OPEN-SOURCE SCRIPT
Altcoin Season Indicator
//version=5
indicator("Altcoin Season Indicator", overlay=false)
// Input for Bitcoin Dominance (BTC.D)
btcDominance = request.security("CRYPTOCAP:BTC.D", "D", close)
altcoinMarketCap = request.security("CRYPTOCAP:TOTAL2", "D", close)
// Moving Averages for Trend Analysis
btcMA = ta.sma(btcDominance, 50)
altMA = ta.sma(altcoinMarketCap, 50)
// RSI for Momentum
btcRSI = ta.rsi(btcDominance, 14)
altRSI = ta.rsi(altcoinMarketCap, 14)
// Altcoin Season Conditions
btcBearish = btcDominance < btcMA and btcRSI < 50
altBullish = altcoinMarketCap > altMA and altRSI > 50
// Signal for Altcoin Season
altcoinSeason = btcBearish and altBullish
// Plotting
bgcolor(altcoinSeason ? color.new(color.green, 90) : na)
plot(btcDominance, color=color.red, title="BTC Dominance")
plot(altcoinMarketCap / 1e12, color=color.blue, title="Altcoin Market Cap (T)")
alertcondition(altcoinSeason, title="Altcoin Season Signal", message="Altcoin Season may be starting!")
indicator("Altcoin Season Indicator", overlay=false)
// Input for Bitcoin Dominance (BTC.D)
btcDominance = request.security("CRYPTOCAP:BTC.D", "D", close)
altcoinMarketCap = request.security("CRYPTOCAP:TOTAL2", "D", close)
// Moving Averages for Trend Analysis
btcMA = ta.sma(btcDominance, 50)
altMA = ta.sma(altcoinMarketCap, 50)
// RSI for Momentum
btcRSI = ta.rsi(btcDominance, 14)
altRSI = ta.rsi(altcoinMarketCap, 14)
// Altcoin Season Conditions
btcBearish = btcDominance < btcMA and btcRSI < 50
altBullish = altcoinMarketCap > altMA and altRSI > 50
// Signal for Altcoin Season
altcoinSeason = btcBearish and altBullish
// Plotting
bgcolor(altcoinSeason ? color.new(color.green, 90) : na)
plot(btcDominance, color=color.red, title="BTC Dominance")
plot(altcoinMarketCap / 1e12, color=color.blue, title="Altcoin Market Cap (T)")
alertcondition(altcoinSeason, title="Altcoin Season Signal", message="Altcoin Season may be starting!")
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 publication is governed by House rules. You can favorite it to use it on a chart.
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