiment is:
Note that it is impossible and unrealistic for the ALTs line to represent every single ALT coin/token/chart/symbol on every exchange. In my experience, there are always good charts to trade no matter what Bitcoin is doing. However, if we as traders know that ALTs are , then we can focus our efforts on trading Bitcoin (or just staying out of the ALT market until conditions change).
Use the link below to obtain access to this indicator
Static Style - clearer color bars
Oscillator Style - BTC and ALTS can now be visualized as oscillating lines. These lines move up and down to show when the trend may be changing. The color of the lines change at the same time as the Static Style.
Two new modes: Multiple and Binary
Multiple Mode - BTC and ALTS now shows 5 levels of market sentiment: Bearish, Weak Bearish, Neutral, Weak Bullish, and Bullish. Each "level" has its own color.
Binary Mode - make it simple and view BTC and ALTS as either Bullish or Bearish
Alerts - create alerts for specific sentiment changes, e.g., "ALTS are Bullish," or for any status change for both BTC and ALTS.
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 Moonin_Papa for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless 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 Community Scripts.
Get access to the TBT Forecaster through The Better Trader's Club: https://www.thebettertraders.com/club
Warning: please read before requesting access.