This displays the "altcoin index" as a plot on your chart. Suggested use is coupled with the "altcoin index oscillator".
Add it as an indicator while looking at the chart you would like to assess. Click the settings button (cog) to select which coins you would like included in the index.
You can couple this tool with the "altcoin index oscillator" indicator to view the correlation.
The "altcoin index" is the average BTC price of a selection of altcoins. Therefore this is their relation to bitcoin and not any national currency. Due to this, the indicator will be useless if you try to use it with BTCUSD etc.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
//@version=2 study("altcoin index overlay", overlay=true, scale=scale.right) curr = security(tickerid, period, ohlc4) ch1 = input(true, "include ppc", bool) ch2 = input(false, "include eth", bool) ch3 = input(true, "include nmc", bool) ch4 = input(true, "include nxt", bool) ch5 = input(true, "include xmr", bool) count = ch1 + ch2 + ch3 + ch4 + ch5 ppc = iff(ch1, security("THEROCKTRADING:PPCBTC", period, ohlc4), 0) eth = iff(ch2, security("KRAKEN:ETHXBT", period, ohlc4), 0) nmc = iff(ch3, security("THEROCKTRADING:NMCBTC", period, ohlc4), 0) nxt = iff(ch4, security("HITBTC:NXTBTC", period, ohlc4), 0) xmr = iff(ch5, security("HITBTC:XMRBTC", period, ohlc4), 0) average = avg(ppc, eth, nmc, nxt, xmr) plot(average, "average", color=white)