TraderLion's Relative Strength Line

Relative Strength Line

Introduction

The script adds a line/candlestick to your charts that shows how well a stock is acting relative to the Index. We call this Relative Strength Line.
Relative Strength ( RS ) separates leading stocks from laggards. Stocks showing RS during a market correction phase will often be the strongest movers once the general market is ready to cooperate.

Instructions on How To Add this Script to Your TradingView Charting Platform

Step 0: Head over to www.tradingview.com/u/TraderLion/
Step 1: Add “TraderLion's Relative Strength Line” to your Favorites by clicking “Add to Favorite Scripts” near the bottom of the page.
Step 2: Click “Indicators” at the very top on TradingView. Under Favorites click “Relative Strength Line”
Step 3: Hover on the Indicator name ( Relative Strength Line) on your plot under legend and click the three dots at the very right. Under the “Pin To Scale” choose a setting that works best for you (optional).
Step 4: Done. You have now plotted the Relative Strength Line


Features

1) The Pink Dot symbolizes the RS Line reaching new highs before price. RS New Highs Before Price (RSNHBP) is often indicative of a break out emerging.
2) Direction-Based Relative Strength. The RS Line can be customized to color coat depending on its most recent direction. When the line moves up it will be blue, and on the way down pink. Easily glance and see phases of relative strength on the chart.
3) Raw RS Rating - The RS Line Script features an RS Rating from 1-99 with 99 being the strongest rating. The measures the stock’s performance relative to the Index you input.
3) Custom Index Input under Settings - requested feature!
4) Candlestick Relative Strength - A different unique way to view the Relative Strength Line
5) Alerts Conditions - Relative Strength New Highs and Relative Strength New Highs Before Price (RSNHBP)

Note di rilascio:

Added ability to move the RS Line to a different pane.

Note di rilascio:

Reduced Precision from 16 decimal places to 2 decimal places.

Note di rilascio:

Remove Relative Strength Rating as it's causing confusion among many traders.

Note di rilascio:

Per many user requests, we added back the RS Rating ability. The default is set to False you can toggle it to true in the Input Settings of this indicator.

Cheers,
-Team TL

Note di rilascio:

1. Updated chart to meet Pine Script House Rules
2. Changed Short Title to TL's RS Line

Note di rilascio:

Updates:
1. Added the relative strength moving average (user configurable).
2. Added the relative strength moving average cloud (appearance user configurable).
3. Added the triangle up indicator at the bottom of the chart to signal when the RS line overtakes the moving average.

Note di rilascio:

Fixed typo in code

Note di rilascio:

1. Added offset parameter to allow user to adjust vertical positioning of relative strength indicator on their charts. Please note that to successfully use this adjustment the indicator should be pinned to the same scale as the price.
2. New option to hide Relative Strength Moving Average Crossover Indicator.