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Dominance-weighted RSI
This is an weighted (default 1:1) average of BTC's RSI and BTC.D's RSI.
What's interesting is that BTC and BTC.D are usually inversely correlated, meaning their average is close to a stable 50. This is not always the case though, as this correlation can be negated by big moves, critical price levels or other factors. When this happen, you should see the orange line deviate from the middle.
This indicator was tested only Bitcoin but it should work with other cryptocurrencies provided they have a dominance index.
s3.amazonaws.com/tradingview/snapshots/c/CowriTh8.png
What's interesting is that BTC and BTC.D are usually inversely correlated, meaning their average is close to a stable 50. This is not always the case though, as this correlation can be negated by big moves, critical price levels or other factors. When this happen, you should see the orange line deviate from the middle.
This indicator was tested only Bitcoin but it should work with other cryptocurrencies provided they have a dominance index.
s3.amazonaws.com/tradingview/snapshots/c/CowriTh8.png
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