Combined with the Kovach Crypto Spread, these two indicators can help visualize asset flows from Bitcoin to Altcoins and vice versa. For example, now we have a bit of a pullback in Bitcoin due to the Segwit2x fork cancellation. We can clearly see, using the Altcoin index, that Altcoins are rallying from investors pulling out of Bitcoin.
This is further confirmed with the Kovach Crypto Spread indicator, which measures the spread in returns between Bitcoin and the top Altcoins.
Both of these scripts weight Altcoins proportional to their market capitalization, and this is updated weekly so that you constantly have up-to-date parameters, and the indicators adequately reflect the markets in real time.
Check out these indicators as well as the Kovach Momentum Indicators and the Reversals indicator at quantguy.net