TF7 Option vs Index Change Ratio

Overview
This indicator helps traders visualise the strength and direction of an option's price movement compared to its underlying index (NIFTY or SENSEX).

It calculates a Change Ratio, which is the percentage move in the option compared to the index movement during the same bar. This is especially useful for intraday traders looking for signs of momentum, divergence, or unusual strength/weakness in option pricing.

How It Works

The ratio is calculated as:
(Option LTP − Option Open) / (Index Close − Index Open)
The value is capped between −10 and +10 to filter out extreme or invalid spikes.
The ratio is displayed as a color-coded column chart:

• 🟩 Green bars: Option is moving in the same direction as the index.
  
• 🟥 Red bars: Option is underperforming or moving opposite to the index.
  

A compact table shows the last 5 bars of:

• Option price change (with +/− sign)
  
• Index price change
  
• Calculated ratio (also color-coded)
  

You can toggle the table visibility in the settings.

Inputs & Features

• Select underlying index: NIFTY or SENSEX
  
• Toggle the data table display
  
• Clean formatting with signed values and conditional color highlights
  

⚠️ Disclaimer
This is a visual analysis tool, not a buy/sell signal. Always validate with your trading strategy and risk management

#OptionsTrading, #NIFTY, #SENSEX, #ChangeRatio, #IndexAnalysis, #Momentum, #Divergence, #Intraday