MVRV Z Score and MVRV Free Float Z-ScoreIMPORTANT: This script needs as much historic data as possible. Please run it on INDEX:BTCUSD , BNC:BLX or another chart of sufficient length.
MVRV
The MVRV (Market Value to Realised Value Ratio) simply divides bitcoins market cap by bitcoins realized market cap. This was previously impossible on Tradingview but has now been made possible thanks to Coinmetrics providing us with the realized market cap data.
In the free float version, the free float market cap is used instead of the regular market cap.
Z-Score
The MVRV Z-score divides the difference between Market cap and realized market cap by the historic standard deviation of the market cap.
Historically, this has been insanely accurate at detecting bitcoin tops and bottoms:
A Z-Score above 7 means bitcoin is vastly overpriced and at a local top.
A Z-Score below 0.1 means bitcoin is underpriced and at a local bottom.
In the free float version, the free float market cap is used instead of the regular market cap.
The Z-Score, also known as the standard score is hugely popular in a wide range of mathematical and statistical fields and is usually used to measure the number of standard deviations by which the value of a raw score is above or below the mean value of what is being observed or measured.
Credits
MVRV Z Score initially created by aweandwonder
MVRV initially created by Murad Mahmudov and David Puell
Freefloatmarket
(FINNIFTY) NIFTY Financial Service FreeFloat VolumeThis indicator is build keeping in mind how the Indian Market is formed - the free-float market capitalization concept
1) Considered new FINNIFTY - Nifty Financial Service index stocks according to NSE
2) Multiplied each stock Volume by its Weightage given in NSE Site every month End - means giving importance to volume by its weightage
3) Green Candle - Considered as +Ve Volume , Red Candle - Considered as -Ve Volume
4) Diff of +Ve Volume & -Ve Volume give clear picture market will go up or down
Note:- This Indicator work only for 15 Min time frame
Gives better results good Risk Reward used near Supp/Resistance
Combine with FINNIFTY Advance-Decline Ratio give confidence on the move
Eg:-
Bullish Scenario
Near Support, Volume Turned -Ve to +Ve, Adv /Dec of Fin Nifty >11/15
or combine any candle patterns( Pin Bar ) at Sup/Res or combine with Chart Pattern(Triangle/ Rectangle )
Bearish Scenario - Vice Versa to above
