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.
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Change Input date value to 3rd July 2020 by default & minor color improvements.
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Change label position to the right for better visualization
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Changed ARS Date Value to 24th Sept 2020 by Default.
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Added Simple Moving Average for a better decision of underperformance and outperformance.
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- Added 2 EMA selection by default of 21 & 55. - Color Enhancement
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Updated by Default date to 24th Sept 2020
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Default Date changed to 22/12/2020
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Changed the input date format & added Lable Show/Hide checkbox.
Thank you @HB5. I am a new student, hence a few questions. What is the meaning of colur red and purple? Does one have to change the date of ARS which is 3rd July at this time or will this change automatically? Thank you.
HB5
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@culturalDealer79974, Date will not change automatically, Line plot will be red before the given date and it became yellow after the given date in the spread chart. It's just a visual-only to identify the date on the plot.