With this contribution to the Tradingview community, also included is MY twin algorithmic formulation of "Comparative Relative Strength" as a supplementary companion indicator. They are eerily similar, so I decided to include it. You may easily disable my algorithm within the indicator "Settings". I do hope you may find both of them useful. Configurations are displayed above in multiple scenarios that should be suitable for most traders.
As always, I have included advanced Pine programming techniques that conform to proper "Pine Etiquette". For those of you who are newcomers to Pine Script, this script may also help you understand advanced programming techniques in Pine and how they may be utilized in a most effective manner. Utilizing the "Power of Pine", I included the maximum amount of features I could surmise in an ultra small yet powerful package, being less than a 60 line implementation at initial release.
Unfortunately, there are so many Pine mastery techniques included, I don't have time to write about all of them. I will have to let you discover them for yourself, excluding the following Pine "Tricks and Tips" described next. Of notable mention with this release, I have "overwritten" the Pine built-in function (). You may overwrite other built-in functions too. If you weren't aware of this Pine capability, you now know! Just heed caution when doing so to ensure your replacement algorithms are 100% sound. My () will also accept a floating point number for the period having ultimate adjustability. Yep, you heard all of that properly. Pine is becoming more impressive than `impressive` was originally thought of...
Features List Includes:
Dark Background - Easily disabled in indicator Settings->Style for "Light" charts or with Pine commenting
AND much, much more... You have the source!
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members , I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
#2 - I also added a dotted correlation colored zero line that portrays the extent of correlation in color between the two tickers. Generally speaking bright red is considered negative correlation, while bright green is considered positive correlation between the two tickers. This is disabled by default, but can be enabled with a checkbox. I thought this may be helpful in some way for some who have a greater comprehension of correlation with two assets. For example, an overwhelming amount of red dots would imply the tickers are not correlated very well at all.
on which basis/logic ,we need to take entry/exit position? what is the diff between RSMK and Signal? and what is the diff between CRD and CRS Signal?
is there any logic between Signal and CRS signal?
code looking something promising to trade but I could not able to find any idea on the above mentioned points.
will this work for day/hr/15 min time frame?
var Nifty = tickerid( "Nifty", "Nifty")
var DJIA = tickerid( "DJ", "DJI")
var NASDAQ = tickerid("NASDAQ", "IXIC")
var COMPARE_TO = relativeIndex=="Nifty" ? Nifty :
relativeIndex=="Dow Jones" ? DJIA : NASDAQ
Not very conversant with coding in general. If you could point to whats wrong here?