BTC On-Chain vs Exchange Volume ratio

This indicator compares on-chain transaction volume in BTC to spot exchange volume also denominated in BTC.

For the on-chain tx volume QUANDL data is used and for the exchange volume an aggregated index is made of some of the top spot exchanges.
Next a percentage ratio is made to give an idea of what type of volume is dominating.

Positive values (green) means on-chain volume is higher than exchange volume.
Negative values (red) means on-chain volume is lower than exchange volume.

These are the exchanges used for the spot index:

• Binance USDT
  
• Huobi USDT
  
• Coinbase USD
  
• Bitfinex USD
  
• Bitstamp USD
  
• Kraken USD
  
• Bitflyer JPY
  
• Bithumb KRW
  
• Bittrex USDT
  
• Poloniex USDT
  

In the settings you can choose to include or exclude certain exchanges.
There's also a smoothed moving average of which you can choose the length.

Because of limitations with the data you can only use this indicator on the daily time frame or higher.