Relative Performance Indicator by ComLucro - 2025_V01

The "Relative Performance Indicator by ComLucro - 2025_V01" is a powerful tool designed to analyze an asset's performance relative to a benchmark index over multiple timeframes. This indicator provides traders with a clear view of how their chosen asset compares to a market index in short, medium, and long-term periods.

Key Features:

• Customizable Lookback Periods: Analyze performance across three adjustable periods (default: 20, 50, and 200 bars).
  
• Relative Performance Analysis: Calculate and visualize the difference in percentage performance between the asset and the benchmark index.
  
• Dynamic Summary Label: Displays a detailed breakdown of the asset's and index's performance for the latest bar.
  
• User-Friendly Interface: Includes customizable colors and display options for clear visualization.
  

How It Works:

• The script fetches closing prices of both the asset and a benchmark index.
  
• It calculates percentage changes over the selected lookback periods.
  
• The indicator then computes the relative performance difference between the asset and the index, plotting it on the chart for easy trend analysis.
  

Who Is This For?:

• Traders and investors who want to compare an asset’s performance against a benchmark index.
  
• Those looking to identify trends and deviations between an asset and the broader market.
  

Disclaimer:

This tool is for educational purposes only and does not constitute financial or trading advice. Always use it alongside proper risk management strategies and backtest thoroughly before applying it to live trading.

Chart Recommendation:

Use this script on clean charts for better clarity. Combine it with other technical indicators like moving averages or trendlines to enhance your analysis. Ensure you adjust the lookback periods to match your trading style and the timeframe of your analysis.

Additional Notes:

For optimal performance, ensure the benchmark index's data is available on your TradingView subscription. The script uses fallback mechanisms to avoid interruptions when index data is unavailable. Always validate the settings and test them to suit your trading strategy.