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FX 2Y Spread Auto

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What it does
Plots the 2-year government bond yield spread for the current FX pair and timeframe you’re viewing.
Spread = Yield(Base currency) − Yield(Quote currency), shown in percentage points (pp).

How it works

Display & own scale

If you overlay it on price, pin the indicator to its own scale so it doesn’t flatten against the FX price scale.
Where to find it: Hover the indicator’s label, click More (⋯) → Pin to scale → choose Left or Right.

Automatically maps each currency to its 2Y benchmark:
USD→US02Y, EUR→DE02Y, CAD→CA02Y, CHF→CH02Y, GBP→GB02Y, AUD→AU02Y, NZD→NZ02Y, JPY→JP02Y
(EUR is represented by Germany’s 2Y Schatz: DE02Y.)
Pulls yields from TVC: symbols (e.g., TVC:US02Y, TVC:DE02Y) using the chart’s timeframe.
Many yield series are daily; on intraday charts the script forward-fills the last daily value so you always see a continuous line.

Interpretation (rule of thumb)
Spread ↑ (Base yields rising relative to Quote) → supports pair up (base currency appreciation).
Spread ↓ → supports pair down.
Short-end spreads (2Y) mainly reflect policy expectations; price can still diverge short-term due to risk sentiment, commodities (e.g., oil for CAD), positioning, or different maturities driving the move.

Examples
EURUSD → DE02Y − US02Y
USDJPY → US02Y − JP02Y
EURCAD → DE02Y − CA02Y


⚠️ Disclaimer
This indicator is for informational and analytical purposes only. It does not constitute financial advice, a trading signal, or a guarantee of future performance. Always perform your own research and consult with a qualified financial advisor before making trading decisions.
הערות שחרור
Flexible maturity selection: Choose between 2-Year, 5-Year, or 10-Year government bond yields.

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