Derives a bias for BTC/USD on the daily timeframe and displays it on the chart in a configurable way. Takes price data from the CME BTC futures chart (exchange is configurable), regardless of what symbol you run it on.
Why? Because futures are said to give cleaner charts, but most traders are not trading CME futures. So you can use this indicator on whichever...
This is an interesting study using the data provided by the Bitcoin CME Commitment of Traders report.
The MACD plot the difference between the Retail Traders positions and the Professional Traders positions.
The general idea is that Professional Traders have a better read on the market than Retail Traders.
The signal line helps to identify the trend that it...