Bitcoin momentum correlation This is a pretty simple indicator, it measures the momentum of bitcoin as compared to usd,eur,eth,dash, and ltc, which you can see in all of the blue lines. If the red line is above zero then it means the overall value of btc is going up, opposite for down. The Ema_window controls how smooth the signal is. If you shorten the Ema_window parameter and open this on higher timeframe btc charts then the zero crossing gives pretty solid signals, despite being pretty choppy. A good way to interpret this is that if all the blue lines are moving in the same direction at once without disagreement, then the value of bitcoin has good momentum.
Mildly more technically:
Momentum is measured in the first derivative of an EMA for each ticker. To normalize the different values against each other they are all divided by their local maximums, which can be chosen in the parameter window, but shouldn't make a huge difference. All the checked values are then summed, as shown in the red line. To include a value into the red line simply keep it checked. Take a look at the script, it's kind of easy on the eyes.
It's pretty handy to look at, but doesn't seem too worthwhile to pursue much further. If someone wants much more out of the script then feel free to message me.
Remember rules #1 & #2
Don't lose money.
Happy trading Indicator

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Godmode 3.1.4 - SNOW_CITY SCALPER EDITION - 7/2017 Updates to xSilas Godmode Oscillator published December 19th, 2014
Thanks to LEGION, LAZYBEAR, Ni6HTH4wK, xSilas
Updates:
Changed default sources to include BITSTAMP and REMOVED BTC-e
Changed default lengths for SCALPING SUPREMACY - See Instructions
Changed "Caution dots" to RED because YELLOW was hard to see.
I mostly Ignore the oscillators and only use the caution dots with this configuration:
MOST EFFECTIVE USE: BITSTAMP:BTCUSD BITSTAMP:BTCUSD
- Use on 1m charts of your BITMEX swap, yes 1m. I know, but it works better this way. 5m and 15m work best when using on an exchange index.
- IF overall 2H trend is DOWN, the 1m godmode on swap CAUTION DOTS appear on the UPPER BOUNDS means good SHORT entry points, and the lower dots suggest a possible reversal and good exit opportunity (not always)
- If overall 2H trend is UP, the 1m godmode on swap CAUTION DOTS appear on the LOWER BOUNDS means good LONG entry points, and upper dots suggest possible oversold if they start to round over, again not always.
This is ultra simple, and very effective.
Default settings for VERY sensitive CAUTION DOT blop: 17,6,4
Use these settings for a slightly less sensitive CAUTION DOT blop: 14,12,9 Indicator

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