OPEN-SOURCE SCRIPT

[ AlgoChart ] - Compare Market

Indicator Description:

This indicator allows you to display a second asset, selectable from the input panel, in a separate window. Plotted on the same time scale as the first asset but with a distinct price scale, the indicator enables analysis of the relationships and relative movements of two financial instruments. It’s an ideal tool for understanding whether two assets move in a correlated or divergent manner.

Key Features:

Multi-Asset Comparison: Display two assets simultaneously to compare their trends.
Custom Scale: Each asset uses its own price scale, making comparative analysis easier.
Intuitive Interface: Easily select the second asset through the input panel.

Operational Applications:

Spread Trading: Identify optimal moments to execute spread trades when two highly correlated instruments move in opposite directions.
Supply & Demand: Pinpoint zones of interest on both assets, increasing the validity of support and resistance areas.
Exposure Reduction: Monitor instruments that move similarly to avoid exposing the portfolio in identical directions, thereby reducing the risk of double losses.

Additional Features:

Candle Color Change: When a directional divergence occurs between the two assets, the candles change color to highlight the event.
Customizable Notifications: Receive instant alerts when a divergence occurs, allowing you to act promptly.

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