NikhilGuptab4

[NG] Indicator - Altcoin Alpha - v1

(Created for Client)

Alpha (Unique price action of asset) indicator for ALTcoins implementation, taking `BINANCE:BTCUSDT` as the market reference. Can be improved by adding more BTC charts from more sources, so as to get a unified chart of BTC for market representation.

Set `alpha period` to a value, wherein you want to see the unique price action of the asset. For short term trend, a value of 24 is good for `1H` charts (1 day), and value of 168 is good for long term trends on `1H` charts (1 week trend).

Corresponding values of `beta period` should be `168` (1 week for 1 day alpha) and `720` (1 month for 1 week alpha period).

You can set `alpha` and `beta` period as per your requirements.

Regards,
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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