RED-E Index and ETF Converter

This indicator provides real-time conversion between major US stock market indices and their corresponding ETFs, displaying current prices, calculated conversions, and market sentiment in an easy-to-read dashboard format.

WHAT IT DOES:
Tracks three major index-ETF pairs and shows bi-directional conversions:

SPX (S&P 500 Index) ↔ SPY (SPDR S&P 500 ETF)

NDX (NASDAQ-100 Index) ↔ QQQ (Invesco QQQ ETF)

RUT (Russell 2000 Index) ↔ IWM (iShares Russell 2000 ETF)

HOW IT WORKS:
The script uses request.security() to fetch real-time price data from each instrument and applies standard conversion ratios:

SPX to SPY: ~1:10 ratio

NDX to QQQ: ~1:40 ratio

RUT to IWM: ~1:10 ratio

Market sentiment is determined by comparing current price to previous bar, displaying BULLISH (green ▲), BEARISH (red ▼), or NEUTRAL (gray ●).

KEY FEATURES:

Real-time price tracking for all six instruments

Bi-directional conversion calculations

Visual sentiment indicators based on price movement

Customizable dashboard position

Adjustable font sizes

Toggle individual index pairs on/off

Color-coded sections

Clean professional table layout

USAGE:
Add the indicator to any chart. The dashboard will display in the bottom left corner by default. Use the settings to:

Change dashboard position

Adjust font size

Show/hide specific index-ETF pairs

Customize sentiment colors

This tool is useful for traders who:

Trade both indices and ETFs

Want to quickly compare index vs ETF pricing

Monitor multiple market segments simultaneously

Need at-a-glance sentiment across major indices

Note: Conversion ratios are approximate and based on standard tracking ratios. Actual ETF prices may vary slightly due to tracking error, fees, and market conditions.

Disclaimer: This indicator is for educational and informational purposes only. It does not constitute financial advice. The creator is not a financial advisor, and users should consult with a licensed financial professional before making any investment decisions. Use at your own risk.