OPEN-SOURCE SCRIPT

Unleash Bitcoin's Next Move with S&P Divergence!

BTC_GO_LONG_SONG

This script works like a special helper that watches two things: Bitcoin (a popular type of digital money) and the S&P 500 (which is like a big basket of important companies' stocks).

Imagine Bitcoin and the S&P 500 are connected by an invisible elastic band.

  1. When they move together: The elastic band stays relaxed.
  2. When they move apart: The elastic band stretches.
  3. This script keeps an eye on how much the elastic band stretches.


If Bitcoin starts to move in a different way than the S&P 500 and the band stretches a lot, the script thinks that Bitcoin might snap back or make a big jump soon.

Here’s how it works:

  • Volume Check: The script looks at how many people are buying or selling Bitcoin. If a lot more people are trading than usual, it’s like a signal that something big might happen.
  • Price Movement: It watches how Bitcoin’s price is changing. If Bitcoin breaks away from its usual pattern and moves far from where it was recently, it could be a sign that a big change is coming.
  • Elastic Band Check: The script checks if Bitcoin is moving differently than the S&P 500. If Bitcoin is doing its own thing while the S&P 500 moves in another direction, it’s like the elastic band is being stretched.


When all these things happen together—high trading volume, unusual price movement, and a stretched elastic band—the script shows a green triangle on the chart.

This triangle is a signal for people who believe Bitcoin might go up (the Bulls) that it could be a good time to think about entering a trade because a breakout might be coming.

This explanation uses the idea of an elastic band to describe the relationship between Bitcoin and the S&P 500, making it easier to understand how this script helps traders spot potential breakout opportunities.
Trend AnalysisVolumeWave Analysis

Skrip sumber terbuka

Dalam semangat sebenar TradingView, penulis telah menerbitkan kod Pine ini sebagai sumber terbuka supaya pedagang dapat memahami dan mengesahkannya. Sorakan kepada penulis! Anda boleh menggunakan perpustakaan ini secara percuma, tetapi penggunaan semula kod dalam penerbitan ini adalah dikawal oleh Peraturan dalaman. Anda boleh menyukainya untuk menggunakannya pada carta.

Ingin menggunakan skrip ini pada carta?

Penafian