LonesomeTheBlue

Bitcoin Bullish Percent Index

Hello Traders,

This is Bitcoin Bullish Percent Index script. First lets talk about what the Bullish Percent Index and how it is calculated:

"The Bullish Percent Index (BPI) is a breadth indicator based on the number of securities on Point & Figure Buy Signals, Developed by Abe Cohen in the mid-1950s. Because a security is either on a P&F Buy or Sell Signal, there is no ambiguity when it comes to P&F charts. This makes BPI a straightforward indicator with clearly defined signals."

The calculation is straightforward and simple: (Number of securities on P&F Buy signals) / (Total number of securities)

Here you can see what the P&F buy signal is:

In this script I choose 40 cryptos that is correlated (as I see) with BTC (including BtcUsdt ). in the first part the script creates P&F chart for each security and check if there is Buy or Sell signal and sum the buy signals if there is. in the second part it creates P&F chart by using the P&F buy/sell signals coming from the securities P&F chart. because of complicated calculation the script may need a few seconds to load.

in the first part reversal value is 3 by default but you can set different values as reversal. sometimes I got better results with reversal = 5.

in BPI part reversal = 3 is used. so each box represents 2% (each X or O is a box). And this means it takes at least a 6% move in BPI for a reversal. the Bullish Percent Index favors the bulls when above 50% and the bears when below 50%. The bulls have the edge when over 50% of stocks are on a P&F Buy Signal. BPI is also considered overbought when above 70% and oversold when below 30%. BPI can move between 0 and 100.

Because of 40 securities are used in the script and all different prices, it uses Percentage scaling only. it can calculate the Percentage automatically by using the time frame of the chart or you can set it as you wish.

The Signals coming from BPI:
Bull Alert: BPI is below 30% and then forms a new column of X's (rises)
Bear Alert: BPI is above 70% and then forms a new column of O's that decline below 70%.
Bull Confirmed: BPI is on a P&F buy signal and in a column of X's (rising).
Bear Confirmed: BPI is on a P&F sell signal and in a column of O's (falling).
Bull Correction: BPI is on a P&F buy signal, but currently falling (column of O's).
Bear Correction: BPI is on a P&F sell signal, but currently rising (column of X's).


If you are not familiar with Bullish Percent Index you better search it on the net to get more info, you can find a lot of articles and web sites about BPI.


as I remember I developed the script 6-7 months ago and today I had chance to publish it as it was


Enjoy!
Notas de prensa: Removed "BINANCE:MCOUSDT" that is not valid anymore.
Notas de prensa: "BINANCE:HCUSDT" removed from the list, as it's not valid anymore.
Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con las Normas internas. Puede marcarlo como favorito para usarlo en un gráfico.

¿Quiere utilizar este script en un gráfico?

Comentarios

500 monedas
+3 Responder
@PineCoders, Thank you!
+1 Responder
This is the only script that has been able to track BTC direction in this crazy market. Thanks. I'm a full fledged fan of yours and scripts.
+3 Responder
LonesomeTheBlue ilesanmipepsi
+1 Responder
This publication is now featured in our Editors' Picks. In the name of all TradingView traders, thank you for your valuable contribution to the TradingView community, and congrats!
+3 Responder
@PineCoders, Thank you!
+1 Responder
Such a cool script. You make the world a brighter place LTB =)
+3 Responder
@kurtsmock, glad to hear it's useful for the community ;)
+1 Responder
Woahhhh
+2 Responder
Hey @LonesomeTheBlue , great script as always. But you have to delete MCOUSDT - that pair doesnt exist anymore and crashes the script =)
+2 Responder