Bitcoin Barometer

[hahahafr]

I'm also quite new to this trading thing. What i think is this:

Somebody places an ask order, someone else fills it -> coins got sold.

Vice versa:
Someone places a bid order, someone else fills it -> coins got bought.

Thats how i understand this, to experts, am i right?

Other way around please.

I place a bid order, someone fills it -> coins got sold.
I place a sell order, someone fills it -> coins got bought.

I wanna "buy" coins -> I fill a sell order -> coins got bought.
I wanna "sell" coins -> I fill a bid order -> coins got sold.

Don't confuse the two.

[hahahafr]

Hey apparently you inverse the two in the code:

Code:

			if (trade.trade_type == "bid") {
				bid_Sum += parseFloat(trade.amount);
			} else if (trade.trade_type == "ask") {
				ask_Sum += parseFloat(trade.amount);
			}

Code:

$("#bought_Sum").text(bid_Sum.toFixed(2));
$("#sold_Sum").text(ask_Sum.toFixed(2));	

From MtGow API:

Code:

trade_type : Did this trade result from the execution of a bid or a ask? 

So

Code:

{"date" : 1368876871, "amount": 0.410579, "trade_type": "bid"}

means that someone fulfilled a bid order = someone sold coins.

[sohd]

I'm getting a bit confused now  

I think this way: person A places a bid order (wants to buy)
The order is open until person B comes and says "that price is okay for me to sell my coins".

The bid order gets filled and it makes person A buy the coins from person B. This tool renders this as "coin bought".

When you compare the price 4 hours ago to the price now, it went up.
So does this tools arrow in the 4h timeframe, so i think this direction is correct.

Or am i thinking wrong? 

[hahahafr]

Selling <=> Price going down <=> Lots of fulfilled bid order
Buying <=> Price going up <=> Lots of fulfilled ask order

That's how it is.

Edit: Isn't it?
Edit2: Yes it is.

When placing a bid order or an ask order you don't sell or buy anything, you just show that you *want* to sell or *want* to buy.
Or maybe we are just circling in round.

[UltimateReaper]

I was just thinking the BTC speculation world needed something like this.

Friggen awesome if you ask me.

Assuming it's at least 75% reliable.

[sohd]

@hahahafr:
I'm getting it :>

It's different perspectives: i'm viewing this from the side where the people are that placed their orders.
The other (correct) side is where the people are that fulfilled orders.

I'm about to fixing this.

Order placement isnt used for calculation, just trades that really happened. But i think you saw that in my code

[Franktank]

Very useful! Thanks!

[sohd]

http://mogsta.com/btc/ - fixed the confusion in the code + relabled "BUYING" and SELLING" to "PRICE UP" and "PRICE DOWN"

[willphase]

quite cool - but I think that it's the wrong way round.

if people are buying bitcoins - i.e. bitcoins are being sold - then that is good i.e. the barometer should be indicating UP - but it seems that the barometer indicates down in this case...?

caveat: this based on a few minutes watching transactions on bitcoin.clarkmoody.com and comparing, not from looking at the source.

Will

[sohd]

so you think this (http://mogsta.com/btc/beta/) has the correct arrow movement? that's what i also thought, but got confused by hahahafr, so i made it like it's now..

[keewee]

More bids filled (red) = price dropping, more asks filled (green) = price rising. I think the beta page is correct  

edit: damn, now I'm not sure it is correct. Have to watch Clark Moody for a bit 

[hahahafr]

On /beta/ if you replace at the bottom "sold" by "bought", and "bought" by "sold" then the arrow is ok.
Or at least change the color if you are the opposite side.

Suggestion 1 : Add the title "State of the market" on top of the page
Suggestion 2 : Rename "Price up" to "Bullish", "Stable" to "Equilibrium", & "Price down" to "Bearish"
Suggestion 3 : Go from a barometer to a chart over time

[sohd]

/btc/beta/ is now the same as /btc/

i'll stick to the version that's online now. the barometer should indicate what people on the fulfilling side are doing. when they fill ask orders, then they're buying, so bought coins increase, price goes up and so does the arrow. that's the most logical behaviour this barometer can do. or am i confused again?  

[keewee]

I think the beta page is ok. As bids are filled (red) the arrow drops and as asks are filled (green) the arrow rises. Looks good!

[keewee]

Out of curiosity, how much change of price does it take to "pin" the needle?

[sohd]

price isn't processed, only the amount of btc that have been traded.

[keewee]

So how many btc have to bought or sold to move the needle to either end?

[hahahafr]

So how many btc have to bought or sold to move the needle to either end?

It's the ratio during the period of time.

[keewee]

So how many btc have to bought or sold to move the needle to either end?

It's the ratio during the period of time.

Ah, got it. Thanks

[hahahafr]

Your barometer is now right  

Maybe change the term "price" to "value" or "worth", best would be "bullish" for "price up" and "bearish" for "price down", since the price is not processed and it's more about the emotional state of the market (which is an information way more valuable than just the price)