Option vs Index Performance

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**Indicator Name:** Option vs Index Performance

**Description:**
This indicator helps traders analyze the relative performance of options compared to their underlying index (e.g., Nifty 50). It evaluates and highlights zones based on two key metrics:

1. **Bar-to-Bar Performance:** Compares the percentage movement of the option price against the index movement on a bar-by-bar basis.
- **Green Zone**: Option outperforms the index.
- **Yellow Zone**: Option moves in sync with the index.
- **Red Zone**: Option underperforms the index.

2. **Swing Alignment:** Tracks the swing structure of the index (higher highs, higher lows) and compares it with the option chart. The indicator checks if the option's swings align with or deviate from the index's swing pattern.

The final output combines both conditions, providing clear visual zones below the chart:
- **Green**: Overperformance and alignment with the index.
- **Yellow**: Neutral performance or partial alignment.
- **Red**: Underperformance or misalignment with the index.

Use this tool on option charts to quickly identify opportunities and assess whether the option's movement is in line with the broader market trend.