Relative Strength Comparison
Relative Strength Comparison (RSC) Indicator SignalsThis Relative Strength Comparison (RSC) indicator overlays a simple moving average (SMA) of the prior days values and changes color when the RSC crosses above and below that value as an indicator with bearish and bullish signals in comparison to another symbol.
Multiple BTC RSIs in a single indicatorPlots in a single indicator the Bitcoin RSI of multiple exchanges. The selected exchanges are Bitmex, Binance and Coinbase. The reason is that these are the ones with the highest 24h volume (coinmarketcap) and have a ticker available in Trading View.
One drawback with this indicator is that it doesn't automatically adjusts its resolution when the Bitcoin chart is rendered across timeframes. You have to manually update the time resolution in the settings window for the indicator.
NZD RSCNZD Relative Strength Comparison to the basket of other major currencies.
nzd = (nzdusd + nzdjpy/100 + nzdcad + 1/gbpnzd + 1/eurnzd + nzdchf + 1/audnzd)/7
EUR RSCEUR Relative Strength Comparison to the basket of other major currencies.
eur = (eurusd + eurgbp + eurjpy/100 + eurcad + eurchf + euraud + eurnzd)/7
AUD RSCAUD Relative Strength Comparison to the basket of other major currencies.
aud = (audusd + audjpy/100 + audcad + audchf + 1/euraud + 1/gbpaud + audnzd)/7
CHF RSCCHF Relative Strength Comparison to the basket of other major currencies.
chf = (1/usdchf + chfjpy/100 + 1/cadchf + 1/gbpchf + 1/eurchf + 1/audchf + 1/nzdchf)/7
CAD RSCCAD Relative Strength Comparison to the basket of other major currencies.
cad = (1/usdcad + cadjpy/100 + cadchf + 1/eurcad + 1/gbpcad + 1/audcad + 1/nzdcad)/7
JPY RSCJPY Relative Strength Comparison to the basket of other major currencies.
jpy = (1/usdjpy + 1/cadjpy + 1/chfjpy + 1/eurjpy + 1/gbpjpy + 1/audjpy + 1/nzdjpy)/0.07
GBP RSCGBP Relative Strength Comparison to the basket of other major currencies.
gbp = (gbpusd + gbpjpy/100 + gbpcad + 1/eurgbp + gbpchf + gbpaud + gbpnzd)/7
USD Relative Strength Comparison (RSC)Simple indicator implementing relative strength against the equally weighted basket of major currencies. Perhaps I will coin it the Equally Weighted Index (EWI) and trademark it like ICE did with DXY.
usd = (usdjpy/100 + usdcad + 1/gbpusd + 1/eurusd + usdchf + 1/audusd + 1/nzdusd)/7
DXY is hard to compare against other indices because of it's weightening. Secondly it does not compare against all majors and includes SEK which is not a major currency. Source: Wikipedia .
In this chart it becomes more clear why GU is in an uptrend. From April 25th USD has been consolidating against the basket of majors while GBP has gained in strength against the same basket.
gbp = (gbpusd + gbpjpy/100 + gbpcad + 1/eurgbp + gbpchf + gbpaud + gbpnzd)/7
Currency Strength, displays lines for currency pair onlyThis currency strength indicator displays the strength for the displayed currency pair only.
The following currencies are supported: AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD
Base currency is indicated by a blue line. Counter currency by a green line.
Double click on a line to open the settings window to change line colors or the possition of the dashed lines.
Relative Price StrengthThe strength of a stock relative to the S&P 500 is key part of most traders decision making process. Hence the default reference security is SPY, the most commonly trades S&P 500 ETF.
Most profitable traders buy stocks that are showing persistence intermediate strength verses the S&P as this has been shown to work. Hence the default period is 63 days or 3 months.
Simple Currency Strength Measurer IVVersion IV of the SCSM, this time thanks to @SAACI I learned more about the financial markets and some math stuff. This time I switched the formula a bit to use Zscores:
(close-sma(close,shortma))/stdev(close,dev)
This creates a nice oscillator like view, if you overlay TWO of them, one longer and one shorter you can get almost perfect absolute highs and absolute lows. Enjoy.
Mansfield Relative Strength indicatorUse this indicator to compare how security is performing in compare with preferred index (SPX by default).
> 0 outperforming
< 0 underperforming
Works best for weekly, but can be applied to monthly and daily charts. It will be rather useless to use it in smaller timeframes
Apply it to SPX, industry index, sector index or other security in similar sector
Relative Performance between between Stock and SPXSimply plots the close to close performance of your instrument vs SPX below your main chart
Offers further SMA of EMA of such relative performance to get a better idea of the relative strength against the major market
JSE Wyckoff WaveThe Stock Market Institute (SMI) describes an propriety indicator the "SMI Wyckoff Wave" for US Stocks. This code is an attempt to make a Wyckoff Wave for the Johannesburg Stock Exchange (JSE). Once the wave has been established the volume can also be calculated. Please see code for the JSE Wyckoff Wave Volume which goes with this indicator.
The Wave presents a normalized price for the 10 selected stocks (An Index for the 10 stocks). The theory is to select stocks that are widely held, market leaders, actively traded and participate in important market moves. This is only my attempt to select 10 stocks and a different selection can be made. I am not certain how SMI determine their weightings but what I have done it to equalize the Rand value of the stock so that moves are of equal magnitude. The then provides a view of the overall condition of the market and volume flow in the market.
I have used the September 2018 price to normalize the stock price for the 10 selected stocks based. The stocks and weightings can be changed periodically depending on the performance and leadership.
Most Indecies when constructed assume that all high prices and all low prices happen at the same time and therefor inflate the wicks of the bars. To make the wave more representatives for the SMI Wyckoff Wave the price is determined on the 5 minute timeframe which removes this bias. However, TradingView does not calculate properly when selecting a lower timeframe than in current period. A work around is to call the sma of the highs and add these which provides more realistic tails. Please, let me know if there is a better work around this.
The stocks and their weightings are:
"JSE:BTI"*0.79
"JSE:SHP"*2.87
"JSE:NPN"*0.18
"JSE:AGL"*1.96
"JSE:SOL"*1.0
"JSE:CFR"*4.42
"JSE:MND"*1.40
"JSE:MTN"*7.63
"JSE:SLM"*7.29
"JSE:FSR"*8.25
Crypto MeasurerI'm proud to finally announce the Crypto measurer!!!, 20 coins chosen from the selection available at Binance, you're free to modify the code to add your own coins or remove them or if you use another exchange.
This works similar to the SCSM, except it's for cryptos, never miss a PUMP & DUMP scheme again, don't get tricked into buying the losing coins anymore. The stronger coins are at the top while the losing coins at the bottom, works on any TF too, but be careful of volatility in lower TFs.
This picture is only of ETH and BTC, see how ethereum rallies in mid april until mid may, then bitcoin becomes the more dominating coin and remains like that, pushing ETH/BTC lower.
Again, here it's the chart for ETH and BNB, with the corresponding comparison.
And here is LTC/BTC to finish the comparisons.
Simple Currency Strength Measurer IIIThis is an updated version to the Currency Strength Measurer I created before. I'm not updating that script due to differences in the features and in the idea. The original script was a lagging indicator, I hope that this one is more of a leading indicator, the idea is the same. This indicator has way fewer inputs and it's more lightweight. Try it and compare it with the original SCSM and choose whichever suits your strategy best.
I'm open to comments or ideas on how to upgrade it.
Relative StrengthRelative strength is a ratio between two assets, most often a stock and a market average (index). This implementation uses the method described here and the second method described here to calculate its value: "To calculate the relative strength of a particular stock, divide the percentage change over some time period by the percentage change of a particular index over the same time period". This indicator oscillates around zero. If the value is greater than zero, the investment has been relatively strong during the selected period; if the value is less than zero, the investment has been relatively weak. The period and the comparative symbol can be set in the settings for the indicator (the defaults are 50 and SPX), there you can also find an option to turn on a moving average.
IBD Relative strengtHThis code is to replicate the relative strength indicator as used on investors.com (on lists like the IBD 50, big cap 20 etc).
Let me know if any issues / any updates wanted.
Currency StrengthRepublished: The original script violated house rules by including an external link to Backtest Rookies.
Background
The currency strength indicator takes up to 4 forex pairs and calculates the average strength across all pairs. The indicator uses the pair's daily percentage change to calculate the overall strength. For flexibility, it can accept any instrument as an input. This means you can use multiple instances to track various currency strengths. It was designed with the major pairs in mind but there is no reason why it cannot be used for other FX pairs.
Note: The indicator defaults to GBP. When setting it up for other currencies, be sure to flag whether the currency is a counter currency or not.
The code is provided free and open source. Please modify it as you see fit.
Screenshots
Defaults with Annotation
Yen strength beating pound strength
Opposing Trends
