OPEN-SOURCE SCRIPT
BTC vs Mag7 Combined Index
Updated
This Mag7 Combined Index script is a custom TradingView indicator that calculates and visualizes the collective performance of the Magnificent 7 (Mag7) stocks—Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla, and Meta (red line) compared to Bitcoin (blue line). It normalizes the daily closing prices of each stock to their initial value on the chart, scales them into percentages, and then computes their simple average to form a combined index. The result is plotted as a single red line, offering a clear view of the aggregated performance of these influential stocks over time compared to Bitcoin.
This indicator is ideal for analyzing the overall market impact of Bitcoin compared to the Mag7 stocks.
This indicator is ideal for analyzing the overall market impact of Bitcoin compared to the Mag7 stocks.
Release Notes
This indicator is ideal for analyzing the overall market impact of Bitcoin compared to the Mag7 stocks. This script is a custom TradingView indicator that calculates and visualizes the collective performance of the Magnificent 7 (Mag7) stocks—Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla, and Meta (blue line) compared to Bitcoin (orange line). It normalizes the daily closing prices of each stock to their initial value on the chart, scales them into percentages, and then computes their simple average to form a combined index. The result is plotted as a single blue line, offering a clear view of the aggregated performance of these influential stocks over time compared to Bitcoin.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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Disclaimer
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