Total cryptocurrency market capitalization without tether, with alerts for chosen value thresholds.
The rationale is that tether is a printed supply stablecoin with a fixed value; there is no need to include its value in a combined market cap. It's debatable if that's true, but that doesn't explain what this indicator is.
The second part of this indicator is highlighting when the aforementioned adjusted market cap is above or below certain values. They are round numbers; a psychological factor. A psyop, if you will.
Options to configure are the lower and upper bound and colors. The alerts must be manually turned on, as usual.
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Update variable naming convention, change colors
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Added a toggle for bar coloring.
This update is mainly to make a note on the utility of this: while it is accurate now, eventually the market cap will explode in a direction, likely to the upside. Take heed of the trend.
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The hit rate of this has been interesting, so I am updating it to share what I've found. Anyone want to take a guess when it'll stop working?
Updates: From what I can tell, the new market cap range without tether is 2250 - 2500. Add billions for zeroes as needed.
Added a mid point horizontal line that serves as support and resistance. It will adjust to your upper and lower threshold, if you choose to change it. There is an alert condition that has been added for mid point crossing too.
Added an option to exclude USDC.
Changed market cap price source to be low under the mid point and high over the mid point. This will make it so that wicks won't be missed from the threshold, since market cap could close within the threshold.
Some pictures of reactions to above/below threshold:
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Added highlighting for midpoint crossing
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Updates: Included option to display as candles Toggle midpoint highlight Added additional lines you can plot so they're consistent across all charts
I have a question about the values of the borders (850 and 975) - how are they calculated? Apparently, they need to be edited once in a certain period of time, since the indicator does not work on history, only the last month and no more. So, these values did not work before, and in the future they will not work either, right? How are they calculated?
This is intended. I do not see any value in showing what I personally consider data that isn't useful.
bool afterJan3 = time >= timestamp(2021, 1, 3)
This is purely for cosmetic reasons. and has no effect on indicator calculation. If you would like to remove the history limiter:
bool dTrig = true and noUSDTMCap <= i_b850
bool uTrig = true and noUSDTMCap >= i_b975
It'll look something like this.
Mixogen83
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@NeoButane, Thanks, with the historical limitation it is clear.
But the issue of manually setting signal triggers remains unclear to me. When the market capitalization reaches 1.5 or 2 trillion in the future, the boundaries of 850 and 975 will become useless. How to calculate new ones? And if there is a formula, why not integrate it into the code? For example, through the ratio to the current market capitalization.
Thanks.
NeoButane
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@Mixogen83, Interesting idea on ratio! I'll implement a simple one. The hard part is figuring out what determines the range
Mixogen83
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@NeoButane, I experimented a little with this, and the values of 84.8% and 97.1% of capitalization seemed adequate to me as triggers. But in any case, these options need to be moved to external variables, I think so, because each timeframe needs its own aggressiveness.
NeoButane
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@Mixogen83, I'll try that. RE: ratio. What do you recommend? Just move up the range but keep the range size the same?