Advanced Tradingview Calculations

30 нояб. 2020 г.

This is a tutorial on how to get the most out of Tradingview by using advanced price calculations.

The focus will be on crypto, and more specifically bitcoin.
Nevertheless these tricks can be applied to other assets as well.


Let's say you want to look at the current bitcoin price.
The problem is that there are a lot of different exchanges and they all have different prices.
Sure they're all around the same price level, but there's still a difference.
So it would be quite useful if we could just look at an average price of all the most relevant markets.

Here's how you can make that happen...

Average price calculation

First you click on the ticker on the top left, which will open the ticker tab.
Open the parenthesis by typing: "(".

Next you look for the markets you're interested in. In the example on the chart (bottom left line chart) I made an average for Coinbase, Bitstamp, Bitfinex and Binance.
So you start typing "BTCUSD" and then with the up/down arrow keys on your keyboard you can select the exchanges you want.
Each time you select an exchange you type: "+".
Then type "BTCUSD" again and select another exchange. The binance pair is versus USDT instead of USD. So to easily find that market type "BTCUSDT".

Once you're done selecting markets you close the parenthesis and divide the whole thing by the amount of markets you've chosen.
In my example I took 4 markets so I divided it by 4. Finally press enter.

Now you have a price chart that's an average of all the markets you selected.


Converted currency price chart

On the top left you see a red line chart. This is the Bitflyer spot market.
There's an issue though, it's a Japanese Yen pair. I would like to be able to compare it to USD markets.
So let's convert it and make a price chart with USD values.

Just like last time, open the ticker tab.
Look for "BTCJPY" and select the Bitflyer market.
Now type "*". We're going to multiply it with a forex pair.
Type "JPYUSD" and select a forex pair.

When that's done you press enter and your price chart will be in USD instead of JPY!


Making ratio's

There's so much possible with these types of calculations, but I'll share one more trick to give you some inspiration.
Let's compare certain markets with each other and create ratios.

To the chart on the right you can see in green a ratio of some of the top USD markets in relation to the top USDT markets.
This way we can see which markets have a premium or a discount.

It always starts the same way: open the ticker tab.
First open the parenthesis: "(".
Just like with the average price calculation you're going to select a few USD markets of your liking.
I used Coinbase, Bitstamp and Bitfinex for this example. Don't forget to type "+" in between each market.
Then close the parenthesis and divide the selected USD markets by 3 (because I'm using 3 markets here).

Now type "-" and open the parenthesis again. We're going to add a few USDT markets just like we did for USD.
I used Binance, Huobi and Poloniex.
Again close the parenthesis and divide by 3.
And finally press enter of course.

The price chart will be replaced by the ratio and it'll look kind of messy.
Let's make it look like a nice indicator.

You can do this by clicking on the "compare" button and doing the entire calculation there. It'll add a big fat orange line on top of your price chart.
By clicking on the three dots you can click on "new pane below". Then go to the style settings and change it to your liking.
I made it green and decided to use a line chart with markers. Looks pretty nice. Interesting ratio too...

The blue ratio on the top of the chart is a simple Coinbase/Bitfinex comparison.
Click the "compare" button again and type the following formula: COINBASE:BTCUSD-BITFINEX:BTCUSD
This way you can see which exchange is more bullish/bearish.


That's all I have for you today.
Hopefully you found it interesting.