This is a custom indicator of mine loosely based on the work by James Garofallou (Stocks and Commodities Sep 2020 pg 14) and this is meant for medium to long term trend confirmations. The idea behind this indicator is to capture 3 different dimensions of trend strength. The first dimension captures the overall strength of the underlying stock vs the market (in...
Modified to code from @modhelius and added colors and histogram for easy reading...thanks to him... What is Relative Strength? Relative strength is a ratio of a stock price performance to a market average (index) performance. It is used in technical analysis. It is not to be confused with relative strength index. To calculate the relative strength of a...
Relative Strength: Description: Strength Indicator is strength wrt other security. How to USE: After applying indicator , you can specify with which security you want to compare for eg: default is set to NSE:NIFTY you can change to anything such as APPL,SPX,HDFC etc.. Apart from Relative Strength , I have added some colour codes to the ratio line in order to...
THE BEST FOREX, STOCKS, COMMODITIES , AND CRYPTO INDICATORS FOR TRADINGVIEW.COM The relative strength meter (RSM) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. The RSM is displayed as a color coded meter. GREEN: Bullish Uptrend RED: Bearish...