OPEN-SOURCE SCRIPT
RelativeStrengthComparative_IBD_YRK
Mis à jour
I am publising Relative Strength Comparative.
It is be used to compare a Stock's Performance against another stock/index (Default NIFTY50)
I also devised a Plot RS Rating which is inspired from IBD's RS Rating and matches to some extent. You can turn off/on the RS Rating as per need.
Example: ITC vs NIFTY 50 it will be ITC / NIFTY
The Indicator can be used in Multiple ways:
1) Check Relative Strength
2) Check RS Rating (This is not Accurate as of now since IBD compares the ratings of all the stocks in an Exchange)
3) Can be used as a Spread Chart for the Division (We need to not divide every time we change Stocks)
4) Design a Template exactly as MarketSmith by using the TradingView feature of "Move to --> Existing Pane Above"
The Formula i used for RS Rating is below with more weightage on the 3 month performance and lesser on 12 month Performance. I am open to Modification of this Formula if a better suggestion
// relative strength IBD style
ThreeMthRS = 0.4*(close/close)
SixMthRS = 0.2*(close/(close*2))
NineMthRS = 0.2*(close/(close*3))
TwelveMthRS = 0.2*(close/(close*4))
It is be used to compare a Stock's Performance against another stock/index (Default NIFTY50)
I also devised a Plot RS Rating which is inspired from IBD's RS Rating and matches to some extent. You can turn off/on the RS Rating as per need.
Example: ITC vs NIFTY 50 it will be ITC / NIFTY
The Indicator can be used in Multiple ways:
1) Check Relative Strength
2) Check RS Rating (This is not Accurate as of now since IBD compares the ratings of all the stocks in an Exchange)
3) Can be used as a Spread Chart for the Division (We need to not divide every time we change Stocks)
4) Design a Template exactly as MarketSmith by using the TradingView feature of "Move to --> Existing Pane Above"
The Formula i used for RS Rating is below with more weightage on the 3 month performance and lesser on 12 month Performance. I am open to Modification of this Formula if a better suggestion
// relative strength IBD style
ThreeMthRS = 0.4*(close/close)
SixMthRS = 0.2*(close/(close*2))
NineMthRS = 0.2*(close/(close*3))
TwelveMthRS = 0.2*(close/(close*4))
Notes de version
Added a Green Dot on the RS for the 233 week high and Red Dot for the 233 week Low. This adds more intelligence to the RS line.Script open-source
Dans le plus pur esprit TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par nos Règles. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.
Vous voulez utiliser ce script sur un graphique ?
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