OPEN-SOURCE SCRIPT
Bitcoin Macro Oscillator (Cuga)
Bitcoin Macro Oscillator (BMO) — WooCharts-Style Composite Indicator
A single-number macro health check for Bitcoin, combining 4 key signals into one oscillator:
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HOW IT'S CALCULATED
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1. MVRV Z-Score
• Data: On-chain MVRV Ratio (INTOTHEBLOCK:BTC_MVRV)
• Z = (MVRV - μ_4yr) / σ_4yr
• Measures over/undervaluation vs. realized cost basis
2. VWAP Ratio Z-Score
• VWAP = Cumulative (Price × Volume) / Cumulative Volume
• Ratio = (Price / VWAP) - 1
• Z = (Ratio - μ_4yr) / σ_4yr
• Tracks deviation from volume-weighted fair value
3. CVDD Ratio Z-Score (Approximated)
• CVDD Proxy = 200-week SMA (long-term holder cost)
• Ratio = (Price / CVDD) - 1
• Z = (Ratio - μ_4yr) / σ_4yr
• Captures coin-age destruction & HODL cost basis
4. Sharpe Ratio Z-Score
• 90-day rolling Sharpe = (Daily Return) / σ_daily
• Z = (Sharpe - μ_4yr) / σ_4yr
• Measures risk-adjusted momentum quality
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FINAL BMO FORMULA
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BMO = 0.25 × (Z_MVRV + Z_VWAP + Z_CVDD + Z_Sharpe)
• Lookback: 1,460 days (~4 years) for mean & std dev
• Equal weighting → BMO oscillates ~ –2.5 to +2.5
• Optional 1-period SMA smoothing
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SIGNAL LEVELS
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< –1.5 → Deep Oversold (Macro Buy)
–1.5 to –0.8 → Oversold
–0.8 to +0.8 → Neutral
+0.8 to +1.5 → Overbought
> +1.5 → Deep Overbought (Macro Sell)
A single-number macro health check for Bitcoin, combining 4 key signals into one oscillator:
══════════════════════════════════════════════
HOW IT'S CALCULATED
══════════════════════════════════════════════
1. MVRV Z-Score
• Data: On-chain MVRV Ratio (INTOTHEBLOCK:BTC_MVRV)
• Z = (MVRV - μ_4yr) / σ_4yr
• Measures over/undervaluation vs. realized cost basis
2. VWAP Ratio Z-Score
• VWAP = Cumulative (Price × Volume) / Cumulative Volume
• Ratio = (Price / VWAP) - 1
• Z = (Ratio - μ_4yr) / σ_4yr
• Tracks deviation from volume-weighted fair value
3. CVDD Ratio Z-Score (Approximated)
• CVDD Proxy = 200-week SMA (long-term holder cost)
• Ratio = (Price / CVDD) - 1
• Z = (Ratio - μ_4yr) / σ_4yr
• Captures coin-age destruction & HODL cost basis
4. Sharpe Ratio Z-Score
• 90-day rolling Sharpe = (Daily Return) / σ_daily
• Z = (Sharpe - μ_4yr) / σ_4yr
• Measures risk-adjusted momentum quality
══════════════════════════════════════════════
FINAL BMO FORMULA
══════════════════════════════════════════════
BMO = 0.25 × (Z_MVRV + Z_VWAP + Z_CVDD + Z_Sharpe)
• Lookback: 1,460 days (~4 years) for mean & std dev
• Equal weighting → BMO oscillates ~ –2.5 to +2.5
• Optional 1-period SMA smoothing
══════════════════════════════════════════════
SIGNAL LEVELS
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< –1.5 → Deep Oversold (Macro Buy)
–1.5 to –0.8 → Oversold
–0.8 to +0.8 → Neutral
+0.8 to +1.5 → Overbought
> +1.5 → Deep Overbought (Macro Sell)
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.