VIX on MNQ

VIX on MNQ — VIX percent-move overlay on the MNQ price scale (daily-open anchor, optional inversion)

Overview
This indicator projects the VIX’s intraday percent change from the daily open onto the MNQ price scale. It takes today’s open for both VIX and MNQ, measures the VIX’s percentage move since that open, optionally inverts it (given the typical inverse relationship), and applies a scale factor to fit that move onto MNQ’s price axis. The result is a single line that reflects VIX dynamics but is plotted in MNQ points—great for reading risk-on/risk-off tone, spotting divergences, and timing mean-reversion around volatility spikes.

How it works
• Fetches VIX close on your chart timeframe and today’s open for VIX and MNQ.
• Computes pct = (VIX_close − VIX_open) / VIX_open.
• Optionally multiplies by −1 (invert) and then by a Scale Factor to compress amplitude.
• Plots MNQ_open * (1 + pct * (invert? −1 : 1) * scaleFactor) as the VIX-on-MNQ line.
• Adds a last-bar label with the current VIX value and a small info panel (VIX, % change, scaled level).

Inputs
• VIX Symbol: VIX, CBOE:VIX, or TVC:VIX (pick the one that matches your data feed).
• VIX Line Color: color of the overlay line.
• Invert VIX: flip the sign to reflect inverse correlation with MNQ.
• Scale Factor (default 0.05): tune how much of the VIX move is mapped onto MNQ points.

Why it’s useful
• Surfaces volatility-led divergences: when MNQ’s path disagrees with VIX’s risk signal.
• Helps confirm/fade breakouts and pullbacks during volatility expansions/compressions.
• Provides a quick, visual “volatility baseline” directly on the MNQ chart without juggling two panes.

Notes & limitations
• This is a percent-rebased overlay, not a hedge ratio, fair value, or spread model.
• It anchors to the current day’s open; session/timezone settings and your VIX symbol choice (CBOE:VIX vs TVC:VIX) can affect exact prints.
• The scale factor is intentionally manual—adjust until the overlay’s swings are visually informative for your setup.

Disclaimer
For educational use only. Not financial advice. Always manage risk.