OPEN-SOURCE SCRIPT
BTC Aggregate trend indicator
This script calculates a composite score based on multiple weighted metrics to classify the market trend into categories (Strong Bullish, Bullish, Neutral, Bearish). It combines on-chain metrics, technical indicators, sentiment data, and macroeconomic factors to provide a holistic view of Bitcoin's market conditions.
Purpose
The primary goal of this script is to:
Aggregate Multiple Metrics : Combine various metrics (e.g., SOPR, MVRV Z-Score, RSI, MACD, Fear & Greed Index, DXY, Regulatory Sentiment) into a single composite score.
Classify Market Trends : Use the composite score to classify the market trend into actionable categories.
Visualize Results : Plot the composite score and display trend labels on the chart for quick interpretation.
Purpose
The primary goal of this script is to:
Aggregate Multiple Metrics : Combine various metrics (e.g., SOPR, MVRV Z-Score, RSI, MACD, Fear & Greed Index, DXY, Regulatory Sentiment) into a single composite score.
Classify Market Trends : Use the composite score to classify the market trend into actionable categories.
Visualize Results : Plot the composite score and display trend labels on the chart for quick interpretation.
Open-source script
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 publications is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.