This one is very useful for futures traders on 15 min and daily. The way it is set now is /RTY vs /ZN because I trade /RTY and /ES, but it is a ratio indicator, so it can be set to any ratio. Generally speaking, when bonds go up index futures go down. I also use it to see a ration of /ES vs /VX. It can probably be improved with a simple moving average, because as is it is using the high/low of a 20 MA.
Rich (BB code):
declare lower; input secondSym = "/ZN"; def div = if !IsNaN (close("/RTY")) then close("/RTY") else div; def RatioQ = close (secondSym) / div; plot Ratio = RatioQ; #def divZ = if !IsNaN (close("/RTY")) then close("/RTY") else divZ; #def RatioZ = close("/ZB") / divZ; #plot RatioZB = RatioZ; def RatioQH = high (secondSym) / div; plot RatioH = RatioQH; def RatioQL = low (secondSym) / div; plot RatioL = RatioQL; #AddCloud (RatioH, RatioL, color.Green, Color.RED); AddVerticalLine(if Ratio crosses above RatioH then 1 else 0, "S", Color.RED); AddVerticalLine(if Ratio crosses below RatioL then 1 else 0, "B", Color.GREEN); #(low(secondSym)) #plot ave = data; #ave.SetLineWeight(2); Ratio.DefineColor("Up", Color.Green); Ratio.DefineColor("Down", Color.Red); Ratio.DefineColor("Equal", Color.Yellow); Ratio.AssignValueColor ( if Ratio > Ratio then Ratio.color("Up") else if Ratio < Ratio then Ratio.color("Down") else Ratio.color("Equal") );
A slightly different version of the above ratio:
Thanks @john3 for sending in the code.