This is just a couple of custom indicators to plot TROLOLO logarithmic regression and the relative valuation of bitcoin against it.
Hope you find it useful.
Hope you find it useful.
Note
study("TROLOLO RELATIVE VALUATION")// thi is to count days since bitcoin launch
is_newbar(res) =>
t = time(res)
change(t) != 0 ? 1 : 0
count=549+cum(is_newbar("D"))
//this is to calculate trololo valuation per day
TROLOLO2 = pow(10,(2.66167155005961*log(count) - 17.9183761889864))
//this is to get bitcoin price each day
btcprice=tickerid("BNC","BLX")
btcprice2 = security(btcprice,"D",ohlc4,true)
//this is to get the relative value of bitcoin vs trololo valuation
RELATIVEVAL = (btcprice2-TROLOLO2)/TROLOLO2*100
//this is just a reference line
BASELINE = 0
plot(RELATIVEVAL,title='trololoregression',color=red, linewidth=3)
plot(BASELINE, title='baseline',color=black,linewidth=2)
Note
//version=3study("TROLOLO DAILY LINE")
//calculate how many days since bitcoin launch
is_newbar(res) =>
t = time(res)
change(t) != 0 ? 1 : 0
count=549+cum(is_newbar("D"))
//calculate trololo valuation (log regression)
TROLOLO2 = pow(10,(2.66167155005961*log(count) - 17.9183761889864))
plot(TROLOLO2,title='trololodaily',color=red,linewidht=4)
Note
These scripts only work in BNC:BLX symbol for daily timeframe. It could be easily adapted for other symbols and timeframes just editing the calculation of days since bitcoin launch
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.