Relative Strength Index with fast and slow MAsThis is the typical Relative Strength Index indicator with two moving averages, one slow (length 50 by default) and one fast (length 20 by default). Additionally, there are four lines, which mark the oversold/overbought signals at different levels, there are two inner bands with values at the levels 40, and 60, and two outer bands at the levels 20, and 80. The presence of the fast and slow moving averages and their crossover/crossunder with the oversold/overbought levels or the RSI can provide more insightful and faster signals. The indicator has a slightly different colouring mechanism.
The views of the RSI indicator on the above the price chart in both dark and light modes:
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Relative Strength Exponential Moving Average [CC]The Relative Strength Exponential Moving Average was created by Vitali Apirine (Stocks and Commodities Jan 2022 pgs 22-25) and this is a handy moving average that combines a typical overbought/oversold mechanic with an overall trend indicator. Even though the typical length is so large it reacts extremely quickly when the stock becomes overbought or oversold. Because of this the indicator by itself doesn't work as well during choppy periods so Vitali recommends using a moving average crossover system during choppy so do one indicator with the default length of 50 and use a different length of 10 so when the shorter length crosses over the longer length then buy and vice versa you would sell. Generally speaking buy when the line turns green and sell when it turns red. I have used strong buy and sell signals in addition to normal signals so strong signals are darker in color and normal signals are lighter in color.
Let me know if there are any other scripts or indicators you would like me to publish!
Relative Strength Improved (Premal Parekh ASR Version)This script is improved over the existing script developed by Mr. modhelius
I have added ASR Concept of Mr. Premal Parekh.
This script will remove manual calculation of Trading Days from ASR Date.
Colored RS(Relative Strength)Relative strength is a calculation of the price trend of a stock or a financial instrument in comparison to another instrument, stock, or industry.
Color indication
Red :: Benchmark returns is -ve and the RS_Value is below 0.
Yellow :: Benchmark returns is +ve and RS_Value is below 0.
Green :: Becnhmark returns is +ve and RS_Value is above 0.
Blue :: Benchmark returns is -ve and RS_Value is above 0.
Relative Strength Index 2x maThe relative strength index, represented as two moving averages with periods, one of which will be a multiple of the longer moving average by the amount you set.
The indicator can work both in automatic and manual mode. In automatic mode, the optimal periods are selected, in my opinion, depending on which timeframe is being analyzed at the current moment. In manual mode, you can set the required period yourself.
You can also set the method of smoothing the moving averages yourself and apply them to the opening or closing, the minimum of the bar, etc.
An important point: it is possible to enable/disable graphical functions that may not be required - just check the box next to the function that you want to see on your indicator.
Show ConDiv? - enabling / disabling the convergence/divergence function of the moving averages of the RSI indicator (not to be confused with the MACD for the asset price chart)
Show ma? - enabling/disabling the graphical display of the moving averages of the RSI indicator
Show RSI? - enabling / disabling the standard RSI indicator (if you want to see only it, check the box opposite; in this case, you need to remove the other two checkboxes)
I wish you good luck in building your trading plans, and remember: such indicators do not predict the future price movement on the chart, they only determine the characteristics of the price movement at the current time, taking into account historical data.
Relative Strength ComparisonThis indicator compares the difference in percentage change between two symbols
over a user-specified number of bars.
Default settings will show the difference between the current symbol and the
S&P 500 ETF (SPY) over 10 bars. It can be used to determine if the stock is
showing relative strength or weakness compared to the overall market.
RELATIVE STRENGTHstudy(" RELATIVE STRENGTH", shorttitle="RS")
a = tickerid
b = input("NIFTY",type=symbol)
as = security(a,period,close)
bs = security(b,period,close)
plot(as/bs, title="RS" ,color=blue)
Relative Strength (RS) and Rate of Change (ROC) Combined in oneThis indicator combines Relative Strength and Rate of Change (ROC) in one plot. Change the period and comparative symbol (defaulted to NSE:NIFTY) in settings.
Relative Strength : Indian Stocks VS NIFTYIt measures the Relative strength of Indian Stocks vs NIFTY Index
Relative Strength of a stockDetermine the relative strength of a stock vis-a-vis a larger benchmark. Default is NIFTY50.
Relative Strength Auto ComparisonRelative Strength Comparison with automatic selection of relevant index
Added support for most european and north american exchanges.
Relative Strength Comparison (RSC) Indicator SignalsThis Relative Strength Comparison (RSC) indicator overlays a simple moving average (SMA) of the prior days values and changes color when the RSC crosses above and below that value as an indicator with bearish and bullish signals in comparison to another symbol.
8ROOKZ Rel Strength to index - 1 DayRelative Strength to Index
- use to understand the correlation between stock and the index
- Calculated on one day close
IBD RS, Relative strengthRelative Strength calculation of 3 time periods: 12 months, 6 months and 3 months.
Relative Strength Index & Stochastic RSIThis script calculates both RSI (Relative Strength Index) and Stock (Stochastic) RSI Indicators, and plots them with a distinctive background on the same graph. The colors were chosen to be very easy on the eyes.
I published it as a way to give back to this community. Use your own judgement when trading, I am not responsible for any losses resulting from the use of my script.
Feel free to modify the script with no attribution.
AJCrows RSIRelative Strength Index with indicator lines at 20, 30, 50, 70 and 80 marks. Use settings to show/hide these lines, and to choose appropriate colors.
relative strength to SPX500This is the indicators showing the stock relative strength comparing with SPX500.
positive means the stock is strong than spx500
negative means weak than spx500
Multi Period Relative StrengthMulti Period Relative Strength Indicator
This indicator is meticulously designed around the fundamental concept of relative strength, providing a powerful tool to assess an instrument's performance against peers or a benchmark index within the same asset class. Tailored for short-term swing trend analysis, it equips traders with the insights needed to make informed decisions based on prevailing relative strength dynamics.
More about Relative Strength: www.investopedia.com
Key Features:
Dual Period Analysis:
The indicator conducts a dual-period analysis, scrutinizing relative strength across two distinct period—a fast period and a slow period. This approach allows for a comprehensive evaluation of relative strength dynamics.
Visualization:
Slow RS is visually depicted as a green cloud above the zero line showing relative strength or a red cloud below it showing relative weakness. This visual representation aids in assessing the underlying instrument's performance against its peer over the past 3 months (slow period).
Fast RS is visually presented as green bars above the zero line showing relative strength or red bars below it showing weakness. This visual cue helps evaluate the performance of the underlying instrument against its peer over the last week (fast period).
Positive Relative Strength:
When both the fast and slow periods exhibit positive values, it signifies sustained strength in the current instrument over both the past 3 months and the last week.
Divergence Evaluation:
A positive fast period coupled with a negative slow period signals a robust relative strength trend over the past 3 months, but with a recent decline in the last week. Traders may consider adjusting positions, such as reducing or exiting, in response to this divergence.
Strength Building Scenario:
Conversely, a negative fast period paired with a positive slow period indicates relative weakness over the past 3 months, coupled with an increasing trend in the last week. This scenario may present an opportunity to gradually build positions, particularly if the 3-month relative strength turns positive.
Strategic Decision Points:
Traders can leverage these signals strategically to manage portfolios, adjusting positions based on the nuanced interplay between short-term and longer-term relative strength trends.
Risk Mitigation Strategies:
By interpreting the indicator signals, traders can implement effective risk mitigation strategies, including position downsizing, exits, gradual position building, or short covering. These actions align with the prevailing relative strength dynamics.
In summary, the Multi Period Relative Strength Indicator offers a nuanced and actionable perspective on an instrument's relative strength. By examining both short-term and 3-month trends, traders can make well-informed decisions to optimize their trading strategies and portfolio management.
Saral Relative StrengthRelative Strength Indicator
### Overview
The Relative Strength (RS) Indicator is a robust tool designed to measure the performance of a security relative to a benchmark or another security. Unlike traditional indicators, this RS Indicator calculates the outperformance or underperformance in percentage terms, providing a clear and concise comparison.
The equation for calculation can be found in the code itself. This equation compares how much a security's price has changed over a given period (len) relative to the change in price of a benchmark over the same period. The result is expressed as a percentage, showing whether the security has outperformed or underperformed the benchmark. A positive RS value indicates outperformance, while a negative value signals underperformance.
Basically, this indicator is an enhanced version of 'Relative Strength' indicator of 'BharatTrader' Sir with added features like automatic divergence plotting, color-coded filled area and sector names for NSE F&O securities. Default values for some of the parameters are based on discussion by Subhadip Nandy Sir in Trader's Talk with Mr. Rohit Katwal.
### Input Parameters:
Source: The price of a security used in the calculation, with the default being the 'close' price.
Comparative Symbol: Ticker ID of the comparative security, with the default set to NIFTY 50.
Period-RS: The period for calculating the RS line, with a default of 22. The RS line measures the relative performance of the security against the benchmark, helping to identify outperformance or underperformance over time.
Period-MA: The period for calculating the Simple Moving Average (SMA) overlay on the RS line, with a default of 11. The SMA provides a smoothed view of the RS line, helping to identify trends more clearly.
Lookback - Zero Line Trend: Zero Line Trend look-back period, used to determine the angle of the RS line, with a default of 5. This parameter influences the color of the Zero Line based on whether the RS line’s angle is positive or negative.
Lookback - Divergence: Divergence look-back period, with a default of 2, used to detect divergence between the price and the RS line.
Display MA Line: Controls the display of the SMA line. When enabled, the SMA line is plotted over the RS line to indicate trend strength.
Toggle RS Color on MA Crossovers: Controls the color of the RS line. If disabled, the RS line is purple. If enabled, the RS line changes color based on its position relative to the SMA: green for RS > MA, red for RS < MA.
Display Zero Line Trend: Controls the display of the Zero Line. If disabled, the Zero Line is black. If enabled, the Zero Line’s color changes to green or maroon based on the RS line’s angle over time.
Display Divergence: Controls the display of divergence dots on the RS line, indicating potential reversal points.
Display Filled Area: Controls whether the area between the Zero Line and the RS line is filled with color. The fill color changes based on the relationship of the RS line with the SMA & Zero Line as given below.
- Dark Green: RS > 0 and RS > MA, indicating strong outperformance.
- Light Green: RS > 0 and RS < MA, indicating weakening outperformance.
- Dark Red: RS < 0 and RS < MA, indicating strong underperformance.
- Light Red: RS < 0 and RS > MA, indicating weakening underperformance.
Display Sector Name: Controls the display of sector names for NSE F&O securities, helping to plot RS with sectoral indices.
### Key Features:
RS Line:
The RS line represents the relative performance of a security against a benchmark over a specified period (default 22). It helps traders identify whether the security is outperforming or underperforming the benchmark.
SMA Overlay:
A Simple Moving Average (SMA) line is plotted over the RS line, with a default period of 11. The SMA provides a smoothed trend of the RS, making it easier to identify consistent performance trends.
Trend-Sensitive Zero Line:
The Zero Line’s color adapts based on the RS line’s trend:
- Green: Positive angle of the RS line, indicating upward momentum.
- Maroon: Negative angle, indicating downward momentum.
The color can be toggled, with an option to display the Zero Line in black.
Divergence Detection:
Automatically detects and highlights divergences.
- Positive Divergence: RS line rises while the price falls, marked by blue dots.
- Negative Divergence: RS line falls while the price rises, marked by black dots.
Color-Coded Fill Area:
The area between the RS line and the Zero Line is filled with color to visually distinguish different market conditions, with Dark and Light colors providing insight into the strength of the performance:
- Dark Green: Indicates strong outperformance (RS > 0 and RS > MA), suggesting the security is showing significant strength compared to the benchmark.
- Light Green: Indicates weakening outperformance (RS > 0 and RS < MA), signaling that while the security is still outperforming, its strength is diminishing.
- Dark Red: Indicates strong underperformance (RS < 0 and RS < MA), showing the security is significantly weaker than the benchmark.
- Light Red: Indicates weakening underperformance (RS < 0 and RS > MA), suggesting the security is still underperforming but may be regaining some strength.
Sectoral Strength:
Displays sector names for NSE F&O securities, helping users to compare the RS of individual securities with their respective sectoral indices. Comparative Security can be changed easily based on this sector name. Users need not to remember sector names for individual securities.
If any security is not categorized in a specific sector, CNX500 has been considered as a default sector for NSE F&O securities. For other securities, NIFTY50 has been considered as a default sector.
RedK Relative Strength Ribbon: RS Ribbon and RS ChartsRedK Relative Strength Ribbon (RedK RS_Ribbon) is TA tool that plots the Relative Strength of the current chart symbol against another symbol, or an index of choice. It enables us to see when a stock is gaining strength (or weakness) relative to (an index that represents) the market, and when it hits new highs or lows of that relative strength, which may lead to better trading decisions.
I searched TV for existing RS indicators but didn't find what I really wanted, so I put this together and added some additional features for my own use. It started as a simple RS line with new x-weeks Hi/Lo markers, then evolved into what you see here in v1.0 with the ability to plot a full RS chart in regular or HA candle types. Hope this will be useful to some other growth traders here on TV.
What is Relative Strength (RS)
------------------------------------
(RS is a comprehensive concept in TA, below is a quick summary - please research further if it's not already a familiar topic)
Relative Strength (RS) is a technical concept / indicator used mainly by growth / swing / momentum traders to compare the performance of one security or asset against another. RS measures the price performance of a specific security relative to a benchmark, such as an index or another asset. It's not to be confused with the famous Relative Strength Index (RSI) technical indicator
For example, In the context of comparing a stock's relative strength to the SPY (S&P 500) index, the relative strength calculation involves dividing the stock's price or price-related value (e.g., close price) by the corresponding value of the SPY index. The resulting ratio (and its trend over time) indicates the relative performance of the stock compared to the index.
Traders and investors use relative strength analysis to identify securities that have been showing relative strength or weakness compared to a benchmark, which can help in making investment decisions or identifying the "market leaders" and potential trading opportunities.
There are so many books and documentation about the RS concept and its importance to identify market leaders, especially when recovering from a bear market - if you're interested in the concept, please search more about it and review some of that literature. There's also a more detailed definition of Relative Strength in this article on Invstopedia
RedK RS_Ribbon features and options
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The indicator settings provide many options and features - see the settings box below
- Change / choose base symbol
The default is to use SPY as the base symbol - so we're comparing the chart's symbol to a proxy of the S&P 500 - Some traders may prefer to use the QQQ - or other index or ETF that acts as a proxy for the industry / sector / market they are trading
- RS Calculation / RS line
we use the simple form of the RS calculation,
RS = closing price of current chart symbol / closing price of the base symbol (default is SPY) * 100
some RS documentation will use the Rate of Change (RoC) - but that's not what we're using here.
- The RS_Ribbon
* Once the RS line is plotted, it made sense to add couple of moving averages to it, to make it easier to observe the trend of the RS and the changes in that trend as you can see in the sample chart on top.
* The RS_Ribbon is made up of a fast and slow moving averages and will change color (green / red) based on detected trend RS direction - the 2 MA types and lengths can be changed until you get the setup that provides the best view for you of the RS trend over time. My preferred settings are used as defaults here.
- Identifying New (x)Week Hi/Lo RS Values
* Most traders would be interested when the calculated RS hits a new 52-week high or low value.
* There are cases where we may want to see when a new RS Hi/Lo has been hit for a different period - for example, a quarter (13 weeks)
* the number of weeks can be changed as well as adjusting the numbers of trading days per week (if needed for certain symbols/exchanges)
- Working with Different Timeframes
* Now these "markers" will only be available in the daily and weekly timeframes and there is a good reason for that, it's not the fact that i'm lazy :) and that enabling this in timeframes lower than 1D would have been some heavy lifting, but the reality is that with RS, we're really interested if a "day's close" hits a new RS high or low value against the moving window of x weeks (and the weeks close also) - if you think of this more, at lower TF, RS can hit a lower value that never end up registering on the daily closing and that causes a lot of visual confusion. So i took the "cleaner way out" of that issue.
* note that you can choose a different timeframe for the RS_Ribbon than the chart - if you do, please make sure the chart is at a lower timeframe than the indicator's - (and in that case remember to hide the candles because they won't make much sense)
i wanted to leverage TV's built-in multi-Timeframe (MTF) support with the caveat that using the indicator at lower TF with a chart at a higher TF (example chart at 1Wk and indicator at 1D) will show inaccurate results. If this sounds confusing, keep the indicator TF same as the chart.
the example here shows a 2-Hr chart against 1D RS_Ribbon
- Using RS Charts and RS Candles
* Beside the ability to plot the RS "closing" value with the RS line, the indicator provides the ability to show a "full" RS Chart with candles that represent the relative values of open, high, low. and close against the base symbol.
* the RS Charts can be used for regular chart analysis, for example, we can identify common chart patterns like Cup & Handle, VCP, Head & Shoulder..etc using these charts .. which can provide some edge over the price charts
* for the Heikin Ashi fans, I added the ability to choose classic or HA candles for the chart. note you have to enable the option to show the RS candles first before you choose the option to switch to HA.
The chart below shows a side-by-side comparison on the 2 RS chart types
Closing remarks
-----------------------
* RS is a good way to identify market/sector leaders (who will usually recover from a bear market before others) - and enable us to see the strength that comes from the broader makrket versus the one that comes from the stock's own performance and identify good trading opportunities
* I'll continue to update this work and alerts will come in next version - but wanted to check initial reaction and value
* as usual, if you decide to use this in your chart analysis, it's necessary to combine with other momentum, trend, ...etc indicators and do not make trading decision only based on the signales from a single indicator
