OPEN-SOURCE SCRIPT

Cryptocurrency Sentiment

Actualizado
Overview
This script focuses on calculating and visualizing the sentiment difference between LONG positions and SHORT positions for a selected cryptocurrency pair on the Bitfinex exchange. It provides a clean and clear visual representation of the sentiment, helping traders analyze market behavior.

Key Features
  1. Dynamic Symbol Selection:

*The script automatically detects the cryptocurrency symbol from the chart (syminfo.basecurrency) and dynamically constructs the LONGS and SHORTS ticker symbols.*
*Works seamlessly for pairs like BTCUSD, ETHUSD, and others available on Bitfinex.*


  1. Sentiment Calculation:

*The sentiment difference is calculated as:*
Sentiment Difference=−1×(100− SHORTS/LONGS ×100)
*LONGS: The total number of long positions.*
*SHORTS: The total number of short positions.*
*If SHORTS is 0, the value is safely skipped to avoid division errors.*

  1. Color Coding:


*The script visually highlights the sentiment difference:*
*Green Line: Indicates that LONG positions are dominant (bullish sentiment).*
*Red Line: Indicates that SHORT positions are dominant (bearish sentiment).*

  1. Zero Reference Line:

*A gray horizontal line at 0 helps users quickly identify the transition between bullish (above zero) and bearish (below zero) sentiment.*

How It Works
  1. Fetching Data:

*The script uses request.security to fetch LONGS and SHORTS data at the current chart timeframe (timeframe.period) for the dynamically generated Bitfinex tickers.*


  1. Handling Data:

*Missing or invalid data (NaN) is filtered out to prevent errors.
Extreme spikes or irregular values are safely avoided.*

  1. Visualization:

*The sentiment difference is plotted with dynamic color coding:*
*Green when LONGS > SHORTS (bullish sentiment).*
*Red when SHORTS > LONGS (bearish sentiment).*

Benefits
*Market Sentiment Insight: Helps traders quickly identify if the market is leaning towards bullish or bearish sentiment based on actual LONG and SHORT position data.*
*Dynamic and Adaptive: Automatically adjusts to the selected cryptocurrency symbol on the chart.*
*Clean Visualization: Focuses solely on sentiment difference with color-coded signals, making it easy to interpret.*

Best Use Cases
*Trend Confirmation: Use the sentiment difference to confirm trends during bullish or bearish moves.*
*Market Reversals: Identify potential reversals when sentiment shifts from positive (green) to negative (red) or vice versa.*
*Sentiment Monitoring: Monitor the overall market bias for cryptocurrencies like BTC, ETH, XRP, etc., in real-time.*

Sample Chart Output
*Above Zero → Green Line: Bullish sentiment dominates.*
*Below Zero → Red Line: Bearish sentiment dominates.*
*Zero Line → Transition point for shifts in sentiment.*

Notas de prensa
Overview
This script focuses on calculating and visualizing the sentiment difference between LONG positions and SHORT positions for a selected cryptocurrency pair on the Bitfinex exchange. It provides a clean and clear visual representation of the sentiment, helping traders analyze market behavior.

Key Features
Dynamic Symbol Selection:
*The script automatically detects the cryptocurrency symbol from the chart (syminfo.basecurrency) and dynamically constructs the LONGS and SHORTS ticker symbols.*
*Works seamlessly for pairs like BTCUSD, ETHUSD, and others available on Bitfinex.*


Sentiment Calculation:
*The sentiment difference is calculated as:*
Sentiment Difference=−1×(100− SHORTS/LONGS ×100)
*LONGS: The total number of long positions.*
*SHORTS: The total number of short positions.*
*If SHORTS is 0, the value is safely skipped to avoid division errors.*

Color Coding:

*The script visually highlights the sentiment difference:*
*Green Line: Indicates that LONG positions are dominant (bullish sentiment).*
*Red Line: Indicates that SHORT positions are dominant (bearish sentiment).*

Zero Reference Line:
*A gray horizontal line at 0 helps users quickly identify the transition between bullish (above zero) and bearish (below zero) sentiment.*

How It Works
Fetching Data:
*The script uses request.security to fetch LONGS and SHORTS data at the current chart timeframe (timeframe.period) for the dynamically generated Bitfinex tickers.*


Handling Data:
*Missing or invalid data (NaN) is filtered out to prevent errors.
Extreme spikes or irregular values are safely avoided.*

Visualization:
*The sentiment difference is plotted with dynamic color coding:*
*Green when LONGS > SHORTS (bullish sentiment).*
*Red when SHORTS > LONGS (bearish sentiment).*

Benefits
*Market Sentiment Insight: Helps traders quickly identify if the market is leaning towards bullish or bearish sentiment based on actual LONG and SHORT position data.*
*Dynamic and Adaptive: Automatically adjusts to the selected cryptocurrency symbol on the chart.*
*Clean Visualization: Focuses solely on sentiment difference with color-coded signals, making it easy to interpret.*

Best Use Cases
*Trend Confirmation: Use the sentiment difference to confirm trends during bullish or bearish moves.*
*Market Reversals: Identify potential reversals when sentiment shifts from positive (green) to negative (red) or vice versa.*
*Sentiment Monitoring: Monitor the overall market bias for cryptocurrencies like BTC, ETH, XRP, etc., in real-time.*

Sample Chart Output
*Above Zero → Green Line: Bullish sentiment dominates.*
*Below Zero → Red Line: Bearish sentiment dominates.*
*Zero Line → Transition point for shifts in sentiment.*
Advance/Decline LineAdvance/Decline Volume LineCryptocurrencycryptomarketcryptpcurrencydifferencesentimentalanalysisVolume Weighted Average Price (VWAP)

Script de código abierto

Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

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