Altseason Indicator (Market Cap) by wanderingsouls — TradingView
This custom indicator helps identify altseason conditions by tracking the relative performance of altcoins compared to Bitcoin. The script uses the total market cap of altcoins and compares it to Bitcoin’s market cap. When the ratio of total altcoin market cap to Bitcoin market cap exceeds a defined threshold, it signals a potential altseason, indicating that altcoins are outperforming Bitcoin in the market.
Key Features:
Market Cap-Based Logic: The indicator focuses on the broader altcoin market by comparing the total altcoin market cap (excluding Bitcoin) to Bitcoin’s market cap.
Customizable Threshold: Set your own threshold for when the altcoins’ relative strength signals an altseason, with a default of 10%.
Real-Time Monitoring: This indicator works across multiple timeframes and updates with real-time market data.
Background Highlight: When altseason conditions are met, the chart’s background turns green, providing an easy visual cue for traders.
Market-Wide Focus: Unlike focusing on individual altcoins, this indicator uses a more comprehensive market cap approach, making it more suitable for a broader analysis of altseason.
How It Works:
The script tracks the total market capitalization of altcoins and compares it to Bitcoin’s market capitalization.
When the ratio of altcoin market cap to Bitcoin’s market cap surpasses the set threshold, the indicator considers this a sign of altseason, with the background color changing to green.
Use Cases:
Altseason Identification: Quickly identify when altcoins are outperforming Bitcoin in the market.
Market Trend Analysis: A useful tool for traders and investors looking to track broader market trends and make informed decisions.