Fixed Reference Relative Strength

8 set 2020

Relative Strength based on a fixed reference session date. This study works on day timeframe only.
The idea here is to "fix" a reference trading session day. The relative strength of subsequent candles are measured based on this reference day only. Relative strengths of bars before this bar is irrelevant and not plotted. As the plotting of the bars advances, the length is automatically adjusted so that the base reference is the "fixed" reference only. The RS value is multiplied by 100 to give a percentage value.

The other Relative Strength indicators that I have published (and other Relative Strength scripts generally available on TradingView), generally take a fixed length as input and that has to be advanced each trading session. What this results into is that only the "latest bar" RS is compared to the "reference" session date. All the RS values prior to this latest bar is actually compared to days previous to the reference date.

In the example above, we have input 13-Feb-2020 as the "fixed" reference trading session day. Starting from 14-Feb-2020, each session day, we calculate the RS always with respect to 13-Feb-2020, unlike the other scripts. When the RS value of today, 08-Sep-2020 is being calculated, it is using 13-Feb-2020 (as the other scripts do when the length is advanced one day each trading session day). However, when the RS value of 07-Sep-2020 is being calculated today (08-Sep-2020), it is still using 13-Feb-2020 as the reference. In the other scripts, a calculation of RS for 07-Sep-2020 on 08-Sep-2020 would have taken 12-Feb-2020 as the reference value.

This plot thus gives the exact performance of the script with respect to the benchmark index from the fixed reference each day. A performance trend is therefore possible to do on this plot.

28 ott 2020

Note di rilascio

• Added static reference plot
  
• Changed name to include static reference
  
• Changed the default Adaptive Reference Date
  
• Added capability to mark an ARS Threshold value breakout
  

The basic model of this indicator now changes from calculating the adaptive relative strength to also include a static, "fixed length" relative strength. So from now it is possible to plot both of them simultaneously.
It is also possible to define an ARS threshold value, that will be marked separately (in a different colour) to show the breakout (Current ARS >= the ARS Threshold Level)
The short name as well as the long name of the indicator is changed to reflect the "dual" nature of the plots now.

21 nov 2020

Note di rilascio

• Added horizontal line for ARS threshold
  
• Removed MA option
  

5 feb 2021

Note di rilascio

• Added time input for ARS date instead of text boxes
  

Automatically fixes the max_bars lookback error.

10 feb 2021

Note di rilascio

• Changed default ARS date
  

17 mag 2021

Note di rilascio

• Change default reference date (aka ARS Date)
  
• Current CRS color to purple
  

7 lug 2021

Note di rilascio

• Color toggles based on zero line crossover and crossunder
  

6 ago 2021

Note di rilascio

• New ARS Date - 16 - Feb - 2021
  

31 ott 2021

Note di rilascio

• Changed default ARS Date
  

New ARS Date: 18th May 2021

20 gen 2022

Note di rilascio

• New ARS - 3rd Aug 2021
  

8 mar 2022

Note di rilascio

• New ARS - 18th Oct 2021
  

21 giu 2022

Note di rilascio

• Change ARS Date to 7th March 2022
  

29 nov 2022

Note di rilascio

• New ARS Date - 03 June 2022
  

13 mag 2023

Note di rilascio

• New ARS Date - 13 Sep 2022
  

2 lug 2023

Note di rilascio

• New ARS Date: 01 Dec 2022
  

23 nov 2023

Note di rilascio

1. New ARS Date: 16 Feb 2023
   
2. Convert to pinescript v5
   

17 feb 2024

Note di rilascio

• New ARS Date: 20 Jul 2023
  

8 feb

Note di rilascio

• ARS Date update to 10th May 2024
  
• Pine Script version bumped to 6
  

12 mar

Note di rilascio

1. Added alert conditions for screener
   
2. Changed FFRS, to ARS in plot title