OPEN-SOURCE SCRIPT
Updated Glassnode SOPR for BTC
The indicator SOPR by Glassnode is used. The SMA is also used to smooth the values of the SOPR indicator.
For:
- Only for BTC/USD or BTC/USDT
- Time frame 1d or more
Lines:
- Blue line is SMA of SOPR
- Black line is always 1.00
- Red line is 1 plus user percentage
- Lime line is 1 minus the user percentage
Background:
- If the indicator is above the red line then the red background is displayed
- If the indicator is below the lime line the lime background is displayed
Usage:
- When the SMA of SOPR is above the red line there is a high probability of a market top.
- When the SMA of SOPR is below the lime line, there is a high probability of a market bottom (these are good prices to buy bitcoin for a long-term position).
For:
- Only for BTC/USD or BTC/USDT
- Time frame 1d or more
Lines:
- Blue line is SMA of SOPR
- Black line is always 1.00
- Red line is 1 plus user percentage
- Lime line is 1 minus the user percentage
Background:
- If the indicator is above the red line then the red background is displayed
- If the indicator is below the lime line the lime background is displayed
Usage:
- When the SMA of SOPR is above the red line there is a high probability of a market top.
- When the SMA of SOPR is below the lime line, there is a high probability of a market bottom (these are good prices to buy bitcoin for a long-term position).
Release Notes
+ ETH, LTC
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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