Quote from: brandondayton on October 13, 2011, 07:11:57 PM

This is exactly the type of tool merchants need. BTW, I've been trying to get the script to work and haven't had any luck. Maybe I don't know enough about Java.

I never got around to creating a merchant tool, unfortunately. Which script are you referring to?

Quote from: speeder on October 13, 2011, 07:14:10 PM

I wish it had BRL...

But nice anyway! Very elegant design!

Thanks! Shouldn't be too hard. I might have some time in the next week, so I'll see what I can do.

Quote from: DeathAndTaxes on October 13, 2011, 08:08:42 PM

The number of exchanges isn't that important. Mt Gox has 90% of the volume.

A better algorithm would be one which is volume weighted over a period of time.

Say in last hour there were 5 transactions.

1000 BTC @ $3.99
200 BTC @ $4.06
800 BTC @ $4.01
1 BTC @ $4.80

obviously the $4.80 is an abberation but it is what users would see.

Taking a weighted average (volume * price) / (total volume) = $4.01 (technically $4.005397).

The only thing to consider is how large of a weighting period. The shorter the period the more reactive the average. The longer the period the more it smooths out the spikes but the longer it takes to react to sustained price action.

For a more "immediate value" I think 1 hour would be good starting timeframe but you may need to adjust.

You're right, the last price can be deceptive. I agree with your volume weighted average idea, I'll implement when I get a chance.

Cheers guys!