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

リリースノート: 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
オープンソーススクリプト

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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

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