Near & Far Relative Strength

Define a near time frame base and a far time frame base to compare the selected symbol RS. This helps in situations were you could keep the far RS length to a fixed value and the near RS length to a more recent "event" in the market and it's subsequent movement.
For example, if the market index has made a recovery from a deep crash 80 sessions ago, set the near RS length to 80 and keep the far RS length to a fixed value say, 123 corresponding to 6 months. This will help you gauge the historical vs the recovery strength of your interested symbol before and after the "event".

Notes de version:

Added input source for comparison with other source values.

Notes de version:

• Added reference label dates
  
• Increased line widths of plots
  
• Changed default values of near and far RS length
  

Notes de version:

• Added toggle color option on crossovers
  
• Fixed bug on label display, even when plot option was disabled
  

Though there is option added to show color toggle, in a dual RS plot it can become very intimidating to get a clear view when both the RS whipsaw near the zero line. Therefore the option is turned off by default. When enabled, it is recommended to disable one of the plots to get the best effect.

Notes de version:

• Plots sequence aligned with input sequence for better clarity in summary info.
  

Notes de version:

• Possible to set alert
  

Using the new alert() function, it is now possible to set alarms on ARS and SRS plots whenever a configured threshold is crossed.

Notes de version:

• Added more flexibility to configuring alerts
  

Alert Condition :
Crossing => Trigger only when there is a crossover or crossunder
"Greater or Less" => Trigger when the value is less or greater than the threshold
Alert on Candle:
Start => Trigger at the start of the candle formation
Close => Trigger at the end of the candle formation

Notes de version:

• Changed default ARS length to reflect new ARS date
  

Notes de version:

• Change default Far Date (96 as of today's date)
  
• Current CRS color to purple
  

Notes de version:

• Updated for new ARS Date 16-Feb-2021
  

Notes de version:

• Pine 5
  
• Update far length to most recent
  

Notes de version:

• Default ARS length
  

New ARS Date: 18th May 2021

Notes de version:

• Auto calculation of the ARS length
  

With the capability provided by Pinescript to "look ahead" at the last candle, it is now possible to calculate the ARS length on the ARS date. Therefore the need to increment the count by 1 day everyday is not required with this version.
With this feature, however, historical plots of ARS will not be available since the length of ARS will be known only after crossing the ARS date. In essence, ARS plot before the ARS date, doesn't mean anything anyways, since it is comparison of a future price-action on a past date.
Also, I have now renamed, "Near RS" to "Static RS" and "Far RS" to "Adaptive RS". So it is easier to read and mark them on the plots.

Notes de version:

• New ARS - 3rd Aug 2021
  

Notes de version:

• New ARS Date - 18th Oct 2021
  

Notes de version:

• Added manual override of ARS date - It is possible to define the adaptive length manually
  

A manual override will help the use case in case you need to analyse historical plots.

Notes de version:

• Change ARS Date to 7th March 2022
  

Notes de version:

• New ARS Date - 03 June 2022
  

Notes de version:

• New ARS Date - 13 Sep 2022
  

Notes de version:

• New ARS Date: 01 Dec 2022
  

Notes de version:

• New ARS Date: 16 Feb 2023
  

Notes de version:

• New ARS Date: 20 Jul 2023