OPEN-SOURCE SCRIPT
Updated RSI4DUMP
This script likely warns you before a dump occurs in crypto coins. I have tested it on Ethereum and BTC. I use it instead of a trailing stop loss because it works better during a downtrend. I don't day trade when I receive a DUMP signal.
Good luck!
Good luck!
Release Notes
This indicator is a tool used in cryptocurrency markets, specifically for analyzing USDT Dominance, which measures how much influence USDT has in the market. In simple terms, it takes daily USDT Dominance data and uses a formula called RSI to give you buy and sell signals.
Here’s how it works: If the RSI value goes above 60, it creates a 'DUMP' signal. This means you might consider selling, as the market could be overbought. If the RSI drops below 30, it generates a 'PICK' signal. This suggests you might think about buying, as the market could be oversold.
These signals appear as small labels on the chart: a red downward arrow for 'DUMP' and a yellow downward arrow for 'PICK'. They show up above the price bars, helping you quickly see when the market might be at extreme points. This way, it assists you in making more informed decisions when trading cryptocurrencies.
PS: Using this indicator for trading is at your own risk. Please be cautious when using it for investment purposes.
Good Luck
Tolga
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.