BTC 现货与期货溢价指数

█ Overview / 核心理念
This indicator measures the price difference between the Spot and Futures markets to reveal the true driver of market momentum.
本指标通过衡量现货与期货市场的价格差异，旨在揭示市场动能的真实驱动力。

It helps you answer a key question: Is the current trend driven by solid institutional spot buying or by speculative sentiment in the futures market?
它帮助您回答一个关键问题：当前趋势是由坚实的机构现货买盘驱动，还是由期货市场的投机情绪主导？

█ Core Logic & Calculation / 核心计算逻辑
The core logic is simple yet powerful: Premium = Spot Price - Futures Price.
其核心逻辑简单而强大：溢价 = 现货价格 - 期货价格。

Positive Value (Green Bars): "Spot Premium"
正值 (绿色柱): “现货溢价”

This means the spot price is higher than the futures price. It's a strong bullish signal, suggesting significant spot buying pressure, likely from institutions.
这意味着现货价格高于期货价格。这是一个强烈的看涨信号，通常意味着存在巨大的现货买盘压力，可能来自机构。

Negative Value (Red Bars): "Futures Premium"
负值 (红色柱): “期货溢价”

This means the futures price is higher than the spot price. It indicates that bullish sentiment is more concentrated in the futures market, or that there is selling pressure in the spot market.
这意味着期货价格高于现货价格。这表明看涨情绪更多地集中在期货市场，或现货市场存在抛售压力。

█ How to Read the Chart / 如何解读图表
Premium Histogram / 溢价柱状图
The height of the bars represents the magnitude of the price difference. Taller bars indicate a greater divergence between the two markets and more extreme sentiment.
柱体的高度代表了价格差异的大小。柱体越高，意味着两个市场之间的分歧越大，情绪越极端。

Zero Line / 零轴
This is the watershed between spot-led and futures-led dominance.
这是现货主导与期货主导的分水岭。

Info Panel / 信息面板
A real-time display in the top-right corner shows the current Spot Price, Futures Price, and the precise Premium value.
位于右上角的信息面板，实时显示当前的现货价格、期货价格以及精确的溢价数值。

█ Trading Strategies & Advanced Interpretation / 交易策略与高级解读
The essence of this indicator lies in analyzing the synergy and divergence between price action and premium changes to identify the dominant market force.
本指标的精髓在于结合价格行为与溢价变化，判断出当前主导市场是现货还是期货，从而进行同步或背离分析。

█ Alert System / 警报系统
The indicator includes two built-in alerts based on Bollinger Bands to catch extreme sentiment.
本指标包含两个基于布林带的内置警报，用以捕捉极端情绪。

Spot Premium Too High (Cross Up):
现货溢价过高 (向上突破):

Triggers when the green premium bar breaks above the upper Bollinger Band. It signals that spot buying has become excessively "euphoric" and may be due for a short-term cooldown.
当绿色溢价柱向上突破布林带上轨时触发。这标志着现货买盘已进入极度的“狂热”状态，短期内可能面临回调。

Futures Premium Too High / Spot Selling Pressure (Cross Down):
期货溢价过高 / 现货抛压 (向下突破):

Triggers when the premium bar breaks below the lower Bollinger Band (deeply negative). It signals intense spot selling pressure or panic, confirming strong bearish sentiment.
当溢价柱向下突破布林带下轨（负值极大）时触发。这标志着强烈的现货抛压或市场恐慌，是看跌情绪强烈的确认信号。

█ Disclaimer / 免责声明
This tool is based on the theory that the spot market has a dominant influence on major trends. Its effectiveness depends on this condition holding true.
本工具的理论基础是“现货市场对主要趋势具有主导影响力”。其有效性取决于该条件的成立。

This indicator is for educational and research purposes only. It does not constitute financial advice. Please use it in conjunction with your own trading system and risk management.
本指标仅用于教育和研究目的，不构成任何财务建议。请结合您自己的交易系统和风险管理进行使用。
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