Ratio Chart by JoyMukherje

This indicator plots the relative performance of any NSE stock against the NIFTY 50 index in a separate pane below the main chart.
Key Features:

Formula: (Stock Price × 100) / NIFTY 50
20-period moving average for trend identification
Clean, distraction-free display
Real-time ratio tracking

How to Use:

Rising ratio = Stock outperforming NIFTY 50
Falling ratio = Stock underperforming the benchmark
Above MA = Bullish relative strength trend
Below MA = Bearish relative strength trend

Benefits:
✓ Identify stocks showing relative strength vs market
✓ Spot divergences between stock and index movements
✓ Perfect for sector rotation and stock selection strategies
✓ Works on any timeframe
Ideal for traders and investors who want to analyze individual stock performance relative to the broader Indian market benchmark. The 1000x multiplier makes ratio values more readable and easier to interpret.
Usage: Add to any NSE stock chart to see immediate relative strength analysis.