NeoButane

Volume Share - Bitcoin Retail % [cryptorae] [NeoButane edit]

This is originally @cryptorae's script with modifications. A great explanation of function can be found on their Twitter .
Original comments:
Follow me @cryptorae on twitter
H/T @AureliusBTC and @cryptom173 for tweaks and assistance


Added three more setups:
  • Correlation oscillator
  • Raw volume
  • Percent change for the two sets of volume ("retail" and "nonretail"), independent of each other

The correlation oscillator shows that inverse/lowering correlation can result in price increasing, acting as if oversold; the same can be said when correlation increases.

"Raw" volume is the volume tickers without changing anything about them.

Percent change is the % difference from the current bar and bar.

Color coded the columns based on percent levels; <15%/<25%/<35%/<39%/<55%/>55%. <46% created too much noise for an indicator. 36% - 38.99% is red to alert possible trend changes in the ratio.

(Overly) summarized use of the original script:
The volume bars up -> Common fiat onramp exchanges have good volume that signal an influx of new investors
The volume bars down -> The majority of volume is on big boy exchanges where retail/new investors aren't likely to be trading

הערות שחרור: Added Bithumb toggle to make it usable for their current washtrading event. This was the main reason for updating because it was useless otherwise

General script cleanup
Removed the percent/raw volume changes
USD denominated exchanges have had their formula changed from volume / close to volume / hlc3
Added bitFlyer futures exchange as nonretail option for theory
Added toggle for color changes; using raw values to derive information vs. local momentum seems to be a mistake and can cause confusio
סקריפט קוד פתוח

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My published indicators: https://www.tradingview.com/u/NeoButane/#published-scripts

Sorry if I haven't replied to your message yet, I'm a bit backlogged :)

תגובות

Good indicator, thanks! I will say that recent spikes in volume everyday at 11am Korean Standard Time are probably coming from BitThumb due to what someone on Twitter has described as significant wash trading to attempt to get profits from Airdrops on that exchange. Might make sense to diminish the impact BitThumb has on the indicator during this time.
+1 השב
NeoButane Scninja
Yes, good observation. For now this version is depreciated and the original version has had Bithumb removed for the time being in a new update. As this indicator is a multi tool concept of a theory, I am wondering what could be improved and what should be removed (definitely too much fluff).

The original author has updated it here for the time being:
+1 השב