Update to Pinescript V6
STH-MVRV (MVRV) (sthMVRV): This indicator compares Bitcoin's current MVRV ratio to its 155-day SMA.
It focuses on the relationship between market value and realized value, providing insight into short-term holder profitability and broader market conditions. A value above 1 suggests profitability, while a value below 1 indicates potential losses for short-term holders.
STH-MVRV (Price) (sthMVRV2): This indicator compares Bitcoin's current price to its 155-day SMA.
It emphasizes price momentum, revealing whether the price is extended above or below its historical average. A value above 1 implies the current price is higher than the 155-day average, and below 1 suggests the opposite.
STH-MVRV (AVG) (AvgMVRV): This metric averages the STH-MVRV (MVRV) and STH-MVRV (Price) values, combining both on-chain value dynamics and price momentum. It provides a balanced view of market conditions, capturing insights from both profitability and price trends.