Price Relative / Relative Strength Comparative [NeoButane]

"The Price Relative indicator compares the performance of one security to another with a ratio chart."

Divergences and chart patterns can apply to this ratio.

This was created because I wanted to compare bitcoin to currency/stock indices. So far I've seen mostly confluence with cryptos. Comparing stocks against market indices better shows where the index begins to outperform the stock before price action can reveal dips in price. Using same length moving averages or divergences can help spot that.

There's a glitch where candle colors turn blue when editing. Turn the candles on and off to fix it.

Reference: stockcharts.com...school/doku.php?id=chart_s...


Formula:
Price Relative = Base Security / Comparative Security

Ratio Symbol Close = Close of First Symbol / Close of Second Symbol
Ratio Symbol Open = Open of First Symbol / Close of Second Symbol
Ratio Symbol High = High of First Symbol / Close of Second Symbol
Ratio Symbol Low = Low of First Symbol / Close of Second Symbol

Note: Although StockCharts states
"Base Security / Comparative Security"
I've used
"Base Security / (Base Security + Comparative Security)
to create a ratio as the article has stated it should be.

Possible use: margin/CVD