INVITE-ONLY SCRIPT
B1rd's Dominance Oscillator
Updated
This indicator will help you detect shifts in trend by looking at the dominance data from cryptocap. From a specified dominance pair it measures the divergence between the close values of the dominance chart and a slow moving average. Combining that with the help of a filter that is calculated with Average True Range allows you to confirm a shift in trend.
Usage is simple: When the bars plot above the white line it is considered bullish. When the bars plot below the white line it is considered bearish. The color of the bar will indicate the bias direction of the USDT dominance, which is calculated in the same manner. Combining both of them as confluence will yield a high probability of shift in trend.
Functions:
The first setting will enable you to select a desired crypto pair to get your dominance data from, there is a total of 16 different options you can choose from. Leaving it on auto-detect will automatically detect and select the corrolated asset from the chart you are looking at. If you are looking at a coin that is not on the list of supported coins while on auto-detect, it will automatically select the average ALT dominance.
Next up you select a Moving average type and a length of the moving average that will be used on the dominance source.
Tetriary you can select a wide range of MA types for your initiator line and select a length. The initiator line are the columns that plot the divergence data per bar.
After that you find a bool for the USDT.D confluence, here you can decide if you want the bars to be coloured based on the USDT bias.
The couple of settings below have the same functionality as the moving average settings from before, but these will apply to the USDT.D dominance.
Lastly you see a sensitivity variable, this variable will directly influence your filtered atr line. Increasing this value will make the indicator less sensitive.
Usage is simple: When the bars plot above the white line it is considered bullish. When the bars plot below the white line it is considered bearish. The color of the bar will indicate the bias direction of the USDT dominance, which is calculated in the same manner. Combining both of them as confluence will yield a high probability of shift in trend.
Functions:
The first setting will enable you to select a desired crypto pair to get your dominance data from, there is a total of 16 different options you can choose from. Leaving it on auto-detect will automatically detect and select the corrolated asset from the chart you are looking at. If you are looking at a coin that is not on the list of supported coins while on auto-detect, it will automatically select the average ALT dominance.
Next up you select a Moving average type and a length of the moving average that will be used on the dominance source.
Tetriary you can select a wide range of MA types for your initiator line and select a length. The initiator line are the columns that plot the divergence data per bar.
After that you find a bool for the USDT.D confluence, here you can decide if you want the bars to be coloured based on the USDT bias.
The couple of settings below have the same functionality as the moving average settings from before, but these will apply to the USDT.D dominance.
Lastly you see a sensitivity variable, this variable will directly influence your filtered atr line. Increasing this value will make the indicator less sensitive.
Release Notes
HotfixRelease Notes
UpdatedInvite-only script
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