OPEN-SOURCE SCRIPT
Relative Strength Ratio
About this indicator:
This indicator goes under many different names such as Relative Strength Ratio, Comparative Strength, Relative Strength Comparison (RSC) etc.
It compares the strength of the current asset to another asset of your choice and displays the relative strength of the current asset. (Not RSI)
There are several comparative indicators published already here on TV but I have added some unique features that I think is really useful.
When to use it:
This is useful when you want to compare for example a stock with its sector to find out if the stock is a leadership stock in that sector or main index.
You could also use it to compare the sector to its index etc.
If you want to compare for example a stock to both its index and its sector at the same time I suggest you add 2 instances of this indicator.
In many trading systems you are supposed find the strongest tickers by identifying "layers of strength" like 1. The strongest asset class that money is flowing into (like stocks, commodities, bonds, etc.) 2. Find the strongest sectors. 3. Find the stocks outperforming those sectors. 4. Find some kind of entry signal there.
How it works:
The indicator calculates an "RS line" (Relative Strength) by dividing the current ticker with a ticker of your choice. This creates a ratio or pair similar to how currencies are related to each others like USDGBP (dollar against pound). The RS line is black by default so you might want to change its color if you use a dark theme.
If the RS line is moving up it means your current asset is stronger than the asset you are comparing it with and vice versa.
Use the simple moving average to quickly see long term strength trends.
Features
RS line
Shows the relative strength of the current asset.
SMA
This Simple Moving Average has directional coloring; green when it is angled up and red when it is angled down. You can customise the period in the settings. If you don't want the color change just make both up/down color the same.
Relative market label
This displays the market you are currently comparing with as a label next to the last data point.
Because I tried stocks in 2 different countries I want to know which index I am comparing with and this label saves me from going into the settings to check. I find it to be a life saver!
Please let me know if you find any problems or if you have any ideas for improvement
This indicator goes under many different names such as Relative Strength Ratio, Comparative Strength, Relative Strength Comparison (RSC) etc.
It compares the strength of the current asset to another asset of your choice and displays the relative strength of the current asset. (Not RSI)
There are several comparative indicators published already here on TV but I have added some unique features that I think is really useful.
When to use it:
This is useful when you want to compare for example a stock with its sector to find out if the stock is a leadership stock in that sector or main index.
You could also use it to compare the sector to its index etc.
If you want to compare for example a stock to both its index and its sector at the same time I suggest you add 2 instances of this indicator.
In many trading systems you are supposed find the strongest tickers by identifying "layers of strength" like 1. The strongest asset class that money is flowing into (like stocks, commodities, bonds, etc.) 2. Find the strongest sectors. 3. Find the stocks outperforming those sectors. 4. Find some kind of entry signal there.
How it works:
The indicator calculates an "RS line" (Relative Strength) by dividing the current ticker with a ticker of your choice. This creates a ratio or pair similar to how currencies are related to each others like USDGBP (dollar against pound). The RS line is black by default so you might want to change its color if you use a dark theme.
If the RS line is moving up it means your current asset is stronger than the asset you are comparing it with and vice versa.
Use the simple moving average to quickly see long term strength trends.
Features
RS line
Shows the relative strength of the current asset.
SMA
This Simple Moving Average has directional coloring; green when it is angled up and red when it is angled down. You can customise the period in the settings. If you don't want the color change just make both up/down color the same.
Relative market label
This displays the market you are currently comparing with as a label next to the last data point.
Because I tried stocks in 2 different countries I want to know which index I am comparing with and this label saves me from going into the settings to check. I find it to be a life saver!
Please let me know if you find any problems or if you have any ideas for improvement
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menerbitkannya sebagai sumber terbuka, sehingga para trader dapat memahami dan memverifikasinya. Hormat untuk penulisnya! Anda dapat menggunakannya secara gratis, namun penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk digunakan pada chart
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