OPEN-SOURCE SCRIPT
ETHDVOL based Ethereum Volatility
This indicator maps Ethereum's expected price range across three timeframes — daily, weekly, and monthly — using the Ethereum Deribit Volatility Index (ETHDVOL) as the implied volatility source and realized historical volatility (HV7, HV14, HV30) as the measured counterpart.
ETHDVOL is Ethereum's equivalent of the VIX. It represents the market's forward-looking expectation of annualized volatility, derived from Deribit options pricing. When ETHDVOL is high, the market expects large moves. When it is low, the market expects compression. By scaling ETHDVOL and realized vol into dollar-denominated price bands anchored to key opens, this indicator gives you a structural volatility map directly on the ETH price chart — no separate pane required.
The core concept is straightforward: options market participants price expected ranges. Those ranges become levels. Price respects them — not always, not perfectly, but consistently enough to be meaningful as reference and used in comparison to what is realized.
How to Read the Bands
The Anchoring System
Each set of bands is anchored to a specific open and held fixed for its entire period. They do not drift or repaint mid-period.
**Weekly bands** lock on Saturday's opening price and ETHDVOL reading at the start of each crypto week. They hold for the full 7-day period. This Saturday anchor matters: the crypto options and perpetuals market structurally resets around the Saturday UTC open. Weekly expiries settle on Fridays, and Saturday represents the cleanest "new week" anchor available on a 24/7 market.
**Monthly bands** lock on the 1st of each calendar month and hold for the entire month. They represent the options market's expectation of how far ETH could move over a 30-day window from that open.
**Daily bands** reset each day at 00:00 UTC and reflect that day's opening price and current live volatility readings. They are the tightest, most reactive bands on the chart.
The Band Pairs
Each timeframe shows two bands — one from implied volatility (IV) and one from realized historical volatility (HV):
**IV bands** (white weekly, white monthly) represent what the options market *expects* ETH to move. These are forward-looking. They define the market's priced range for the period.
**HV14 Weekly** (orange) represents the actual realized volatility over the past 14 days, scaled to a weekly move. When HV14 is inside the IV band, the market is pricing more risk than it has been delivering — a low-volatility regime. When HV14 approaches or exceeds the IV band, realized vol is catching up to or exceeding what was priced.
**HV30 Monthly** (orange-red) is the 30-day realized volatility scaled to a monthly move. This sits alongside the monthly IV band and gives context for whether the current month's implied range is historically generous or tight.
**HV7 Today** (light yellow) is a live daily band using the most recent 7 days of realized volatility anchored to today's open. It is the most sensitive reading — useful for intraday context and identifying when daily price movement is pushing into or through the short-term realized range.
**IV Today** (faded white) is the same daily scaling but using DVOL — today's implied daily range from the options market. It is intentionally faded to keep the chart readable.
The Info Table
The top-left badge shows three live readings updated on every bar:
- **IV %** — the current ETHDVOL weekly reading with a heat emoji (🔥 above 60%, ❄️ below 40%, ⚡ in between)
- **HV14 %** — the Saturday-latched realized vol for the week
- **HV14/IV ratio** — the percentage of realized vol relative to implied. ✅ below 95% means RV is running below IV (options are pricing more than has been delivered). ⚠️ at or above 95% means RV is catching up to or exceeding IV — a higher-energy regime.
- **Daily change** — BTC price change from today's open in both % and dollar terms
The Saturday Anchor Line
The ⚓ Sat Open line marks the weekly anchor price. It is the midpoint of the weekly IV and HV14 bands. Price reclaiming or failing at this line is significant — it is the reference price that all weekly band math is built from.
Trend Channels
Two sets of dynamic trendlines auto-draw based on pivot structure — a shorter-period dashed pair and a longer-period solid pair. They update continuously as new pivots form. Green slope = bullish structure on that channel. Red slope = bearish. They reset on the 1st of each calendar month, giving enough bars to build meaningful structure across a full monthly cycle rather than resetting too frequently on the weekly.
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Settings Walkthrough
Display Toggles
✅ Show Weekly Open Line | The ⚓ Sat Open midline
✅ Show Weekly Bands (IV + HV14) | Both white IV weekly and orange HV14 bands together
✅ Show Monthly Bands (IV + HV30) | Both white IV monthly and orange-red HV30 bands together
✅ Show HV7 Today (daily rotating) | The light yellow daily realized vol band — resets each day
✅ Show IV Today (daily rotating) | The faded white daily implied vol band — resets each day
The weekly and monthly band pairs are intentionally linked — IV and HV are most useful when compared against each other, so they toggle as a unit.
Label Proximity Gate ($)
When multiple bands converge near the same price level, the chart can become cluttered with overlapping labels. The Proximity Gate controls how close a daily band label can be to a weekly or monthly level before it is suppressed. The **line still draws** — only the text label is hidden.
**Default: $50.** At this setting, a daily HV7 or IV Today label will be hidden if it sits within $50 of any weekly or monthly band. Increase this value if you want a cleaner chart with fewer labels. Decrease it if you want to see all labels even when levels are close together.
**Practical guidance:**
💡 On wider perspectives toggle HV7/IV (daily) off and widen 'proximity label gate' to reduce screen clutter
💡 On narrow perspectives keep the daily looks with a tighter 'proximity label gate'
Trend Line Settings
Short and long pivot periods are adjustable independently. The defaults (10 and 16) are calibrated for the 30-minute timeframe. On the 1-hour chart, consider reducing both slightly. On 15-minute, increasing them gives more stable pivots. Because the trendlines reset monthly rather than weekly, they have sufficient bars to establish meaningful channel structure — particularly useful for identifying multi-week compression patterns and directional bias across the full monthly vol cycle.
🚨 General — The indicator is most powerful when used to identify when price is testing a band confluence — for example, when the weekly IV lower and monthly HV30 lower are within close range of each other. Those areas represent options-market-defined support zones where two independent vol calculations agree.
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*Indicator is designed for ETHUSD. Requires access to DERIBIT:ETHDVOL data on TradingView. Works on intraday timeframes only — weekly and monthly band projections display for the current period.*
ETHDVOL is Ethereum's equivalent of the VIX. It represents the market's forward-looking expectation of annualized volatility, derived from Deribit options pricing. When ETHDVOL is high, the market expects large moves. When it is low, the market expects compression. By scaling ETHDVOL and realized vol into dollar-denominated price bands anchored to key opens, this indicator gives you a structural volatility map directly on the ETH price chart — no separate pane required.
The core concept is straightforward: options market participants price expected ranges. Those ranges become levels. Price respects them — not always, not perfectly, but consistently enough to be meaningful as reference and used in comparison to what is realized.
How to Read the Bands
The Anchoring System
Each set of bands is anchored to a specific open and held fixed for its entire period. They do not drift or repaint mid-period.
**Weekly bands** lock on Saturday's opening price and ETHDVOL reading at the start of each crypto week. They hold for the full 7-day period. This Saturday anchor matters: the crypto options and perpetuals market structurally resets around the Saturday UTC open. Weekly expiries settle on Fridays, and Saturday represents the cleanest "new week" anchor available on a 24/7 market.
**Monthly bands** lock on the 1st of each calendar month and hold for the entire month. They represent the options market's expectation of how far ETH could move over a 30-day window from that open.
**Daily bands** reset each day at 00:00 UTC and reflect that day's opening price and current live volatility readings. They are the tightest, most reactive bands on the chart.
The Band Pairs
Each timeframe shows two bands — one from implied volatility (IV) and one from realized historical volatility (HV):
**IV bands** (white weekly, white monthly) represent what the options market *expects* ETH to move. These are forward-looking. They define the market's priced range for the period.
**HV14 Weekly** (orange) represents the actual realized volatility over the past 14 days, scaled to a weekly move. When HV14 is inside the IV band, the market is pricing more risk than it has been delivering — a low-volatility regime. When HV14 approaches or exceeds the IV band, realized vol is catching up to or exceeding what was priced.
**HV30 Monthly** (orange-red) is the 30-day realized volatility scaled to a monthly move. This sits alongside the monthly IV band and gives context for whether the current month's implied range is historically generous or tight.
**HV7 Today** (light yellow) is a live daily band using the most recent 7 days of realized volatility anchored to today's open. It is the most sensitive reading — useful for intraday context and identifying when daily price movement is pushing into or through the short-term realized range.
**IV Today** (faded white) is the same daily scaling but using DVOL — today's implied daily range from the options market. It is intentionally faded to keep the chart readable.
The Info Table
The top-left badge shows three live readings updated on every bar:
- **IV %** — the current ETHDVOL weekly reading with a heat emoji (🔥 above 60%, ❄️ below 40%, ⚡ in between)
- **HV14 %** — the Saturday-latched realized vol for the week
- **HV14/IV ratio** — the percentage of realized vol relative to implied. ✅ below 95% means RV is running below IV (options are pricing more than has been delivered). ⚠️ at or above 95% means RV is catching up to or exceeding IV — a higher-energy regime.
- **Daily change** — BTC price change from today's open in both % and dollar terms
The Saturday Anchor Line
The ⚓ Sat Open line marks the weekly anchor price. It is the midpoint of the weekly IV and HV14 bands. Price reclaiming or failing at this line is significant — it is the reference price that all weekly band math is built from.
Trend Channels
Two sets of dynamic trendlines auto-draw based on pivot structure — a shorter-period dashed pair and a longer-period solid pair. They update continuously as new pivots form. Green slope = bullish structure on that channel. Red slope = bearish. They reset on the 1st of each calendar month, giving enough bars to build meaningful structure across a full monthly cycle rather than resetting too frequently on the weekly.
---
Settings Walkthrough
Display Toggles
✅ Show Weekly Open Line | The ⚓ Sat Open midline
✅ Show Weekly Bands (IV + HV14) | Both white IV weekly and orange HV14 bands together
✅ Show Monthly Bands (IV + HV30) | Both white IV monthly and orange-red HV30 bands together
✅ Show HV7 Today (daily rotating) | The light yellow daily realized vol band — resets each day
✅ Show IV Today (daily rotating) | The faded white daily implied vol band — resets each day
The weekly and monthly band pairs are intentionally linked — IV and HV are most useful when compared against each other, so they toggle as a unit.
Label Proximity Gate ($)
When multiple bands converge near the same price level, the chart can become cluttered with overlapping labels. The Proximity Gate controls how close a daily band label can be to a weekly or monthly level before it is suppressed. The **line still draws** — only the text label is hidden.
**Default: $50.** At this setting, a daily HV7 or IV Today label will be hidden if it sits within $50 of any weekly or monthly band. Increase this value if you want a cleaner chart with fewer labels. Decrease it if you want to see all labels even when levels are close together.
**Practical guidance:**
💡 On wider perspectives toggle HV7/IV (daily) off and widen 'proximity label gate' to reduce screen clutter
💡 On narrow perspectives keep the daily looks with a tighter 'proximity label gate'
Trend Line Settings
Short and long pivot periods are adjustable independently. The defaults (10 and 16) are calibrated for the 30-minute timeframe. On the 1-hour chart, consider reducing both slightly. On 15-minute, increasing them gives more stable pivots. Because the trendlines reset monthly rather than weekly, they have sufficient bars to establish meaningful channel structure — particularly useful for identifying multi-week compression patterns and directional bias across the full monthly vol cycle.
🚨 General — The indicator is most powerful when used to identify when price is testing a band confluence — for example, when the weekly IV lower and monthly HV30 lower are within close range of each other. Those areas represent options-market-defined support zones where two independent vol calculations agree.
---
*Indicator is designed for ETHUSD. Requires access to DERIBIT:ETHDVOL data on TradingView. Works on intraday timeframes only — weekly and monthly band projections display for the current period.*
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, pembuat skrip ini telah menjadikannya sebagai sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Salut untuk penulisnya! Meskipun Anda dapat menggunakannya secara gratis, perlu diingat bahwa penerbitan ulang kode ini tunduk pada Tata Tertib kami.
Dive deeper into the world of volatility with me — Post a comment, ask a question, and BOOST if you’d like.
Find me over on the 'X' platform:
@askHVtobidIV
Find me over on the 'X' platform:
@askHVtobidIV
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, pembuat skrip ini telah menjadikannya sebagai sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Salut untuk penulisnya! Meskipun Anda dapat menggunakannya secara gratis, perlu diingat bahwa penerbitan ulang kode ini tunduk pada Tata Tertib kami.
Dive deeper into the world of volatility with me — Post a comment, ask a question, and BOOST if you’d like.
Find me over on the 'X' platform:
@askHVtobidIV
Find me over on the 'X' platform:
@askHVtobidIV
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.