OPEN-SOURCE SCRIPT
RS Alpha by The Noiseless Trader

RS Alpha by The Noiseless Trader plots a clean, benchmark‑relative strength line for any symbol and (optionally) a mean line to assess trend and momentum in relative performance. It’s designed for uncluttered, professional RS analysis and works across any timeframe.
Tip: Use RS to identify leaders (RS > 0 with rising mean) and laggards (RS < 0 with falling mean), then align setups with your price action rules.
Reading the indicator
Alerts
(Use these as context; execute entries on your price‑action rules.)
Best practices
Credits
Original concept & code: © bharatTrader
Modifications & refinements: The Noiseless Trader
- Compare any symbol vs a benchmark (default: NSE:NIFTY).
- Optional log‑normalized RS for return‑aware comparisons.
- Optional RS Mean with trend coloring (rising/falling).
- Optional RS Trend zero‑line coloring based on short‑range slope.
- Lightweight alerts for rising/falling RS mean.
Tip: Use RS to identify leaders (RS > 0 with rising mean) and laggards (RS < 0 with falling mean), then align setups with your price action rules.
Reading the indicator
- Leadership: RS > 0 and RS Mean rising → outperformance vs benchmark.
- Weakness: RS < 0 and RS Mean falling → underperformance vs benchmark.
- Inflections: Watch RS crossing above/below its Mean for early shifts.
- Zero‑line context: With RS Trend on, the zero line subtly reflects short‑term slope (green for positive, maroon for negative).
Alerts
- Rising Strength – RS Mean turning/remaining upward.
- Declining Strength – RS Mean turning/remaining downward.
(Use these as context; execute entries on your price‑action rules.)
Best practices
- Pair RS with your trend/structure rules (e.g., higher highs + RS leadership).
- For sectors/baskets, keep the Comparative Symbol consistent to rank peers.
- Log‑normalized RS helps when comparing assets with very different volatilities or large base effects.
- Test multiple length and Mean settings; 60 is a balanced default for swing/positional work.
Credits
Original concept & code: © bharatTrader
Modifications & refinements: The Noiseless Trader
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menjadikannya sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Hormat untuk penulisnya! Meskipun anda dapat menggunakannya secara gratis, ingatlah bahwa penerbitan ulang kode tersebut tunduk pada Tata Tertib kami.
The Noiseless Trader — Structure first. Then price. Then confirmation. | Explore more with TNT One thenoiselesstrader.com/s/pages/tntone | An extensive library of 200+ hours of actionable financial market knowledge
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menjadikannya sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Hormat untuk penulisnya! Meskipun anda dapat menggunakannya secara gratis, ingatlah bahwa penerbitan ulang kode tersebut tunduk pada Tata Tertib kami.
The Noiseless Trader — Structure first. Then price. Then confirmation. | Explore more with TNT One thenoiselesstrader.com/s/pages/tntone | An extensive library of 200+ hours of actionable financial market knowledge
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.