mcbw_

Bitcoin momentum correlation

This is a pretty simple indicator, it measures the momentum of bitcoin as compared to usd,eur,eth,dash, and ltc, which you can see in all of the blue lines. If the red line is above zero then it means the overall value of btc is going up, opposite for down. The Ema_window controls how smooth the signal is. If you shorten the Ema_window parameter and open this on higher timeframe btc charts then the zero crossing gives pretty solid signals, despite being pretty choppy. A good way to interpret this is that if all the blue lines are moving in the same direction at once without disagreement, then the value of bitcoin has good momentum.



Mildly more technically:
Momentum is measured in the first derivative of an EMA for each ticker. To normalize the different values against each other they are all divided by their local maximums, which can be chosen in the parameter window, but shouldn't make a huge difference. All the checked values are then summed, as shown in the red line. To include a value into the red line simply keep it checked. Take a look at the script, it's kind of easy on the eyes.

It's pretty handy to look at, but doesn't seem too worthwhile to pursue much further. If someone wants much more out of the script then feel free to message me.

Remember rules #1 & #2
Don't lose money.
Happy trading
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ok I get it, nice work! Now,what is the yellow vertical line and why does the red line stop on november 13?
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mcbw_ swiftcoin
Hi @swiftcoin, this is an indicator, you can apply this to any chart you are looking at. What you see above is an example chart. You can find it in the indicator drop down on the charting window. This code only applies to Bitcoin, you can see lines 16-20 only call on bitcoin tickers. You should read tradingview documentation
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Looks great. Im new to tradingview. where do I find this tool or how do I set it up?
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