ALT Trend Detection

ALT Trend Detection Indicator

Overview:
The "ALT Trend Detection" indicator is designed to help traders analyze the relationship between Bitcoin's dominance, Bitcoin's price, and the potential impact on altcoin prices. This indicator uses various time frames and average true range (ATR) calculations to detect trends and provide insights into the altcoin market conditions based on Bitcoin's movements.

How It Works:
BTC Dominance and Price Data:

• The indicator fetches Bitcoin dominance data (percentage of the total cryptocurrency market cap that Bitcoin represents) and Bitcoin price data using the selected time frame.
  
• It calculates whether Bitcoin dominance and price are trending up, down, or remaining stable based on ATR calculations.
  

Altcoin Trend Detection:

• The indicator then evaluates different scenarios based on the combination of Bitcoin dominance and price movements. These scenarios help predict the potential impact on altcoin prices.
  
• For instance, if Bitcoin dominance is up and Bitcoin price is up, it might indicate a bearish trend for altcoins. Conversely, if Bitcoin dominance is down and Bitcoin price is up, it might indicate a bullish trend for altcoins (altseason).
  

Table Display:

• The indicator displays a table on the chart that summarizes the current conditions for Bitcoin dominance, Bitcoin price, and the expected impact on altcoins. Each cell in the table is color-coded to provide a quick visual representation of the trends.
  

Usage:

• Add the indicator to your TradingView chart.
  
• Customize the time frame, ATR multiplier, table position, table size, and background color as per your preference.
  
• Observe the table displayed on the chart. It shows the current state of Bitcoin dominance, Bitcoin price, and the potential trend for altcoin prices based on predefined scenarios.
  
• Use this information to make informed trading decisions about altcoins. For example, if the table shows "ALT SEASON" in green, it might be a good time to consider investing in altcoins.
  

By analyzing the interaction between Bitcoin dominance and price, this indicator helps traders identify potential opportunities and risks in the altcoin market.

Release Notes:

time frame input