OPEN-SOURCE SCRIPT
๐๐๐๐๐-๐๐๐๐๐๐๐

This TradingView Pine Script calculates and visualizes Beta and Alpha for different groups of cryptocurrencies.
Key Functions:
Asset Selection: Users can choose an asset group (e.g., "RSPS+", "AI", "MEME", "GAMING"), each containing specific cryptocurrencies.
Beta Calculation: Beta measures an asset's volatility compared to Bitcoin (BTC). It's calculated over different periods to determine relative volatility.
Alpha Calculation: Alpha evaluates performance relative to BTC, considering risk. A positive Alpha means the asset outperformed BTC.
Rate of Change (RoC): The script calculates the average RoC of Beta and Alpha over the past 15 days, with a secondary version showing the same data as of 5 days ago.
Lookback Periods: The script compares Beta and Alpha over two lookback periods:
Lookback Period 1: The specified lookback period.
Lookback Period 2: Twice the lookback period, offering a broader perspective on trends.
Table Visualization: Results are color-coded:
Green: When RoC (Rate of Change) is positive.
Red: When RoC is negative.
Dark Blue: Appears when Beta or Alpha exceeds a defined threshold.
Themes: Supports "DARK" and "LIGHT" visual themes.
Summary:
Beta: High Beta (>1) indicates more volatility than BTC; low Beta (<1) indicates less.
Alpha: Positive Alpha suggests better performance than BTC when adjusted for risk.
The script helps traders assess the risk (Beta) and performance (Alpha) of various cryptocurrencies compared to BTC, with detailed RoC metrics and multiple lookback periods to provide a comprehensive view of recent trends and long-term behavior.
Key Functions:
Asset Selection: Users can choose an asset group (e.g., "RSPS+", "AI", "MEME", "GAMING"), each containing specific cryptocurrencies.
Beta Calculation: Beta measures an asset's volatility compared to Bitcoin (BTC). It's calculated over different periods to determine relative volatility.
Alpha Calculation: Alpha evaluates performance relative to BTC, considering risk. A positive Alpha means the asset outperformed BTC.
Rate of Change (RoC): The script calculates the average RoC of Beta and Alpha over the past 15 days, with a secondary version showing the same data as of 5 days ago.
Lookback Periods: The script compares Beta and Alpha over two lookback periods:
Lookback Period 1: The specified lookback period.
Lookback Period 2: Twice the lookback period, offering a broader perspective on trends.
Table Visualization: Results are color-coded:
Green: When RoC (Rate of Change) is positive.
Red: When RoC is negative.
Dark Blue: Appears when Beta or Alpha exceeds a defined threshold.
Themes: Supports "DARK" and "LIGHT" visual themes.
Summary:
Beta: High Beta (>1) indicates more volatility than BTC; low Beta (<1) indicates less.
Alpha: Positive Alpha suggests better performance than BTC when adjusted for risk.
The script helps traders assess the risk (Beta) and performance (Alpha) of various cryptocurrencies compared to BTC, with detailed RoC metrics and multiple lookback periods to provide a comprehensive view of recent trends and long-term behavior.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites โ learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites โ learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.