This script shows candles and respective zones where premium of the asset (Binance spot vs Binance Futures) is either converging with price or diverging from price.
If the difference between spot price and futures price (Premium) is increasing with price increasing, this is normal/slightly bullish contango (Gray).
If premium is decreasing with price increasing, this is bullish (Green).
If premium is decreasing with price decreasing, this is normal/slightly bearish (Orange).
If premium is increasing with price decreasing, this is bearish (Pink).
I've included a background color, barcolor, and a plotshape that will show between the bullish and bearish transitions and a size option.
DM for access.
Thanks
If the difference between spot price and futures price (Premium) is increasing with price increasing, this is normal/slightly bullish contango (Gray).
If premium is decreasing with price increasing, this is bullish (Green).
If premium is decreasing with price decreasing, this is normal/slightly bearish (Orange).
If premium is increasing with price decreasing, this is bearish (Pink).
I've included a background color, barcolor, and a plotshape that will show between the bullish and bearish transitions and a size option.
DM for access.
Thanks
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Removed unnecessary metrics