Using this indicator allows you to check the SPY for large gaps and candles (e.g. >1%) directly in your stock chart at first glance. The algorithm of the * SPY Checker v2* indicator was optimized in this new indicator as well as it using the new pine script version v4. For backwards compatibility reasons this indicator is published as v2.
It is now also possible to use this indicator for all stock charts and to get the SPY indication on them visible without opening the SPY chart explicitly. Additionally added a several days trading stop feature, which is visible on the chart through the green and red background color. This configuration is available in the indicator settings.
Hope this helps many of you to be more efficient in your SPY indication - have fun!