Compare alt coins to the "altcoin index", an average of a selection of alt coins.
Above zero means the coin you are viewing is worth more than the index, indicating the possibility of overbought.
Below zero indicating the opposite, a possibility of oversold.
Press the cog icon to select which alt coins you want included in the index.
The coins in the index are ALTBTC, meaning their value against BTC . Due to this the indicator is useless when viewing BTC only charts.
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.
//@version=2 //study("altcoin averages") study("altcoin index oscillator", overlay=false) curr = security(tickerid, period, ohlc4) ch1 = input(true, "include ppcbtc", bool) ch2 = input(false, "include ethbtc", bool) ch3 = input(true, "include nmcbtc", bool) ch4 = input(true, "include nxtbtc", bool) ch5 = input(true, "include xmrbtc", bool) count = ch1 + ch2 + ch3 + ch4 + ch5 ppc = iff(ch1, security("THEROCKTRADING:PPCBTC", period, ohlc4), 0) eth = iff(ch2, security("KRAKEN:ETHXBT", period, ohlc4), 0) nmc = iff(ch3, security("THEROCKTRADING:NMCBTC", period, ohlc4), 0) nxt = iff(ch4, security("HITBTC:NXTBTC", period, ohlc4), 0) xmr = iff(ch5, security("HITBTC:XMRBTC", period, ohlc4), 0) average = avg(ppc, eth, nmc, nxt, xmr) diff = (curr - average) / (average) max = highest(diff, 21) min = lowest(diff, 21) highestAbs = abs(max) > abs(min) ? abs(max) : abs(min) osc = diff / highestAbs over = diff > 0 under = diff < 0 colordef = over ? red : under ? green : white plot(osc, "osc", color=colordef, style=line) plot(1, title = "Top Line", color = white, linewidth = 1) plot(0, title = "Zero Line", color = yellow, linewidth = 1) plot(-1, title = "Bottom Line", color = white, linewidth = 1)