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Relative Strength Spread
SPY vs IWM Relative Strength Spread Indicator
The SPY vs IWM Relative Strength Spread indicator measures leadership between large-cap and small-cap equities by comparing the percent performance of SPY (S&P 500) against IWM (Russell 2000) over a user-defined lookback period.
The indicator plots a zero-centered histogram in a separate pane, making relative strength shifts immediately visible.
How It Works
The indicator calculates the percent change of SPY and IWM over the same lookback window.
It then subtracts IWM’s percent change from SPY’s percent change.
The result is plotted as a histogram pinned to the 0% line.
This design removes long-term drift and ensures that:
Positive values indicate SPY is outperforming IWM
Negative values indicate IWM is outperforming SPY
How to Read the Histogram
Above Zero (Green Bars)
Large-cap stocks are leading → typically associated with risk-on stability and institutional flow into SPY-weighted names.
Below Zero (Red Bars)
Small-cap stocks are leading → often signals risk appetite expansion and speculative participation.
Crosses of the Zero Line
Mark potential leadership transitions between large caps and small caps.
Why This Indicator Is Useful
Identifies market regime shifts (risk-on vs risk-off behavior)
Confirms or filters trend strength in equities
Helps time rotations between large-cap and small-cap exposure
Works consistently across all timeframes
Because the calculation is based on percent change, the histogram remains normalized and comparable regardless of price level or timeframe.
Best Use Cases
As a market internals / breadth confirmation tool
As a bias filter for SPY, IWM, or index futures
To spot early leadership changes before price trends fully develop
The SPY vs IWM Relative Strength Spread indicator measures leadership between large-cap and small-cap equities by comparing the percent performance of SPY (S&P 500) against IWM (Russell 2000) over a user-defined lookback period.
The indicator plots a zero-centered histogram in a separate pane, making relative strength shifts immediately visible.
How It Works
The indicator calculates the percent change of SPY and IWM over the same lookback window.
It then subtracts IWM’s percent change from SPY’s percent change.
The result is plotted as a histogram pinned to the 0% line.
This design removes long-term drift and ensures that:
Positive values indicate SPY is outperforming IWM
Negative values indicate IWM is outperforming SPY
How to Read the Histogram
Above Zero (Green Bars)
Large-cap stocks are leading → typically associated with risk-on stability and institutional flow into SPY-weighted names.
Below Zero (Red Bars)
Small-cap stocks are leading → often signals risk appetite expansion and speculative participation.
Crosses of the Zero Line
Mark potential leadership transitions between large caps and small caps.
Why This Indicator Is Useful
Identifies market regime shifts (risk-on vs risk-off behavior)
Confirms or filters trend strength in equities
Helps time rotations between large-cap and small-cap exposure
Works consistently across all timeframes
Because the calculation is based on percent change, the histogram remains normalized and comparable regardless of price level or timeframe.
Best Use Cases
As a market internals / breadth confirmation tool
As a bias filter for SPY, IWM, or index futures
To spot early leadership changes before price trends fully develop
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.