OPEN-SOURCE SCRIPT
Stock vs Index vs Vix (Adjusted)
Updated
Usually stocks move with Indexes and against Vix, so with this script you can compare and see how strong is the price movement of an asset.
Try to find what Index (e.g. SPY, QQQ, IWM) and Vix (e.g. VIX, VXN, RVX) fits better for selected symbol.
If price moving in the upper channel = price movement is strong.
If price moving in the lower channel = price movement is weak.
If price is stronger than Index and Vix = good sign.
If price is weaker than Index and Vix = bad sign.
Strong support and resistance lines are at 66.6 and 33.3
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
Release Notes
Small fixesOpen-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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.