Description
1.BTC & ETH Market Makers Big Buys Indicator
Overview: The “BTC & ETH Market Makers Big Buys” indicator is a powerful tool designed for TradingView users to analyze significant buy levels in the cryptocurrency market. This indicator provides insights into market dynamics by calculating correlations and covariances between the total cryptocurrency market, Bitcoin (BTC), and Ethereum (ETH).
Key Features:
- User Input:
- Customizable lookback period for historical analysis.
- Set a significant buy level to identify substantial market moves.
- Choose data source (e.g., close price) and reference markets (total market cap, BTC, ETH).
- Calculation Core:
- Computes the percentage change of the selected reference markets.
- Utilizes arrays to store and analyze historical data for BTC, ETH, and the total cryptocurrency market.
- Covariance and Correlation:
- Determines and plots covariance relationships between the total market and BTC/ETH.
- Calculates correlation strengths to gauge the interplay between the markets.
- Visualisation:
- Visualizes correlation strength with stepline plots for BTC and ETH against the total market.
- Highlights a user-defined significant buy level for quick identification.
Usage: Traders and investors can leverage this indicator to identify potential market maker activities through correlations and significant buy levels in the BTC and ETH markets. The visual representation aids in making informed decisions based on market dynamics.
Note:
- The lookback period and significant buy level are customizable based on user preferences.
- Correlation strength is visualized to provide insights into the relationship between the total market, BTC, and ETH.
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2.BTC & ETH Market Makers Sell-off Indicator
Overview: The “BTC & ETH Market Makers Sell-off” indicator, crafted for TradingView, is a valuable tool designed to detect potential sell-offs in the cryptocurrency market. By assessing correlations and covariances between the total cryptocurrency market, Bitcoin (BTC), and Ethereum (ETH), this indicator aids traders in identifying significant market maker activities.
Key Features:
- User Input:
- Customizable lookback period for historical analysis.
- Choose the data source (e.g., close price) and reference markets (total market cap, BTC, ETH).
- Calculation Core:
- Computes the percentage change of the selected reference markets.
- Utilizes arrays to store and analyze historical data for BTC, ETH, and the total cryptocurrency market.
- Covariance and Correlation:
- Determines and plots covariance relationships between the total market and BTC/ETH.
- Calculates correlation strengths to gauge potential sell-off activities.
- Visualisation:
- Visualizes correlation strength with stepline plots for BTC and ETH against the total market.
- Highlights a user-defined lower band, aiding in identifying potential sell-offs.
Usage: Traders and investors can leverage this indicator to spot potential sell-off activities initiated by market makers. The visual representation of correlation strength provides insights into the relationship between the total market, BTC, and ETH, helping users make informed decisions.
Note:
- The lookback period is customizable based on user preferences.
- Correlation strength is visualized, allowing users to identify potential sell-off scenarios.
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