The result is plotted as a histogram showing which symbol is rising or falling more in percentage.
In case your chart symbol is TSLA ( Tesla ) and the indicator 'Symbol to compare' is SPX:
GREEN area (above zero) means TSLA is rising more than the SPX .
RED area (below zero) means TSLA is falling more than the SPX .
To these who wants to understand calculation, it's pretty straightforward.
For each asset we calculate everyday percentage change based on previous close and current close.
We take main asset (chart symbol) percentage and subtract it from percent of change of the symbol we want to compare to.
Result are smoothed by ( )
You can select different indexes or cfds such as S&P500 (SPX) , NASDAQ 100 ( NSX ), RUSSELL 2000 (RUT) and NASDAQ (IXIC).
Default is S&P 500 (SPX) .
Enjoy and Like if you like.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
Premium Pivot Points Algo Indicator: https://www.tradingview.com/script/LFBaHNuA-Pivot-Points-Algo/