Stock Strength IndexScript Title: Stock Strength Index made by Vishal R Janjire
Description:
The Stock Strength Index combines several advanced technical analysis tools into one comprehensive Pine Script indicator designed to provide a nuanced view of market strength and trends. This script integrates Relative Strength (RS), Commodity Channel Index (CCI), and additional trend confirmation mechanisms to deliver actionable insights for traders.
( Must Read )
Important parameter read before use this indicator
0. Zero line green means stock is in up trend and if it is red means down trending.
1. Zero line is green it means stocks is outperforming its index that is Nifty 50 ( but dont consider its results on nifty itself that is it will not work only on nifty 50)
2. Zero line is red it means stocks is underperforming its index that is Nifty 50
3. bubble is confirmation tool when it show green bubble on zero line it means on short time frame it want go up trending and vise versa
4. Always remember higher time frame is greater than chart time frame like day vs hour
Key Features:
5. Best suitable time when higher time frame is 15 minutes and chart time is 5 minute for intraday trading. for short swing use HTF 1 Day and chart time is 1 hour or 2 hour.
1. Relative Strength (RS) Analysis:
- Calculation: Measures the performance of the base symbol relative to a comparative symbol over a specified period.
- Visualization: Plots the RS value with color-coded lines to indicate bullish (green) or bearish (red) conditions based on crossovers. Users can toggle the RS color based on its value or trend direction.
- Trend Analysis: Displays a simple moving average (SMA) of RS to visualize trend strength and direction. The SMA’s color changes to indicate rising or falling trends.
2. Commodity Channel Index (CCI):
- Current Timeframe CCI: Calculates the CCI for the current timeframe to assess price momentum.
- Higher Timeframe CCI: Computes the CCI for a higher timeframe to provide a broader market perspective.
- Background Color: Highlights the chart background in green or red based on whether both current and higher timeframe CCIs are above or below zero, respectively.
3. Alerts:
- CCI Alerts: Set up alerts for key CCI crossovers, including when both CCIs are above or below zero, or when CCI crosses key levels (100 and -100) on either timeframe.
4. Trend Confirmation:
- Price Confirmation: Uses price and its moving average to identify bullish or bearish divergence, with visual bubbles plotted on the chart to confirm potential trade signals.
5. Customization Options:
- RS Parameters: Adjust settings for RS period, comparative symbol, and whether to display reference labels or the zero line.
- CCI Parameters: Configure CCI lengths for both current and higher timeframes and select the source of the CCI calculation.
Concepts Underlying Calculations:
- Relative Strength (RS): Measures the relative performance of the base symbol compared to another symbol, adjusted over a specified period to capture momentum and trend strength.
- Commodity Channel Index (CCI): Calculates the deviation of the price from its average to identify overbought or oversold conditions and potential reversal points.
- Simple Moving Average (SMA): Smooths the RS values to highlight trends and potential trend reversals.
This indicator is designed for traders seeking a comprehensive tool that combines multiple analytical methods into one cohesive system. It aims to offer a clearer view of market trends, strengths, and potential trade opportunities based on a blend of relative strength and momentum indicators.
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This description provides a detailed overview of the script's functionality and customization options while ensuring clarity and compliance with the publishing rules.
Relativeperformance
Relative Performance AnalysisRelative Performance Analysis Script
This Pine Script creates a detailed table on your TradingView chart to compare the performance of a specified asset against a benchmark over multiple time frames. The table is fully customizable, allowing you to select its location on the chart and display performance metrics for different periods.
Features:
Customizable Table Location: Choose where the table appears on your chart from a range of predefined positions (e.g., bottom left, top center).
Dynamic Column Headers: The table includes columns for the ticker, description, and performance metrics for various time periods (1 day, 1 week, 1 month, 3 months, 6 months, and 1 year).
Performance Calculation: Calculates the percentage change in performance between the current close price and the previous close price for each time frame.
Color-Coded Performance: Uses a color scheme to highlight performance levels, with specific colors for positive and negative changes to easily visualize performance trends.
Benchmark and Asset Comparison: Displays performance metrics for both a benchmark (e.g., SPY) and the asset currently viewed on the chart, providing a clear comparison.
Inputs:
Benchmark Symbol: Specify the symbol of the benchmark asset (e.g., SPY).
Benchmark Description: Provide a description for the benchmark asset.
Chart Symbol: Automatically uses the symbol of the chart for comparison.
Usage:
Add the script to your TradingView chart.
Configure the benchmark symbol and description as needed.
The table will automatically populate with performance data and be positioned according to your selection.
Disclaimer:
This script is for informational and educational purposes only and is not intended as financial advice. The performance data displayed in the table is based on historical prices and is not indicative of future performance. Trading involves risk, and you should always do your own research and consult with a qualified financial advisor before making any investment decisions. The creator of this script assumes no responsibility for any losses or damages incurred as a result of using this tool.
relative performanceThis indicator is built to mesure the performance of a stock vs the index of choice. it is best use for the intraday session because it doesn't take gap into account when doing the calculation. This is how i made my math (using AAPL compared to SPY for simplicity)
(change AAPL / ATR AAPL) - (change SPY / ATR SPY) * beta factor * volume factor
change is calculated open to close for each candle instead of close to close. this is why gap does not affect the calculation
blue columns is an instant snap shot of the RP
red and green columns is the moving average of the blue columns
limit is the max value for the blue line when ploting them on the chart but doesn't affect the calculation
option:
indice: default with SPY but could use any stock
moving average choice: let you choose between EMA or SMA green and red columns
rolling average length : number of bar for the moving average
I made an auto adjust for the 5 min chart and the 2 min chart so you can swithc between both chart and have the same average (default value set to 6x 5min and 15x 2 min, giving you the average of the last 30min)
volume weighing let you choose if you want a volume factor or not. volume factor is only going to multiplie the result of the price move. it cannot move it from positive to negative.
this is the calculation
(volume AAPL / volume SMA AAPL) / (volume SPY / volume sma SPY)
meaning that a higher volume on the thicker compared to it's sma while having a lower volume on SPY will give you a big relative performance.
you can choose the number of bar in the average for the volume.
BETA factor work the same way that the volume factor does. you got to manualy enter your beta. default is set to 1.5
table
top line : blue square is you RP value (same has the blue columns bar) and your reference thicker
middle line : pourcentage move from the open (9:30 open) for your stock on the left and the reference on the right
bottom line : beta on the left and volume factor on the right
feel free to ask question or give modification idea!
Relative Perfomance IndexHello Traders.
Lets keep it simple..
1. Take the major pairs that have USD in them and watch their change over a specific timeframe.
2. Now lets sort these changes of each pair from the most positive to the most negative.
Good, I see you have some ideas already.
This is exactly what this indicator does. You will visualize the biggest change in pairs of the timeframe of your choice and from this you can decide on pairs that you want to trade.
Relative PerformanceThis indicator allows to compare relative performance of two indices or securities. It is the update of the previous version rewritten in Pine Script 5 version.
Relative Performance TableThis indicator is based on the Performance section in the TradingView's sidebar and uses new Pine tables functionality, originally coded by @Beeholder. It compares the current price of the symbol to its past price and calculates the rate of return to make it easier to track the performance of the symbol. Note that the Performance sidebar is not updated in real-time, while this indicator is, so on real-time charts the values between the two can differ (the indicator's values are more recent). Made a number of enhancement from Bee's script including relative performance of a selected ticker, dynamic table columns, and other options.
The formula of the calculation is (Current value - Past value) * 100 / Past value, where Past value is:
1W
1M
3M
6M
9M
52W (1 Year)
WTD (Week to Date)
MTD (Month to Date)
YTD (Year to Date
--Future development will include the ability to transpose the table columns/rows
Spread Performance TableThis study show a performance of a ticker to benchmark symbol in % terms. Works on all the time frames (advisable to use on daily time frame)
e.g - Benchmark - NIFTY - It will calculate the % return of a ticker in comparison to benchmark symbol in % terms.
Benchmark up 1% in a day , ticker up 6 % in a day - It will show a 1 day return as 5 %... It means out-performance of a ticker to the benchmark is 5%
