This indicator will help your structural price analysis by giving you the underlying sentiment pressure and the most recently established tendency.
I didn't tested it for sufficient time, so I'm going to share it in beta version. If you have any question or suggestions use the comments.

N.B It works only on btc/usd, btc/cny and other btc/fiat
Special thanks to Chris and to the bitcoin chat room.

Usuń z Ulubionych Skryptów Dodaj do Ulubionych Skryptów
wmaperiods = input(title="Periods", type=integer, defval=5, minval=2)
sresponsiveness = input(title="SentimentResponsiveness", type=integer, defval=2, minval=1, maxval=5)
finex = security("BITFINEX:BTCUSD", period, close)
stamp = security("BITSTAMP:BTCUSD", period, close)
btce = security("BTCE:BTCUSD", period, close)
huobi = security("HUOBI:BTCCNY", period, close)
btcchina = security("BTCCHINA:BTCCNY", period, close)
btceltc = security("BTCE:LTCBTC", period, close)
finexltc = security("BITFINEX:LTCBTC", period, close)

finexvol = security("BITFINEX:BTCUSD", period, volume)
stampvol = security("BITSTAMP:BTCUSD", period, volume)
btcevol = security("BTCE:BTCUSD", period, volume)
huobivol = security("HUOBI:BTCCNY", period, volume)
btcchinavol = security("BTCCHINA:BTCCNY", period, volume)
btceltcvol = security("BTCE:LTCBTC", period, volume)
finexltcvol = security("BITFINEX:LTCBTC", period, volume)
allvol = finexvol+stampvol+btcevol+huobivol+btcchinavol+btceltcvol+finexltcvol
volroc = roc(allvol, 2)

btcusdwma = wma((finex+stamp+btce)/3, wmaperiods)
btccnywma = wma((huobi+btcchina)/2, wmaperiods)
ltcbtcwma = wma((btceltc+finexltc)/2, wmaperiods)
localwma1 = wma(close, 8)
localwma2 = wma(ohlc4, 13)

colorbg = rising(btccnywma, sresponsiveness) and 
    rising(btcusdwma, sresponsiveness) and 
        falling(ltcbtcwma, sresponsiveness) and
            localwma1 >= localwma2 ? 
                green : 
                    falling(btccnywma, sresponsiveness) and 
                        falling(btcusdwma, sresponsiveness) and 
                            rising(ltcbtcwma, sresponsiveness) and
                                localwma2 >= localwma1 ? 
                                    red : black
bgcolor(colorbg, 80)
plot(volroc, title="rocVOL", style=area)
Seems like one of those many indicators, that show you an uptrend, when there is already an uptrend.
AtenA ChartArt
Obviously it does not predict the future. Try to better understand what it does.
You should use it with basic price structure analysis.
There are some like the Fisher Transform that are very early in telling you the next direction - what I would call the future :)
Here is a comparison: Fisher Transform vs your indicator. Look especially at May 29 and June 11:

AtenA ChartArt
Nice, but i think my indicator gives more information on the wath the market is doing. Do you have this indicator on yor profile?
It's a built in one. I think since AtenA personally explained to me how to use it so I could help him with the chart descriptions It's very clear to me how to use this compass, but the fisher one looks a little unknown atm
That is a basic indicator offered by TradingView in the "build-ins" menu. Fisher Transform is fast but therefore not always correct. So you have to use others like your's and the MACD in combination with it.
AtenA ChartArt
I'll try it. Btw if you trade btc for sure you want try this indicator for longer time. You don't other indicator, just support and resistence.
AtenA ChartArt
Min time frame 1hr, better 4h or 2h. You obviously can't predict what the market will be analyzing 1 min.
Are there any specific time frames in which this is especially effective or ineffective?
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