In this script I included 2 quite interesting indicators for Bitcoin:
* NVT (Network Value to Transactions Ratio) * NVTS (NVT Signal)
Both indicators are based on Bitcoin Network Value (Market Cap) and 24h transaction volume. For both these values I'm using Quandl datasets from Blockchainc.com:
NVT and NVTS are cryptocurrency's answers to P/E ratio. They can help you to understand if bitcoin is under/overvalued. When NVT or NVTS is relatively high it can be a pretty good point to short bitcoin, if it's low it good time to buy bitcoin.
NVT Ratio - was created by Willy Woo NVT Signal - was created by Dimitry Kalichkin
Because of different sources of transaction volume data, these indicators can differ in values from originals, but magnitude should be the same.
This is a pretty simple example where you can select only static overbought/oversold levels and when indicator will be above/below it you will see in changing in color.
I have many more things in my head how these indicators can be developed further and what strategies can be derived from them, but as is they can be a pretty good base for you. Will share my advanced findings later.
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