Relative Strength vs Benchmark SPY

Relative Strength vs Benchmark (SPY)
This indicator compares the performance of the charted symbol (stock or ETF) against a benchmark index — by default, SPY (S&P 500). It plots a Relative Strength (RS) ratio line (Symbol / SPY) and its EMA(50) to visualize when the asset is outperforming or underperforming the market.

Key Features

📈 RS Line (blue): Shows how the asset performs relative to SPY.

🟠 EMA(50): Smooths the RS trend to highlight sustained leadership.

🟩 Green background: Symbol is outperforming SPY (RS > EMA).

🟥 Red background: Symbol is underperforming SPY (RS < EMA).

🔔 Alerts: Automatic notifications when RS crosses above/below its EMA — signaling new leadership or weakness.

How to Use

Apply to any stock or ETF chart.

Keep benchmark = SPY, or switch to another index (e.g., QQQ, IWM, XLK).

Watch for RS crossovers and trends:

Rising RS → money flowing into the asset.

Falling RS → rotation away from the asset.

Perfect for sector rotation, ETF comparison, and momentum analysis workflows.