Relative Implied Volatility For ThinkOrSwim

germanburrito

Active member
Relative Implied Volatility For ThinkOrSwim
this indicator intends to plot the implied volatility against any ticker. very useful for trading options. because you may know if the implied volatility is from the overall market movement or because there's expectations for a big move within the actual ticker.

qrgGdiQ.png

Code:
declare lower;

input CorrelationWithSecurity = "SPX";
def close2 = imp_Volatility(CorrelationWithSecurity);

plot RS = if close2 == 0 then 0 else imp_Volatility / close2;
RS.SetDefaultColor(GetColor(6));

def sr = CompoundValue("historical data" = RS, "visible data" = if IsNaN(sr[1]) then RS else sr[1]);
plot SRatio =  sr;
SRatio.SetDefaultColor(GetColor(5));
 
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