Percentage Relative Strength

30 nov. 2020

A relative strength indicator that compares your main symbol (one on your chart) strength to another symbol by percentage.
The result is plotted as a histogram showing which symbol is rising or falling more in percentage.
In case your chart symbol is TSLA (Tesla) and the indicator 'Symbol to compare' is SPX:

GREEN area (above zero) means TSLA is rising more than the SPX.
RED area (below zero) means TSLA is falling more than the SPX.

To these who wants to understand calculation, it's pretty straightforward.
For each asset we calculate everyday percentage change based on previous close and current close.
We take main asset (chart symbol) percentage and subtract it from percent of change of the symbol we want to compare to.
Result are smoothed by SMA (Simple Moving Average)
You can select different indexes or cfds such as S&P500 (SPX), NASDAQ 100 (NSX), RUSSELL 2000 (RUT) and NASDAQ (IXIC).
Default is S&P 500 (SPX).

Enjoy and Like if you like.

20 juin 2021

Notes de version

NEW: Added option to add your own symbol! Just fill the input box with the symbol you want to compare to or use predefined presets.
Added more moving averages (EMA, RMA and WMA)

15 mars 2022

Notes de version

Now it's easier than ever to compare chart to any symbol by just selecting any symbol from indicator settings.
Rearranged settings for easier use.
updated to pine script 5.0