OPEN-SOURCE SCRIPT
Comparative Relative Strength of a stock
Updated
Perform comparative relative strength of a stock. Default base is NIFTY 50.
Release Notes
Cosmetic changes to make the display pretty and input choices in more logical sequence.Release Notes
Added input as source. Some cosmetic changes.Release Notes
- version 5
- Added color code for CRS moving average
A color-based trend on the Ratio moving average. The trend lookback is configurable.
Release Notes
- Possible to plot candles, of ratio chart, instead of line chart only.
Release Notes
Updated to include a "CRS Score" and "CRS Pattern"- CRS Score: The number of consecutive bars, when the trend of the relative strength is increasing/decreasing. If CRS is falling, score will be negative, if rising, score will be positive and 0 if it is neither positive nor negative (blue)
- CRS Pattern: The pattern of the last 23 (default) bars for the CRS Trend.
If say, the CRS Pattern is RRRRRRRRRSSGG - It means that after 11 bars, the strength is now positive for last 2 bars. This is a good way to visualise a turn around in relative strength of the stock. Higher the number of opposite trend the greater that chance of the reversal.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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