I'm not sure the best way to explain this, but I'd like to have an indicator that can show how much the VIX has moved vs the SPX, for example recently as the market has moved higher, the VIX has not moved down as much as it had in the past when the SPX made similar gains. I'm trying to use the data to see if hedges using the VIX are being unwound or added to.

I suppose maybe some sort of percentage oscillator that reads like a histogram .

For example if the SPX was moving higher, yet the VIX was seeing less severe moves, I would assume that protection is being unwound in the VIX, I was hoping there might be a way to put a percentage or numerical value on it os some sort.

Does that make sense?

TIA

Add a Relative Strength vs Symbol indicator to the chart. Then add a Rate of Change (Percent) of Indicator indicator to the Relative Strength vs Symbol indicator. You can change the Plot Style of the Rate of Change (Percent) of Indicator indicator to Bar if you want it plotted as a histogram and you can also delete the Relative Strength vs Symbol indicator if desired.

The Relative Strength vs Symbol indicator is just the ratio of the active symbol to the RS vs symbol. The symbol for the CBOE Market Volatility Index in StockFinder is VIX--X (two -s) and the symbol for the Standard & Poors 500 index in StockFinder is SP-500.