1. Data Source Update: The GOLD data source has been changed from 'TVC:SPX' (which is actually the S&P 500 index) to 'TVC:GOLD', correctly aligning the script to compare Bitcoin against Gold prices.
2. Signal Plotting Enhancements:
2.1 Entry and Exit Signal Logic: The code now includes logic to plot entry and exit signals for both long and short positions. This is based on the BTGRatio crossing above or below the upper and lower bands respectively.
2.2 Long Entry Signal: Plotted when BTGRatio crosses above the upper_band. This indicates a potential bullish scenario.
2.3 Short Entry Signal: Plotted when BTGRatio crosses below the lower_band, suggesting a potential bearish scenario.
2.4 Long Exit Signal: Plotted when BTGRatio crosses back below the upper_band after being above it, signaling the closing of a long position.
2.5 Short Exit Signal: Plotted when BTGRatio crosses back above the lower_band after being below it, indicating the closing of a short position.
3. Improved Visualization:
3.1 The script now uses plotshape function to visually represent these trading signals on the chart. This makes it easier for traders to identify potential entry and exit points.
3.2 The shapes (shape.labelup and shape.labeldown) are used for clarity, along with distinct colors (colu for bullish and cold for bearish signals).
3.3 Custom text labels ('𝓑' for buy, '𝓢' for sell, 'Exit 𝓑', and 'Exit 𝓢') are added to each signal for better understanding.
4. Color Customization: Users can now choose colors for bullish and bearish signals via input options, making the indicator more customizable to individual preferences.