NIFTY vs BANKNIFTY divergence

This indicator plots BANKNIFTY normalized to NIFTY’s scale, allowing both indices to be compared directly in the same pane.
It highlights periods when NIFTY outperforms BANKNIFTY (green background) and when BANKNIFTY outperforms NIFTY (red background).
By normalizing values, it removes the raw price difference and focuses on relative strength between the two indices.
This can be useful for intermarket analysis, sector rotation insights, and spotting divergence opportunities between broader markets (NIFTY) and financials (BANKNIFTY).