This indicator uses Elliot Wave Oscillator Methodology applied on "BTC Golden Bottom with Adaptive Moving Average" and Relative Strength Index of Resulted EVO to form an Oscillator to detect trend health in Bitcoin price. Ticker is set to "INDEX : BTCUSD" on 1D timeframe.
Methodology
Oscillator uses Adaptive Moving Average with 1 year of length, Minor length of 50 and Major length of 100 to mark AMA as Golden Bottom.
Percentage Elliot Wave Oscillator is calculated between BTC price and AMA.
Relative Strength Index of EVO is calculated to detect trend strength and divergence detection.
Hull Moving Average of resulted RSI is used to smoothen the Oscillator.
Oscillator is hard coded to 'INDEX:BTCUSD' ticker on 1d so it can be used on any other chart and on any other timeframe.
Color Schemes
Bright Red background color indicates that price has left top Fib multiple ATR band and possibly go for top.
Light Red background color indicates that price has left 2nd top Fib multiple ATR band and possibly go for local top.
Lime background color indicates that price has entered lowest band indicating local bottom.
Bright Green background color indicates that price is approximately resting on Golden Bottom i.e. AMA.
Oscillator color is set to gradient for easy directional adaption.
Just saw your oscillator featured in a YouTube video from Crypto Crew University today. Very nice work here!
MightyZinger
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@notjoebidness, Thanks mate. Its good to see this potential indicator being noticed by masses. Although its on a critical place right now to prove its existance same as it proved based on past historical BTC data.
Gazmanov
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Could you create an indicator, BTC, where whales buy and sell, so that it also shows altcoins, where whales buy and sell
MightyZinger
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@Gazmanov, I think "MZ RVSI" cover this problem where Relative Volume Strength Index can be used to detect potential Buy/Sell volume but it's a good idea for an individual indicator of crypto
Gazmanov
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@MightyZinger, It would be nice to see what you can do
Gazmanov
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@MightyZinger, "MZ RVSI"But it is not clear on what volume of sales and purchases of whales
MightyZinger
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@Gazmanov, RVSI uses a volume oscillator and RSI combination to detect volume relative strength which is better for divergence detection in volume. Whale trades doesn't have to be good trades and mostly whales only start Bull/Bear trends when volume is dried up. Relative volume strength index good in such scenario to detect these anomalies in volume where sometimes price is going up and RVSI going down indicating potential future sell off or vise versa.
nrReplc1
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@MightyZinger, i think Relative volume strength index is good for potential sell off but not that effective for potential buy because the downtrend can happen even with low volumes .
MightyZinger
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@nrReplc1, Price deviation is possible from RVSI and that's why it can be used for divergences. Also, RVSI doesn't use raw volume data so it only matters if relative volume is low or high. Suppose if relative volume is low then it's RVSI will also be low indicating that trend isn't supported by volume.