OPEN-SOURCE SCRIPT
BUY in HASH Ribbons
Hash Ribbons Indicator (BUY Signal)
A TradingView Pine Script v6 implementation for identifying Bitcoin miner capitulation (“Springs”) and recovery phases based on hash rate data. It marks potential low-risk buying opportunities by tracking short- and long-term moving averages of the network hash rate.
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Key Features
• Hash Rate SMAs
• Short-term SMA (default: 30 days)
• Long-term SMA (default: 60 days)
• Phase Markers
• Gray circle: Short SMA crosses below long SMA (start of capitulation)
• White circles: Ongoing capitulation, with brighter white when the short SMA turns upward
• Yellow circle: Short SMA crosses back above long SMA (end of capitulation)
• Orange circle: Buy signal once hash rate recovery aligns with bullish price momentum (10-day price SMA crosses above 20-day price SMA)
• Display Modes
• Ribbons: Plots the two SMAs as colored bands—red for capitulation, green for recovery
• Oscillator: Shows the percentage difference between SMAs as a histogram (red for negative, blue for positive)
• Optional Overlays
• Bitcoin halving dates (2012, 2016, 2020, 2024) with dashed lines and labels
• Raw hash rate data in EH/s
• Alerts
• Configurable alerts for capitulation start, recovery, and buy signals
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How It Works
1. Data Source: Fetches daily hash rate values from a selected provider (e.g., IntoTheBlock, Quandl).
2. Capitulation Detection: When the 30-day SMA falls below the 60-day SMA, miners are likely capitulating.
3. Recovery Identification: A rising 30-day SMA during capitulation signals miner recovery.
4. Buy Signal: Confirmed when the hash rate recovery coincides with a bullish shift in price momentum (10-day price SMA > 20-day price SMA).
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Inputs
Hash Rate Short SMA: 30 days
Hash Rate Long SMA: 60 days
Plot Signals: On
Plot Halvings: Off
Plot Raw Hash Rate: Off
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Considerations
• Timeframe: Best applied on daily charts to capture meaningful miner behavior.
• Data Reliability: Ensure the chosen hash rate source provides consistent, gap-free data.
• Risk Management: Use alongside other technical indicators (e.g., RSI, MACD) and fundamental analysis.
• Backtesting: Evaluate performance over different market cycles before live deployment.
A TradingView Pine Script v6 implementation for identifying Bitcoin miner capitulation (“Springs”) and recovery phases based on hash rate data. It marks potential low-risk buying opportunities by tracking short- and long-term moving averages of the network hash rate.
⸻
Key Features
• Hash Rate SMAs
• Short-term SMA (default: 30 days)
• Long-term SMA (default: 60 days)
• Phase Markers
• Gray circle: Short SMA crosses below long SMA (start of capitulation)
• White circles: Ongoing capitulation, with brighter white when the short SMA turns upward
• Yellow circle: Short SMA crosses back above long SMA (end of capitulation)
• Orange circle: Buy signal once hash rate recovery aligns with bullish price momentum (10-day price SMA crosses above 20-day price SMA)
• Display Modes
• Ribbons: Plots the two SMAs as colored bands—red for capitulation, green for recovery
• Oscillator: Shows the percentage difference between SMAs as a histogram (red for negative, blue for positive)
• Optional Overlays
• Bitcoin halving dates (2012, 2016, 2020, 2024) with dashed lines and labels
• Raw hash rate data in EH/s
• Alerts
• Configurable alerts for capitulation start, recovery, and buy signals
⸻
How It Works
1. Data Source: Fetches daily hash rate values from a selected provider (e.g., IntoTheBlock, Quandl).
2. Capitulation Detection: When the 30-day SMA falls below the 60-day SMA, miners are likely capitulating.
3. Recovery Identification: A rising 30-day SMA during capitulation signals miner recovery.
4. Buy Signal: Confirmed when the hash rate recovery coincides with a bullish shift in price momentum (10-day price SMA > 20-day price SMA).
⸻
Inputs
Hash Rate Short SMA: 30 days
Hash Rate Long SMA: 60 days
Plot Signals: On
Plot Halvings: Off
Plot Raw Hash Rate: Off
⸻
Considerations
• Timeframe: Best applied on daily charts to capture meaningful miner behavior.
• Data Reliability: Ensure the chosen hash rate source provides consistent, gap-free data.
• Risk Management: Use alongside other technical indicators (e.g., RSI, MACD) and fundamental analysis.
• Backtesting: Evaluate performance over different market cycles before live deployment.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.