[#ps #mft] RDT's Real Relative Strength

14 mar

Indicator to use with Pine Screener for filtering watchlists with RDT's Real Relative Strength.

See r/realdaytrading for more info on the RRS.

How to:
1. Mark the indicator as "Favorite".
2. Open Pine Screener.
3. Choose a watchlist.
4. Choose this indicator.
5. Change the settings as needed.
6. Make sure you set timeframe to "5 minutes" and not the default "1 day".

If you choose "Bullish trend", then "Signal X" is a shortcut for RRS > 0 for that timeframe. Similarly "Bearish trend" for "Signal X" means RRS < 0.

Pro-tip #1: use Symbol syncing between tabs to easily go over the results.

Pro-tip #2: you can have two tabs open for "Bullish" and "Bearish" pine screeners (even synced to the same color), so you don't have to change settings everytime.

24 mar

Note di rilascio

Indicator to use with Pine Screener for filtering watchlists with RDT's Real Relative Strength.

The Real Relative Strength (RRS) metric quantifies how a given ticker has been performing compared to a benchmark / market. It assumes that most stocks move with the market's trend / cycles most of the time. If over a given period the market has mktPC (market Price Change) and mktATR (market ATR), we'd expect that the ticker's PC would be

mktPC / mktATR * ATR

.

The RRS metric expresses the ticker's strength / weakness relative to the market's as follows:

RRS = (PC - expectedPC) / ATR

If RRS is above 0 then the ticker is outperforming the market over the given period.

See r/realdaytrading for more info on the RRS.

THIS IS NOT MEANT TO BE USED AS A VISUAL INDICATOR

The purpose of this script is to be used with a Pine Screener, to be able to sort watchlists by RRS.

How to:
1. Mark the indicator as "Favorite".
2. Open Pine Screener.
3. Choose a watchlist.
4. Choose this indicator.
5. Change the settings as needed.
6. Make sure you set timeframe to "5 minutes" and not the default "1 day".

If you choose "Bullish trend", then "Signal X" is a shortcut for RRS > 0 for that timeframe. Similarly "Bearish trend" for "Signal X" means RRS < 0.

Pro-tip #1: use Symbol syncing between tabs to easily go over the results.

Pro-tip #2: you can have two tabs open for "Bullish" and "Bearish" pine screeners (even synced to the same color), so you don't have to change settings everytime.