Relative Strength vs SPX

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This indicator calculates the ratio of the current chart's price to the S&P 500 Index (SPX), providing a measure of the stock's relative strength compared to the broader market.

Key Features:

Dynamic High/Low Detection: Highlights periods when the ratio makes a new high (green) or a new low (red) based on a user-defined lookback period.
Customizable Lookback: The lookback period for detecting highs and lows can be adjusted in the settings for tailored analysis.
Visual Overlay: The ratio is plotted in a separate pane, allowing easy comparison of relative strength trends.
This tool is useful for identifying stocks outperforming or underperforming the S&P 500 over specific timeframes.