What is Ratio?
Ratio divides this market's closing price by another market's closing price, bar by bar, and plots the result in its own pane. A rising line means this market is outperforming the other, whatever both did in absolute terms. By default the second market is ETH/USDT, so on a BTC/USDT chart the line is the BTC price measured in ETH.
It shows relative performance only. A rising ratio can come from this market falling less than the other, and it does not say whether either market is going up.
How to use Ratio
- A rising line. This market is gaining on the other. On a BTC/USDT chart with the default, BTC is outperforming ETH.
- A falling line. This market is losing ground to the other.
- Trends and levels in the ratio. The ratio can be read like a price chart of its own, with trends, ranges and breakouts that are often clearer than on either market alone.
- Choosing the comparison. Comparing against a market leader or a benchmark shows whether a coin is leading or lagging its group.
Relative strength is context for choosing between markets, not a signal on its own.
Settings
| Setting | Default | What it changes |
|---|---|---|
| Symbol | ETH/USDT | The market to divide by. It must trade on the same exchange as the chart. If it cannot be found, the line stays empty rather than showing a wrong value. Choosing the chart's own market plots a flat line at 1. |
Change the comparison market in the indicator settings. Both markets are compared on their closing prices.
Calculation
Each bar:
Ratio = this market's close / other market's closeBoth closes are for the same bar on the chart's timeframe. Where the other market has no bar, its previous close is used. There is no smoothing and no warm-up: the line starts on the first bar both markets have.
The value is in units of the other market. With the defaults on BTC/USDT it is how many ETH one BTC is worth.
Limitations
- Same exchange only. The comparison market must be listed on the chart's exchange.
- Both should share a quote currency. Dividing a USDT pair by a BTC pair mixes units and produces a line that is hard to interpret.
- It says nothing about direction. Both markets can be falling while the ratio rises.
- The live candle moves. The current bar's value changes until that bar closes.
Frequently asked questions
It shows this market's close divided by another market's close on each bar. A rising line means this market is outperforming the other; a falling line means it is underperforming.
Ratio divides the two prices, so it measures relative performance and works between markets at very different prices, such as BTC and ETH. [Spread](/library/indicator/spread) subtracts them, which is in price units and only reads sensibly between markets priced alike.
Yes. The indicator declares one input: Symbol, default ETH/USDT. Enter any market that trades on the same exchange as the chart. Open the indicator's settings on the chart to change it.
Values on bars that have already closed are not revised. The current bar's value moves while either market's live candle is still open and settles when the bar closes.
Usually because the comparison market could not be found on the chart's exchange. Check the symbol is written as the exchange lists it, for example ETH/USDT, and that it trades there.
Use the Add to chart button at the top of this page. It opens BTC/USDT on Binance in the Altrady Charts terminal with the built-in Ratio already applied. On any other market, open the indicator picker on the chart and choose Ratio from the Comparison group.