HB5

Spread Chart

This study does a division ("/") between the ticker to benchmark symbol works for all the time frames.

Often referred to as spread charts or ratio charts this is often used to measure the strength and performance of a script v/s a benchmark index. In this study, the comparison is plotted from a fixed reference session. On the current bar, the percentage change of the current ratio to the reference ratio is displayed as a label down icon, rounded to nearest 2 digit float value.

There are options to plot either a candle plot or line plot. Line chart can be plot as 2 different color before reference date and after reference date. The reference date can also be changed from the input dialog.

In the example above, 03-Jul-2020 is chosen as the reference date. At the latest bar, the "47.73%" displays the percentage difference between ratio on 03-July-2020 and current date, 27-Nov-2020. This means Deepak Nitrate performed 47.73% better than the benchmark NIFTY50 since 03-Jul-2020.

Basically, It gives an study that shows the strength or weakness of a ticker in comparison to benchmark symbol.

Release Notes: Change Input date value to 3rd July 2020 by default & minor color improvements.
Release Notes: Change label position to the right for better visualization
Release Notes: Changed ARS Date Value to 24th Sept 2020 by Default.
Release Notes: Added Simple Moving Average for a better decision of underperformance and outperformance.
Release Notes: - Added 2 EMA selection by default of 21 & 55.
- Color Enhancement
Release Notes: Updated by Default date to 24th Sept 2020
Release Notes: Default Date changed to 22/12/2020
Release Notes: Changed the input date format & added Lable Show/Hide checkbox.
Release Notes: Minor bug fixes...
Release Notes: Pine v5
Release Notes: Date Updated

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