SPY Relative

Shows an instrument's sentiment in a day (or week) compared to the market ( SPY default). The Red line shows bearish sentiment compared to the market and the green is bullish . Technically this works like a proxy for Alpha/Beta factor.
Open-source script

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.

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