Note n.1: Mayer multiple does not tell whether to buy, sell or hold, but highlights the best long-term area when the bitcoin price is below a threshold value (2.4).
Note n.2: the threshold value (2.4) has been determined in the past by simulations performed.
The script user may decide whether to use the shown graph or another graph for the calculation of the Mayer multiple.
The script is very easy to use and it is possible to change the following parameters:
- the period of (default value is 200)
- the threshold (default value 2.4)
- Show or not the sell area
- Use or not the shown graph to calculate the Mayer multiple (default value is true)
- name of exchange to use for calculation of the Mayer multiple (default value is BNC )
- name of chart to use for calculation of the Mayer multiple (default value is BLX )
- Added the alert conditions. Remember: the alertcondition statement does not start alerts but creates the conditions. The alerts must always be created manually in the Create Alert dialog box.
- Changed the precision of graph (from 2 to 4).
- Modified the alert conditions name.
- The Mayer multiple's graph is now plotted in another panel.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.