Stock Beta vs NIFTY 50

# Stock Beta vs NIFTY 50

## Overview
This indicator calculates and displays the Beta coefficient of any stock relative to the NIFTY 50 index, providing traders and investors with a real-time measure of systematic risk and market correlation.

## What is Beta?
Beta measures how much a stock's price moves relative to the overall market (NIFTY 50 in this case):
- **β = 1**: Stock moves in line with the market
- **β > 1**: Stock is more volatile than the market (amplified movements)
- **β < 1**: Stock is less volatile than the market (dampened movements)
- **β = 0**: No correlation with market movements
- **Negative β**: Stock moves opposite to the market

## Key Features
- **Real-time Beta calculation** using logarithmic returns for statistical accuracy
- **Customizable lookback period** (default: 90 bars) to adjust sensitivity
- **Visual reference lines** at Beta = 0 and Beta = 1 for quick interpretation
- **Dynamic labels** showing current Beta value as percentage every 20 bars
- **Clean subplot display** that doesn't overlay on price charts

## How to Use
1. Apply the indicator to any NSE-listed stock
2. Adjust the lookback period based on your analysis timeframe:
- Shorter periods (30-60 bars): More responsive to recent price action
- Longer periods (90-250 bars): More stable, long-term correlation measure
3. Interpret the Beta line:
- Rising Beta: Stock becoming more correlated/volatile relative to NIFTY
- Falling Beta: Stock becoming less correlated/volatile relative to NIFTY

## Technical Implementation
- Uses logarithmic returns for more accurate statistical calculation
- Implements proper covariance and variance calculations
- Handles edge cases with built-in error checking
- Optimized for NSE stocks with NIFTY 50 as benchmark

## Best Practices
- Use on daily or higher timeframes for meaningful results
- Consider market conditions when interpreting Beta values
- Combine with other risk metrics for comprehensive analysis
- Monitor Beta changes over time to identify trend shifts

*Note: This indicator is designed specifically for NSE-listed stocks and uses NIFTY 50 as the market benchmark. Beta values should be interpreted within the context of current market conditions and individual stock fundamentals.*