Comparing spot and perpetual volumes could provide useful insights into market sentiment.
Abnormal increases in the spot market could be associated with accumulation. Abnormal increases in the perpetual market, on the other hand, could predict as well lows and highs.
This script represents a Z-score of the of perpetual and 4xspot on Binance.
High values above 0 mean that the is skewed towards perpetual contracts. Values below 0 mean that the is skewed towards spot contracts.
Feel free to suggest changes and improvements of this script.
Translated with http://www.DeepL.com/Translator (free version)
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.