DXM Oscillator

The DXM oscillator is a cryptocurrency indicator. It compares the price action of the underlying asset to the movement of the total cryptocurrency market capitalization and determines if there is excess buy or sell pressure (red/green area plot, x). The strength of x is absolute in that a move above 20 or below -20 is considered "strong pressure". The incorporated histogram also helps illustrate the strength of x in addition to signaling potential long/short entries. The histogram is color-coded:

green = long
red = short
yellow = aggressive long
purple = aggressive short

If you have any questions, feel free to leave a comment or DM me.

Happy trades,

Sim

Versionsinformation:

Cleaned up code; new histogram signal (white) is very aggressive long/short signal.

Versionsinformation:

Added option to compare price action to altcoin market cap movement.