Fully Customizable ticker set. Up to 30 Tickers. Bitcoin set as default.
-- IMPORTANT NOTE: --
30 Exchanges are a lot. It can take a while to load. You can fully customize this indicator to your liking. Here's how:
1. Load indicator
2. Open Settings
3. Uncheck the switch box for exchanges you want unincluded
4. At the bottom of the settings menu click "Defaults" and hit "Save as Default"
5. To turn them all back on, hit "Reset Settings" in that same "Defaults" menu and click "Save as Default" again.
Also, you don't have to use this with Bitcoin . This works with any asset, just change the ticker in the settings.
There's a lot going on with this indicator so the following is descriptions and instructions to help you better understand what's going on here. Thanks!
- To provide a mechanism for assets on multiple exchanges to have their evaluated together
- Having better and more complete information
- The Default Exchanges for this indicator are highest bitcoin exchanges, but may contain "fake volume"
- Indicator is set for Bitcoin by default. However, you can change the tickers to reflect any asset you want
////// rVol //////
- To understand how much is being executed relative to the same candle on previous days/periods
- Higher rVol implies higher and market interest.
- High rVol = higher than average . Markets move on so higher than average indicates increased market activity/
- rVol is an indirect measure of active or anticipated
- rVol: The of a period compared to the Average of that same period in past sessions [(Sum of lookback period at session intervals) / (number of intervals)]
- Important to note it does NOT add up the last 10 (default) candles, but rather the last 10 candles at session intervals.
-- On a Tuesday, 1h chart it will add up the last ten Tuesday, 9:00 am candles, not including the current, active candle.
-- It then averages those lookback candles.
-- It then plots the percentage relationship between the most recent candle and the average of the lookback candles
-- Avg Vol of Lookback candles = 5000,
-- of most recent candle = 4000: Output = rVol = 80:
-- of most recent candle was 80% of the average in the 9 am time period of the last ten Tuesdays in the 9 am, 1h period
- rVol does not add current candle into lookback sum. So, you set lookback to be: (not including the current day)
- rVol is on a switch. So, if you want to see rVol instead of , hit the switch in the settings
- If you want to see both, load 2 instances of the indicator.
////// Better-er //////
- When a candle closes at the highest * range relative to the lookback period and close > open
- When a candle closes at the highest * range relative to the lookback period and close < open
- When a candle closes at the highest / price relative to the lookback period
- Identifies beginnings of price expansion, climax of price expansion, breakouts, , and take profit points on the chart
- Based generally on Barry Taylor's "Better Volume" indicator and ideas from Pascal Willain's book "Value in Time."
- Better-er rules are applied to both Total or rVol.
-- When rVol is displayed Better-er is applied to rVol
-- When Total is displayed Better-er is applied to Total
// Plot Key: //
Green Triangle Up = Often marks the beginning and/or end of price expansion to the upside
Red Triangle Up = Often marks the beginning and/or end of price expansion to the downside
Yellow Square = High but Tight Range. Implies a Battle of Bulls and Bears. High Liquidity area. Provided Liquidity is not enough to move price. Thick Limit Order Book.
Purple Triangle Up or Down = [High Churn Rate (yellow) + High (Red/Green)] Implies high market participation. Typically at the end of expansion when very significant s/r is hit
tags: rVol relativevolume Bitcoin cryptocurrency bettervolume
Many More Indicators Coming Out Soon!
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.