Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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🔗Blockchain Fundamentals - Satoshis Per Dollar by Cryptorhythms
Intro SPD is a new metric I propose which can be used to determine general sentiment and help narrow down periods to DCA .
Description In the most basic sense this indicator is simply showing you how many satoshies are equal to one US dollar . This can be a useful metric to keep stored in the back of your mind. It can also give you a new satoshi based perspective on bitcoin pricing.
I simply added an MA selection option to give a basic sentiment reading. You could also use the red areas as a modified DCA (i.e. only do dollar cost averaging when red zone is in effect.
The indicator is not really meant for buy/sell signaling but more as a reference
👍 We hope you enjoyed this indicator and find it useful! We post free crypto analysis, strategies and indicators regularly. This is our 71st script on Tradingview!
This works like a charm ... very useful indicator ... Thanks for sharing ....
Minimal_Est
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first of all thank you for the great indicator. I am trying to set it as a strategy for dollar cost averaging. Any idea how to do it ? Many thanks
theheirophant
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@giacomokratterrocks, you're welcome! First you want to select an MA length that corresponds to the timeframe you are on and your general goals (100 is default but may not be optimal). A longer length MA, should be used for investing (long term) and a shorter term MA for swing trades (mid term).
The DCA is "allowed" when SPD > MA.
above the MA = DCA's are allowed
below the MA = potential times to slowly unwind the position
Remember this is a metric NOT meant for fast "in and out" trades. Its meant to help pick times to either stack coins or distribute them.
theheirophant
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@theheirophant, Please note satoshies per dollar is simply another way to view price. It will be perfectly inversely correlated to price. So in effect, you can attain the same results with just a price chart, by DCA'ing when under the 100MA and unwinding when above the 100MA.
Minimal_Est
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@theheirophant, I totally understand, however I would like to scale my position till the local bottom is set and then sell the swing. So this would be perfect. The problem is I am having a hard time setting the alert conditions. Not only the alert conditions but for example to tell tradingview to open an order of 200 dollars every 300 dollars it goes down for example.
theheirophant
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@giacomokratterrocks, ok so for what you need you would have to setup alertconditions based on whatever inputs you had.
A few examples:
-Buy X amount of BTC every N days
-Buy X amount of BTC every N days only if price is XYZ lower than last entry
-Buy X amount of BTC if price drops > N Percent
If you are unsure how to accomplish it please DM me as I also do freelance work and could come up with a solution for you to use (wouldnt take alot of time to do, so relatively inexpensive).
OliverDiaz
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hello, do you have an indicator like this for forex?