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OPEN-SOURCE SCRIPT

Relative Strength Auto Comparison

By sjakk
Updated
Relative Strength Comparison with automatic selection of relevant index

Added support for most european and north american exchanges.


Release Notes
Added SPX as a fallback index if no match found in table
Release Notes
- Updated table with Exchange / Comparative index to include forex exchanges Oanda, Saxo, Fxcm, forex.com, and ice data serv. Used the dollar basket as comparative index in these cases
- tweaked input settings, everything enabled by default
Release Notes
n/a
Release Notes
// Auto Comparative Relative Strength //

Features
*. Compares strength of a symbol (usually an Asset/equity/stock) to the strength of a comparative symbol (usually an index)
*. autoselect of relevant comparative index/symbol
- Primarly for stocks. Uses a Global index to compare other indexes or cfd's. and dollar basket if symbol is a forex instrument.
*. Override function to use as normal RS line with specified index/symbol
*. Override symbol is used as a fallback when no match is found in the autoselect table
*. Zero Cross oscillator, with a moving average cross
*. Debug panel, lists the syminfo data used to select indices. If' anyone discovers bugs or unexpected behavior, a screenshot of the debugpanel should help track down the problem.

Updates
- Bugfix with _DLY suffix in the exchange info if you recieve only free data / not paid for realtime from exchange
- Workaround for the Euronext exchanges, uses timezone to select index, (so euronext paris, uses the cac40)
- simple moving average for the change calculation, experimented with different weights and moving averages for the change calculation. Sma works good and reliably.
- overridesymbol doubles as fallback index
- Added India's national stock exchange matchet to the nifty.

Known issues
Need to fill the table of exchanges and indexes. Only North American, European and India Stock Exchanges added so far.
requires some research, or even better, local knowledge to match a prefered index to a stock exchange
suggestions are welcome: The debug panel should give information on the Exchange, Symbol and index used for comparison


Release Notes
Workaround/bugfix: syminfo.prefix only 8characters max? truncation of exchange names.

automaticbenchmarkindicescomparativeForexIndicesrelativestrengthRelative Strength ComparisonStockstrend

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.

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sjakk

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