Yesterday I made a new pinescript indicator for tradingview called "SBD pegwatch" , and decided to stick with the theme and figure out what else could be useful for STEEM daytraders. I brainstormed a 4 page list.
I'll have a go at coding each one, and eventually merge them all into an uber indicator :)
SteemUSD indicator for Tradingview
https://www.tradingview.com/script/7g6mYK6I-SteemUSD-indicator/
SteemUSD indicator is pretty simple for now - it simply charts the usd value of Steem using the Poloniex:STEEMBTC price, and the BITFINEX:BTCUSD price .
By adding it to tradingview alongside your regular poloniex steembtc chart, it allows you to basically see the effect of BTC price moves that the Steem Market hasn't priced in yet (and vice-versa).
The easiest way to use this for the time being is to simply chart trendlines on both your normal chart and SteemUSD , and set alarms on trendline breaks in both of them.
In time, I predict that Steem will stabilize in dollar terms and these divergences in price will become even more of a useful trend-change indicator.
I really hope the community finds these scripts useful. Think of them as building blocks, they work best when used in conjunction with other blocks. Its early days, but already with these 2 scripts we can do things like:
Note in this pic we see SBDUSD continuing to drop , mostly due to the BTC price dropping rather then SBD sell pressure specifically.. I mentioned seeing this coming a few times, using different techniques.
Don't stress though, a bitcoin retracement is good in the long term. We're just refueling the rocket IMO.
Bitcoin will drop a bit, look like serious doom is incoming and before you know it we'll be hitting new highs again.
Happy trading people! Upvote if you find my posts useful
You should : Follow me and partner @krystle , then take the time to donate to wikileaks via steemit :)
Peace!