OPEN-SOURCE SCRIPT
Real Relative Strength Indicator (Multi-Index Comparison)
Aggiornato
The Real Relative Strength (RRS) indicator implements the "Real Relative Strength" equation, as detailed on the Real Day Trading subreddit wiki. This equation measures whether a stock is outperforming a benchmark (such as SPY or any preferred ETF/index) by calculating price change normalized by the Average True Range (ATR) of both the stock and the indices it’s being compared to.
The RRS metric often highlights potential accumulation by institutional players. For example, in this chart, you can observe accumulation in McDonald’s beginning at 1:25 pm ET on the 5-minute chart and continuing until 2:55 pm ET. When used in conjunction with other indicators or technical analysis, RRS can provide valuable buy and sell signals.
This indicator also supports multi-index analysis, allowing you to plot relative strength against two indices simultaneously—defaulting to SPY and QQQ—to gain insights into the "real relative strength" across different benchmarks. Additionally, this indicator includes an EMA line and background coloring to help automatically identify relative strength trends, providing a clearer visualization than typical Relative Strength Comparison indicators.
The RRS metric often highlights potential accumulation by institutional players. For example, in this chart, you can observe accumulation in McDonald’s beginning at 1:25 pm ET on the 5-minute chart and continuing until 2:55 pm ET. When used in conjunction with other indicators or technical analysis, RRS can provide valuable buy and sell signals.
This indicator also supports multi-index analysis, allowing you to plot relative strength against two indices simultaneously—defaulting to SPY and QQQ—to gain insights into the "real relative strength" across different benchmarks. Additionally, this indicator includes an EMA line and background coloring to help automatically identify relative strength trends, providing a clearer visualization than typical Relative Strength Comparison indicators.
Note di rilascio
The Real Relative Strength (RRS) indicator implements the "Real Relative Strength" equation, as detailed on the Real Day Trading subreddit wiki. This equation measures whether a stock is outperforming a benchmark (such as SPY or any preferred ETF/index) by calculating price change normalized by the Average True Range (ATR) of both the stock and the indices it’s being compared to.The RRS metric often highlights potential accumulation by institutional players. For example, in this chart, you can observe accumulation in McDonald’s beginning at 1:25 pm ET on the 5-minute chart and continuing until 2:55 pm ET. When used in conjunction with other indicators or technical analysis, RRS can provide valuable buy and sell signals.
This indicator also supports multi-index analysis, allowing you to plot relative strength against two indices simultaneously—defaulting to SPY and QQQ—to gain insights into the "real relative strength" across different benchmarks. Additionally, this indicator includes an EMA line and background coloring to help automatically identify relative strength trends, providing a clearer visualization than typical Relative Strength Comparison indicators.
Script open-source
In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
QuantHound
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