Gas/Oil Spread

Gas/Oil Spread Analyzer with Static Overbought/Oversold Zones

This indicator measures the spread between the actual price of natural gas and its oil-based equivalent, derived from a defined oil/gas ratio. It helps traders identify potential mispricings and mean-reversion opportunities between the two energy commodities.

Key Features:
- Calculates spread: Gas Price – Oil-Based Equivalent Price
- Supports dynamic or static oil/gas ratio
- Plots a smoothed version of the spread (SMA)
- Displays static overbought and oversold zones to highlight extreme deviations

Use Cases:
- Detect overvalued or undervalued gas relative to oil
- Spot potential reversion setups in intermarket trading
- Evaluate energy market dislocations and hedging opportunities