KTA - ALT/BTC Strength Detector
This is an indicator that displays the Relative Strength Index (RSI) of Total Crypto Market Capitalization Excluding BTC (ALT MCAP.) and BTC ONLY Market Capitalization (BTC MCAP.). Both RSI's have a lookback of 60Days, and the timeframe is hardcoded to daily. So it's a lookback of 60 days calculation for both RSI's.
The histogram is a visual representation of the difference between the BTC MCAP. RSI and the ALT MCAP. RSI If the color of the histogram bars is blue, this indicates that the BTC MCAP. RSI is higher than the ALT MCAP. RSI (BTC MCAP RSI crossed over ALT MCAP RSI) and visa versa for the green bars (ALT MCAP RSI crossed over BTC MCAP RSI).
This indicator can show the strength of the cryptocurrency market (excluding bitcoin) capitalization versus the Bitcoin-only market capitalization.
Yellow trendline = ALT MCAP. 60 day RSI
Purple trendline = BTC MCAP. 60 day RSI
Note: Histogram base has been set to 50 to fit the histogram in the same area as the RSI's so the calculation for the histogram is ( (ALT MCAP. 60day RSI / BTC MCAP. 60day RSI) *50 ).
Please note I am not a finical advisor, and I do not intend to give financial advice; I am only making this chart as I love scripting here on Trading View, and I would like to give something back to this fantastic community.
I hope you enjoy it.
Best,
KTA
The histogram is a visual representation of the difference between the BTC MCAP. RSI and the ALT MCAP. RSI If the color of the histogram bars is blue, this indicates that the BTC MCAP. RSI is higher than the ALT MCAP. RSI (BTC MCAP RSI crossed over ALT MCAP RSI) and visa versa for the green bars (ALT MCAP RSI crossed over BTC MCAP RSI).
This indicator can show the strength of the cryptocurrency market (excluding bitcoin) capitalization versus the Bitcoin-only market capitalization.
Yellow trendline = ALT MCAP. 60 day RSI
Purple trendline = BTC MCAP. 60 day RSI
Note: Histogram base has been set to 50 to fit the histogram in the same area as the RSI's so the calculation for the histogram is ( (ALT MCAP. 60day RSI / BTC MCAP. 60day RSI) *50 ).
Please note I am not a finical advisor, and I do not intend to give financial advice; I am only making this chart as I love scripting here on Trading View, and I would like to give something back to this fantastic community.
I hope you enjoy it.
Best,
KTA