Show BTC Longs and Shorts With This Powerful Pinescript

This is a very useful Pinescript I use on Tradingview to visualize if there are more Short or long positions on a specific candle.

The amount of shorts and longs are represented by crosses and two moving averages.

Grey Cross = Traders are undecisive. There is an equilibrium of shorts and longs
Red Cross = Traders are bearish. There are more shorts than longs
Green Cross = Traders are bullish. There are more longs than shorts

I feel like this is especially useful on longer timeframes to judge market sentiment. However, I would definitely not use this as an indicator to go long or short.

I like that it gives me additional information on the sentiment of traders.

You can copy the script down below and add it to your Tradingview chart.

BTC/USD Margin Shorts and Long on Bitfinex Pinescript

This is the script for BTC/USD margin longs and shorts

//@version=3
//This script denotes the condition of margin traders on Btifinex exchange
//Yellow Crosses mean both shorts and longs are increasing market is getting volatile
//Gray Crosses means margin traders undecided on that candle
//Green Crosses mean longs are increasing and shorts are being pulled out
//Red Crosses mean Longs are being pulled out and shorts being put in
study("Bitfinex BTC Margin traders")
longs= change(security("BITFINEX:BTCUSDLONGS", period, close))
shorts= change(security("BITFINEX:BTCUSDSHORTS", period, close))
l= input(14, title="RSI length")
rsilong= rsi(security("BITFINEX:BTCUSDLONGS", period, close),l)
rsishort= rsi(security("BITFINEX:BTCUSDSHORTS", period, close),l)
plot(rsilong, color=green, style=line)
plot(rsishort, color=red, style=line)
bcolor= longs>ema(longs,10) and shorts>ema(shorts,10)? yellow: longs>ema(longs,10) and shorts<ema(shorts,10)? lime:longs<ema(longs,10) and shorts>ema(shorts,10)?red:gray
plot(0, color=bcolor, style= cross, linewidth=3)
hline(0)

ETH/USD Margin Shorts and Longs on Bitfinex Pinescript

Here is the script for traders that prefer to have an overview of ether longs and shorts.

//@version=3
//This script denotes the condition of margin traders on Btifinex exchange
//Yellow Crosses mean both shorts and longs are increasing market is getting volatile
//Gray Crosses means margin traders undecided on that candle
//Green Crosses mean longs are increasing and shorts are being pulled out
//Red Crosses mean Longs are being pulled out and shorts being put in
study("Bitfinex ETH Margin traders")
longs= change(security("BITFINEX:ETHUSDLONGS", period, close))
shorts= change(security("BITFINEX:ETHUSDSHORTS", period, close))
l= input(14, title="RSI length")
rsilong= rsi(security("BITFINEX:ETHUSDLONGS", period, close),l)
rsishort= rsi(security("BITFINEX:ETHUSDSHORTS", period, close),l)
plot(rsilong, color=green, style=line)
plot(rsishort, color=red, style=line)
bcolor= longs>ema(longs,10) and shorts>ema(shorts,10)? yellow: longs>ema(longs,10) and shorts<ema(shorts,10)? lime:longs<ema(longs,10) and shorts>ema(shorts,10)?red:gray
plot(0, color=bcolor, style= cross, linewidth=3)
hline(0)