OPEN-SOURCE SCRIPT
BTC top bottom weekly oscillator
This indicator is based on the 20 weekly simple moving average and it could be used to help finding potential tops and bottoms on a weekly BTC chart.
This version uses an "oscillator" presentation, it fluctuates around the value zero.
The indicator plots 0 when the close price is near the 20 weekly moving average.
If it's below 0 it reflects the price being below the 20 weekly moving average, and opposite for above.
IT's possible to see how many times the price has hit the 0.5 coef support. In one case it hit 0.6 showing that the 0.5 support can be broken.
The indicator is calculated as Log(close / sma(close))
Instructions:
- Use with the symbol INDEX:BTCUSD so you can see the price since 2010
- Set the timeframe to weekly
Optionals:
- change the coef to 0.6 for a more conservative bottom
- change the coef to 0.4 for a more conservative top
This version uses an "oscillator" presentation, it fluctuates around the value zero.
The indicator plots 0 when the close price is near the 20 weekly moving average.
If it's below 0 it reflects the price being below the 20 weekly moving average, and opposite for above.
IT's possible to see how many times the price has hit the 0.5 coef support. In one case it hit 0.6 showing that the 0.5 support can be broken.
The indicator is calculated as Log(close / sma(close))
Instructions:
- Use with the symbol INDEX:BTCUSD so you can see the price since 2010
- Set the timeframe to weekly
Optionals:
- change the coef to 0.6 for a more conservative bottom
- change the coef to 0.4 for a more conservative top
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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