OPEN-SOURCE SCRIPT
Updated Crypto Total Market Cap, Exclude Tether, (USD)
Total cryptocurrency market capitalization without tether, with alerts for chosen value thresholds.
The rationale is that tether is a printed supply stablecoin with a fixed value; there is no need to include its value in a combined market cap. It's debatable if that's true, but that doesn't explain what this indicator is.
The second part of this indicator is highlighting when the aforementioned adjusted market cap is above or below certain values. They are round numbers; a psychological factor. A psyop, if you will.
Options to configure are the lower and upper bound and colors. The alerts must be manually turned on, as usual.
The rationale is that tether is a printed supply stablecoin with a fixed value; there is no need to include its value in a combined market cap. It's debatable if that's true, but that doesn't explain what this indicator is.
The second part of this indicator is highlighting when the aforementioned adjusted market cap is above or below certain values. They are round numbers; a psychological factor. A psyop, if you will.
Options to configure are the lower and upper bound and colors. The alerts must be manually turned on, as usual.
Release Notes
Update variable naming convention, change colorsRelease Notes
Added a toggle for bar coloring. This update is mainly to make a note on the utility of this: while it is accurate now, eventually the market cap will explode in a direction, likely to the upside. Take heed of the trend.
Release Notes
The hit rate of this has been interesting, so I am updating it to share what I've found. Anyone want to take a guess when it'll stop working?Updates:
From what I can tell, the new market cap range without tether is 2250 - 2500. Add billions for zeroes as needed.
Added a mid point horizontal line that serves as support and resistance. It will adjust to your upper and lower threshold, if you choose to change it. There is an alert condition that has been added for mid point crossing too.
Added an option to exclude USDC.
Changed market cap price source to be low under the mid point and high over the mid point. This will make it so that wicks won't be missed from the threshold, since market cap could close within the threshold.
Some pictures of reactions to above/below threshold:
Release Notes
Added highlighting for midpoint crossingRelease Notes
Updates:Included option to display as candles
Toggle midpoint highlight
Added additional lines you can plot so they're consistent across all charts
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
My published indicators: tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
My published indicators: tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.