PROTECTED SOURCE SCRIPT
Advanced RS Ranking & Peer Comparison
Advanced RS Rating & Sector Comparison
Original Concept & Logic by Dr. Chintan Joshi
Overview
This indicator is designed to help traders identify Market Leaders by quantifying Relative Strength (RS) on a standardized 1-99 scale. Unlike standard RSI (which looks at internal momentum), this RS Rating measures a stock's performance relative to a Benchmark (default: NIFTY 50) over a specific lookback period.
The tool goes a step further by comparing the stock's RS Rating against its Market Cap Index (e.g., Smallcap) and its Sector Index (e.g., CNX Metal, CNX IT) to determine if the stock is a "Leader" or a "Laggard" within its own category.
Key Features
RS Rating (0-99 Scale):
Calculates the ratio of the Stock Price vs. Benchmark (Nifty).
Normalizes this ratio over a lookback period (Default: 90 bars) to produce a score between 1 and 99.
A score of 90+ indicates the stock is in the top tier of relative performance against the benchmark.
Sector & Cap Comparison:
Auto-Sector Detection: The script automatically attempts to detect the sector of the current symbol (e.g., "Tata Motors" -> "CNXAUTO") and compares the stock's RS against the Sector Index's RS.
Market Cap Context: Compares the stock against a broader Market Cap index (Default: CNXSMALLCAP) to see if it is outperforming its capitalization peers.
Leader vs. Laggard Status:
The dashboard calculates the "Lead/Lag" spread.
Green (Leader): The stock's RS Rating is higher than the comparison index.
Red (Laggard): The stock's RS Rating is lower than the comparison index.
How to Use
Add to Chart: The indicator displays a compact table (movable and resizable).
Settings:
RS Lookback Length: Default is 90 (approx 1 quarter for daily charts). Adjust based on your trading style (e.g., 21 for short term, 250 for long term).
Benchmark: Set your base market index (Default: NSE:NIFTY).
Market Cap Index: Set the index relevant to your stock (e.g., NSE:CNXSMALLCAP or NSE:CNX500).
Sector Logic: Keep "Auto-Detect" on for NSE stocks. If the sector is not detected, you can manually define a sector ticker (e.g., NSE:CNXREALTY).
Visuals:
You can change the table size (Tiny to Huge) and position (e.g., Bottom Right) in the settings to fit your screen layout.
Interpreting the Dashboard
RS Rating: The raw strength score of the current symbol.
Lead/Lag: The points difference between the Stock's score and the Index's score.
Example: If Stock RS is 95 and Sector RS is 80, the Lead is +15.0.
Status: Text indication of "Leader" or "Laggard".
Credits:
This script and the underlying Relative Strength ranking logic are based on the concepts developed by Dr. Chintan Joshi.
Original Concept & Logic by Dr. Chintan Joshi
Overview
This indicator is designed to help traders identify Market Leaders by quantifying Relative Strength (RS) on a standardized 1-99 scale. Unlike standard RSI (which looks at internal momentum), this RS Rating measures a stock's performance relative to a Benchmark (default: NIFTY 50) over a specific lookback period.
The tool goes a step further by comparing the stock's RS Rating against its Market Cap Index (e.g., Smallcap) and its Sector Index (e.g., CNX Metal, CNX IT) to determine if the stock is a "Leader" or a "Laggard" within its own category.
Key Features
RS Rating (0-99 Scale):
Calculates the ratio of the Stock Price vs. Benchmark (Nifty).
Normalizes this ratio over a lookback period (Default: 90 bars) to produce a score between 1 and 99.
A score of 90+ indicates the stock is in the top tier of relative performance against the benchmark.
Sector & Cap Comparison:
Auto-Sector Detection: The script automatically attempts to detect the sector of the current symbol (e.g., "Tata Motors" -> "CNXAUTO") and compares the stock's RS against the Sector Index's RS.
Market Cap Context: Compares the stock against a broader Market Cap index (Default: CNXSMALLCAP) to see if it is outperforming its capitalization peers.
Leader vs. Laggard Status:
The dashboard calculates the "Lead/Lag" spread.
Green (Leader): The stock's RS Rating is higher than the comparison index.
Red (Laggard): The stock's RS Rating is lower than the comparison index.
How to Use
Add to Chart: The indicator displays a compact table (movable and resizable).
Settings:
RS Lookback Length: Default is 90 (approx 1 quarter for daily charts). Adjust based on your trading style (e.g., 21 for short term, 250 for long term).
Benchmark: Set your base market index (Default: NSE:NIFTY).
Market Cap Index: Set the index relevant to your stock (e.g., NSE:CNXSMALLCAP or NSE:CNX500).
Sector Logic: Keep "Auto-Detect" on for NSE stocks. If the sector is not detected, you can manually define a sector ticker (e.g., NSE:CNXREALTY).
Visuals:
You can change the table size (Tiny to Huge) and position (e.g., Bottom Right) in the settings to fit your screen layout.
Interpreting the Dashboard
RS Rating: The raw strength score of the current symbol.
Lead/Lag: The points difference between the Stock's score and the Index's score.
Example: If Stock RS is 95 and Sector RS is 80, the Lead is +15.0.
Status: Text indication of "Leader" or "Laggard".
Credits:
This script and the underlying Relative Strength ranking logic are based on the concepts developed by Dr. Chintan Joshi.
Skrip terproteksi
Skrip ini diterbitkan sebagai sumber tertutup. Namun, Anda dapat menggunakannya dengan bebas dan tanpa batasan apa pun – pelajari lebih lanjut di sini.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Skrip terproteksi
Skrip ini diterbitkan sebagai sumber tertutup. Namun, Anda dapat menggunakannya dengan bebas dan tanpa batasan apa pun – pelajari lebih lanjut di sini.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.