This ThinkScript is a lower study in TOS which displays the contango relationship of the Front and Back month /VX Futures, where the default setting is for Front month to be the 1st avail monthly /VX Fuitures series and the Back month default is 2nd month /VX Futures . Best used with Daily bars. You may alter the input settings to pick any combination you desire

The lower threshold is set to 0, such that any values below zero will be displayed in RED. Therefore, with the lower threshold==0, RED signifies Backwardation.
The current version of the ThinkScript study is provided in the attached zip file.
Below is a sample of what it should look like:


The lower threshold is set to 0, such that any values below zero will be displayed in RED. Therefore, with the lower threshold==0, RED signifies Backwardation.
The current version of the ThinkScript study is provided in the attached zip file.
Below is a sample of what it should look like:

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