In similar vein to my Combo Z Score script I have implemented one looking at oil and oil . Interestingly the script out performs WITHOUT applying the in longer timeframes but under performs in shorter timeframes, for example 2007 vs 2019. Likely due to the nature of the past decade (by and large). You have some options on the underlying included Oil vs OVX (Best), MOVE vs OVX and vs OVX . Oil vs OVX out performs Combo Z Script. Favours Spy over QQQ or derivations ( SPXL etc).
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.