SOPR with Z-Score Table

📊 Glassnode SOPR with Dynamic Z-Score Table
ℹ️ Powered by Glassnode On-Chain Metrics

📈 Description:
This indicator visualizes the Spent Output Profit Ratio (SOPR) for major cryptocurrencies — Bitcoin, Ethereum, and Litecoin — along with a dynamically normalized Z-Score. SOPR is a key on-chain metric that reflects whether coins moved on-chain are being sold at a profit or a loss.

🔍 SOPR is calculated using Glassnode’s entity-adjusted SOPR feed, and a custom SMA is applied to smooth the signal. The normalized Z-Score helps identify market sentiment extremes by scaling SOPR relative to its historical context.

📊 Features:

Selectable cryptocurrency: Bitcoin, Ethereum, or Litecoin

SOPR smoothed by user-defined SMA (default: 10 periods)

Upper & lower bounds (±4%) for SOPR, shown as red/green lines

Background highlighting when SOPR moves outside normal range

Normalized Z-Score scaled between –2 and +2

Live Z-Score display in a compact top-right table

🧮 Calculations:

SOPR data is sourced daily from Glassnode:

Bitcoin: XTVCBTC_SOPR

Ethereum: XTVCETH_SOPR

Litecoin: XTVCLTC_SOPR

Z-Score is calculated as:

SMA of SOPR over zscore_length periods

Standard deviation of SOPR

Z-Score = (SOPR – mean) / standard deviation

Z-Score is clamped between –2 and +2 for visual consistency

🎯 Interpretation:

SOPR > 1 implies coins are sold in profit

SOPR < 1 suggests coins are sold at a loss

When SOPR is significantly above or below its recent range (e.g., +4% or –4%), it may signal overheating or capitulation

The Z-Score contextualizes how extreme the current SOPR is relative to history

📌 Notes:

Best viewed on daily charts

Works across selected assets (BTC, ETH, LTC)