Leonid's Bitcoin MVRV & Puell Multiple Z-Score Cycle Indicator

16 時間前The goal of this indicator is to detect when Bitcoin is near it's cycle bottom or cycle top using primarily the MVRV Z-score.

Puell Multiple is also a great indicator but doesn't fit as well onto Z-Score thresholds (it's more volatile).

The indicator will flash green when Bitcoin is at cycle lows & red when Bitcoin is at cycle tops.

What is MVRV Z-Score?

The MVRV (Market Value-Realized Value) Z-Score measures the value of the bitcoin network by comparing the market cap to the realized value and dividing by the standard deviation of the market cap (market cap – realized cap) / std(market cap)).

When the market value is significantly higher than the realized value, the bitcoin network is "overvalued". Very high values have signaled cycle tops in the past and low values have signaled bottoms.

What is the Puell Multiple?

The Puell multiple is the ratio between the daily coin issuance in USD and its 365-day moving average. This multiple helps to measure miner profitability.

The PUELL indicator smooths the Puell multiple using a 14-day simple moving average. When the PUELL goes to high values relative to historical values, it indicates the profitability of the miners is high and a top may be near.

When the PUELL is low relative to historical values, it indicates the profitability of the minors is low and a bottom may be near.

My work here consisted of combining other scripts and modifying the overal Pinecode to make it easier to read & understand as well as tweaking a few things to improve the signals. You can have these indicators separately but felt they fit nicely together as a combined confirmation.

This work could not have been done without the amazing work of the following folks:

Da_Prof tradingview.com/u/Da_Prof/
VanHe1sing tradingview.com/u/VanHe1sing/
AlgoAlpha tradingview.com/u/AlgoAlpha/

15 時間前

リリースノート

The goal of this indicator is to detect when Bitcoin is near it's cycle bottom or cycle top using primarily the MVRV Z-score.

Puell Multiple is also a great indicator but doesn't fit as well onto Z-Score thresholds (it's more volatile).

The indicator will flash green when Bitcoin is at cycle lows & red when Bitcoin is at cycle tops.

What is MVRV Z-Score?

The MVRV (Market Value-Realized Value) Z-Score measures the value of the bitcoin network by comparing the market cap to the realized value and dividing by the standard deviation of the market cap (market cap – realized cap) / std(market cap)).

When the market value is significantly higher than the realized value, the bitcoin network is "overvalued". Very high values have signaled cycle tops in the past and low values have signaled bottoms.

What is the Puell Multiple?

The Puell multiple is the ratio between the daily coin issuance in USD and its 365-day moving average. This multiple helps to measure miner profitability.

The PUELL indicator smooths the Puell multiple using a 14-day simple moving average. When the PUELL goes to high values relative to historical values, it indicates the profitability of the miners is high and a top may be near.

When the PUELL is low relative to historical values, it indicates the profitability of the minors is low and a bottom may be near.

My work here consisted of combining other scripts and modifying the overal Pinecode to make it easier to read & understand as well as tweaking a few things to improve the signals. You can have these indicators separately but felt they fit nicely together as a combined confirmation.

This work could not have been done without the amazing work of the following folks:

Da_Prof tradingview.com/u/Da_Prof/
VanHe1sing tradingview.com/u/VanHe1sing/
AlgoAlpha tradingview.com/u/AlgoAlpha/