S&P 500 E-Mini Tracker

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This script generates a reference price for the S&P 500 ETF - SPY based on the current price of the ES contract, which is an E-Mini Futures contract representing the S&P 500 index. The indicator plots this reference price on the chart, providing a unique view of the relationship between these two popular markets.

Advantages:

• Identifies divergence between the ES and SPY prices, indicating potential trading opportunities or shifts in market sentiment.
  
• Confirms trends by showing the correlation between the ES and SPY prices.
  
• Eliminates the need for multiple charts, allowing traders to focus on a single screen and make more informed decisions.
  

Customizable Parameters:

• Color Scheme: Choose from various color options to customize the appearance of the indicator.
  
• Line Style: Select from different line styles to change the visual representation of the reference price.
  
• Divisor: Set the dividing factor to adjust the ratio at which the reference price is calculated. (Default value: 10). It is recommended to keep it at 10 for SPY.
  

To use it with other Stocks/ ETFs, use simple ratio math to calculate the divisor and you can customize the indicator to scale accordingly.

By using this indicator, traders can gain a deeper understanding of the relationship between the E-Mini and SPY markets, making it easier to identify trading opportunities and confirm trends.