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Relative Strength (RS) By @Byte2Bull

📈 Relative Strength (RS) By Byte2Bull
📌 Overview
This indicator plots a Relative Strength (RS) line that compares the performance of the chart symbol to any benchmark symbol (index, ETF, or stock). By comparing the stock’s price movement to that of the benchmark, this tool highlights whether a stock is outperforming or underperforming the market.
It highlights hidden leaders and emerging strength through dynamic line plots, customizable moving average, and powerful new high detection features, enabling more informed trading decisions.
🛠 Key Features
⦿ Custom Benchmark Selection
⦿ Relative Strength Line with Dynamic Coloring
⦿ Configurable Moving Average
⦿ New High Detection
⦿ MA Crossover
⦿ Visual Enhancements
⦿ Built-in Alerts
Set alerts for:
🎯 How to Use
⦿ Identify Market Leaders:
⦿ Spot Early Strength:
⦿ Filter Weakness:
⦿ Combine with Price Action & Volume:
📌 Overview
This indicator plots a Relative Strength (RS) line that compares the performance of the chart symbol to any benchmark symbol (index, ETF, or stock). By comparing the stock’s price movement to that of the benchmark, this tool highlights whether a stock is outperforming or underperforming the market.
RS value = (Price of symbol / Price of benchmark) × 100
It highlights hidden leaders and emerging strength through dynamic line plots, customizable moving average, and powerful new high detection features, enabling more informed trading decisions.
🛠 Key Features
⦿ Custom Benchmark Selection
- Compare any stock with your chosen benchmark (default: NSE:NIFTYMIDSML400), such as NIFTY50, BANKNIFTY, or sector indices.
⦿ Relative Strength Line with Dynamic Coloring
- Green when RS is above its moving average (strength/outperformance).
- Red when RS is below its moving average (weakness/underperformance).
⦿ Configurable Moving Average
- Apply either EMA or SMA over RS with customizable length. This helps smooth out volatility and provides a clear reference trend.
⦿ New High Detection
- Marks when RS makes a new high.
- Highlights when RS makes a new high before price does → a powerful early signal of hidden strength.
⦿ MA Crossover
- Optional marker for when RS crosses above its moving average, signaling potential start of leadership.
⦿ Visual Enhancements
- Adjustable line thickness.
- Fill area between RS and its MA with green/red shading for quick interpretation.
- Customizable colors for all key signals.
⦿ Built-in Alerts
Set alerts for:
- RS New High
- RS New High Before Price
- Bullish MA Crossover
🎯 How to Use
⦿ Identify Market Leaders:
- A stock with RS consistently above its MA is likely leading the market.
⦿ Spot Early Strength:
- If RS makes a new high before the stock price, it may signal strong relative demand — often preceding breakouts.
⦿ Filter Weakness:
- Stocks with RS below the MA are lagging and may be best avoided during bullish phases.
⦿ Combine with Price Action & Volume:
- RS works best alongside price breakouts, trend analysis, and volume confirmations.
Korumalı komut dosyası
Bu komut dosyası kapalı kaynak olarak yayınlanmaktadır. Ancak, özgürce ve herhangi bir sınırlama olmaksızın kullanabilirsiniz – daha fazla bilgi burada.
Naved Iqbal
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Korumalı komut dosyası
Bu komut dosyası kapalı kaynak olarak yayınlanmaktadır. Ancak, özgürce ve herhangi bir sınırlama olmaksızın kullanabilirsiniz – daha fazla bilgi burada.
Naved Iqbal
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.