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SHIT35 Alt Index (ROC or Volume) [LucF]
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SHIT35 is an index of 35 Binance alt/BTC pairs. It provides traders with a more reliable read of BTC pairs price movement than the often uncorrelated USD market cap standard.
Because it must read data coming from 35 markets, SHIT35 is painfully slow and should be kept hidden most of the time. Its features will hopefully seduce traders in using it nonetheless for market analysis.
Features
The Index can be calculated using 4 different modes:
1. Total of instant rate of change for all 35 markets [roc(close,3) is the default],
2. Cumulative total of ROCs,
3. Average of ROCs,
4. Plus/Minus volume (an aggregate OBV, if you will).
Select only one of the methods at a time to prevent confusion between modes.
An option allows showing the correlation between the Index as it is configured, and another instrument (CRYPTOCAP:TOTAL2 by default).
Markers can be used to identify abnormal movements in the Index. They are generated using Index exits from Bollinger bands.
The chart shows the Index with, from top to bottom, the default mode with BTC pairs, with USDT pairs, then mode 2 and 4 for BTC pairs.
Index Components
The Index is not weighed. The 35 instruments composing the index all have equivalents in the USDT quote currency on Binance, so you can easily change to those pairs using the Settings. Choosing another exchange or quote currency will require modifications to the list of instruments in the indicator’s code, since if one of the markets cannot be found, the indicator will not work. If the instrument exists but has no history for some bars, zero values will be used for them.
Watchlists
I have created a watchlist for the 35 markets in each of the BTC and USDT quote currencies. To import the watchlists, save the text you’ll find at these links in a file named the way you want your watchlist to be named and import them using the “Import Watchlist…” function.
BTC Watchlist: pastebin.com/9AdNDd3a
USDT Watchlist: pastebin.com/f7FM6HUR
Alerts
You can define alerts on any combination of markers you configure. After defining the markers you want the alert to trigger on, make sure you are on the interval you want the alert to be monitoring at, then create the alert, select the indicator, use the default alert condition and choose your triggering window (usually “Once Per Bar Close”). Once the alert is created, you can change the indicator's inputs with no effect on the alert.
Because it must read data coming from 35 markets, SHIT35 is painfully slow and should be kept hidden most of the time. Its features will hopefully seduce traders in using it nonetheless for market analysis.
Features
The Index can be calculated using 4 different modes:
1. Total of instant rate of change for all 35 markets [roc(close,3) is the default],
2. Cumulative total of ROCs,
3. Average of ROCs,
4. Plus/Minus volume (an aggregate OBV, if you will).
Select only one of the methods at a time to prevent confusion between modes.
An option allows showing the correlation between the Index as it is configured, and another instrument (CRYPTOCAP:TOTAL2 by default).
Markers can be used to identify abnormal movements in the Index. They are generated using Index exits from Bollinger bands.
The chart shows the Index with, from top to bottom, the default mode with BTC pairs, with USDT pairs, then mode 2 and 4 for BTC pairs.
Index Components
The Index is not weighed. The 35 instruments composing the index all have equivalents in the USDT quote currency on Binance, so you can easily change to those pairs using the Settings. Choosing another exchange or quote currency will require modifications to the list of instruments in the indicator’s code, since if one of the markets cannot be found, the indicator will not work. If the instrument exists but has no history for some bars, zero values will be used for them.
Watchlists
I have created a watchlist for the 35 markets in each of the BTC and USDT quote currencies. To import the watchlists, save the text you’ll find at these links in a file named the way you want your watchlist to be named and import them using the “Import Watchlist…” function.
BTC Watchlist: pastebin.com/9AdNDd3a
USDT Watchlist: pastebin.com/f7FM6HUR
Alerts
You can define alerts on any combination of markers you configure. After defining the markers you want the alert to trigger on, make sure you are on the interval you want the alert to be monitoring at, then create the alert, select the indicator, use the default alert condition and choose your triggering window (usually “Once Per Bar Close”). Once the alert is created, you can change the indicator's inputs with no effect on the alert.
Nota Keluaran
- Removed BCHSV.
- Added ENJ.
Nota Keluaran
Updated the watchlists and included links to them in the comments.
The new watchlists are here:
BTC pairs: pastebin.com/H4260qUz
USDT pairs: pastebin.com/JyMD47yN
Nota Keluaran
Converted to v4. Cleaned up the Settings/Inputs. Tried to find useful things to add but didn't )
I have an indicator template set up in TV with this exact setup and I have a look at it daily, to gauge alt market sentiment. No need for me to check all markets individually with SHIT35, unless things start moving globally. I only trade longs when the cumulative ROC is above its MA50. I also use this indicator to decide when to launch/stop my systems trading alts, since they only trade longs. SHIT35 has proved very useful to me.
Nota Keluaran
Added possibility to show correlation to current chart's symbol, whatever it is. Chart shows SHIT35 plotting correlation between the index in default mode on BTC pairs and the TOTAL2 market cap. As you can see, relying on market cap to gauge alt action has become unreliable in 2019. Another useless crypto meme busted, imo.Nota Keluaran
This shows SHIT35 in 3 modes: TOP: the average instant ROC of the 35 Binance alt/BTC pairs in the index against the chart's BTCUSD symbol's instant ROC.
MIDDLE: the correlation between the index's average ROC for the alt/BTC pairs and the chart's ROC.
BOTTOM: the cumulative sum of the index's alt/BTC pairs ROC.
Note how the middle SHIT35 shows that for most of 2018 when BTC was in a downtrend, alt/BTC pairs correlated with it, whereas when BTC started picking up steam in 2019, alt/BTC pairs began to de-correlate with BTCUSD, since alt/BTC pairs have been in a pretty steady downtrend since the 2017 bubble.
The same study could have been made using alt/USDT pairs.
Nota Keluaran
Replaced BTT with ATOM because Binance removed BTT/BTC.Nota Keluaran
Changed BCHABC ticker to BCH.Nota Keluaran
v9Updated the list of symbols and the pastebin watchlists.
Nota Keluaran
v10Replaced NANO with DUSK.
Nota Keluaran
v11• Converted the script to Pine v5. It will run faster.
• Removed symbol MITH.
Nota Keluaran
v12This version uses a more representative set of symbols. Thx to scarf for the list!
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Penafian
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