noomnahor

altcoin index oscillator

Use
Compare alt coins to the "altcoin index", an average of a selection of alt coins.
Above zero means the coin you are viewing is worth more than the index, indicating the possibility of overbought.
Below zero indicating the opposite, a possibility of oversold.
Press the cog icon to select which alt coins you want included in the index.

Notes
The coins in the index are ALTBTC, meaning their value against BTC . Due to this the indicator is useless when viewing BTC only charts.
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//@version=2
//study("altcoin averages")
study("altcoin index oscillator", overlay=false)

curr = security(tickerid, period, ohlc4)

ch1 = input(true, "include ppcbtc", bool)
ch2 = input(false, "include ethbtc", bool)
ch3 = input(true, "include nmcbtc", bool)
ch4 = input(true, "include nxtbtc", bool)
ch5 = input(true, "include xmrbtc", bool)

count = ch1 + ch2 + ch3 + ch4 + ch5

ppc = iff(ch1, security("THEROCKTRADING:PPCBTC", period, ohlc4), 0)
eth = iff(ch2, security("KRAKEN:ETHXBT", period, ohlc4), 0)
nmc = iff(ch3, security("THEROCKTRADING:NMCBTC", period, ohlc4), 0)
nxt = iff(ch4, security("HITBTC:NXTBTC", period, ohlc4), 0)
xmr = iff(ch5, security("HITBTC:XMRBTC", period, ohlc4), 0)

average = avg(ppc, eth, nmc, nxt, xmr)
diff = (curr - average) / (average)
max = highest(diff, 21)
min = lowest(diff, 21)
highestAbs = abs(max) > abs(min) ? abs(max) : abs(min)
osc = diff / highestAbs

over = diff > 0
under = diff < 0

colordef = over ? red : under ? green : white

plot(osc, "osc", color=colordef, style=line)

plot(1, title = "Top Line", color = white, linewidth = 1)
plot(0, title = "Zero Line", color = yellow, linewidth = 1)
plot(-1, title = "Bottom Line", color = white, linewidth = 1)

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