This script shows when the candle closes are in opposition, respective of the asset observed and it's perpetual futures. This script is specific to Binance, and will defaults to Binance:BTCUSDT to Binance:BTCUSDTPERP if not actively observing a binance perpetual chart.
Essentially, if you have spot "positive opposition" you should be more likely for price to increase, as the underlying asset is increasing relative faster, per that individual candle, than the perpetual future. However, since perpetuals are often used for hedging, when derivatives overpower and influence the direction of price, a positive opposition at an all time high, or market structure high can lead to a sell off, as derivatives will be hedging against the spot prices increase. This script is experimental.
Check for updates as the script will need to be updated for newer assets to be included in the scripts references.
Users are able to change the candle close resolution for the plotshapes to references.