RedK Relative Strength Ribbon: RS Ribbon and RS ChartsRedK Relative Strength Ribbon (RedK RS_Ribbon) is TA tool that plots the Relative Strength of the current chart symbol against another symbol, or an index of choice. It enables us to see when a stock is gaining strength (or weakness) relative to (an index that represents) the market, and when it hits new highs or lows of that relative strength, which may lead to better trading decisions.
I searched TV for existing RS indicators but didn't find what I really wanted, so I put this together and added some additional features for my own use. It started as a simple RS line with new x-weeks Hi/Lo markers, then evolved into what you see here in v1.0 with the ability to plot a full RS chart in regular or HA candle types. Hope this will be useful to some other growth traders here on TV.
What is Relative Strength (RS)
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(RS is a comprehensive concept in TA, below is a quick summary - please research further if it's not already a familiar topic)
Relative Strength (RS) is a technical concept / indicator used mainly by growth / swing / momentum traders to compare the performance of one security or asset against another. RS measures the price performance of a specific security relative to a benchmark, such as an index or another asset. It's not to be confused with the famous Relative Strength Index (RSI) technical indicator
For example, In the context of comparing a stock's relative strength to the SPY (S&P 500) index, the relative strength calculation involves dividing the stock's price or price-related value (e.g., close price) by the corresponding value of the SPY index. The resulting ratio (and its trend over time) indicates the relative performance of the stock compared to the index.
Traders and investors use relative strength analysis to identify securities that have been showing relative strength or weakness compared to a benchmark, which can help in making investment decisions or identifying the "market leaders" and potential trading opportunities.
There are so many books and documentation about the RS concept and its importance to identify market leaders, especially when recovering from a bear market - if you're interested in the concept, please search more about it and review some of that literature. There's also a more detailed definition of Relative Strength in this article on Invstopedia
RedK RS_Ribbon features and options
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The indicator settings provide many options and features - see the settings box below
- Change / choose base symbol
The default is to use SPY as the base symbol - so we're comparing the chart's symbol to a proxy of the S&P 500 - Some traders may prefer to use the QQQ - or other index or ETF that acts as a proxy for the industry / sector / market they are trading
- RS Calculation / RS line
we use the simple form of the RS calculation,
RS = closing price of current chart symbol / closing price of the base symbol (default is SPY) * 100
some RS documentation will use the Rate of Change (RoC) - but that's not what we're using here.
- The RS_Ribbon
* Once the RS line is plotted, it made sense to add couple of moving averages to it, to make it easier to observe the trend of the RS and the changes in that trend as you can see in the sample chart on top.
* The RS_Ribbon is made up of a fast and slow moving averages and will change color (green / red) based on detected trend RS direction - the 2 MA types and lengths can be changed until you get the setup that provides the best view for you of the RS trend over time. My preferred settings are used as defaults here.
- Identifying New (x)Week Hi/Lo RS Values
* Most traders would be interested when the calculated RS hits a new 52-week high or low value.
* There are cases where we may want to see when a new RS Hi/Lo has been hit for a different period - for example, a quarter (13 weeks)
* the number of weeks can be changed as well as adjusting the numbers of trading days per week (if needed for certain symbols/exchanges)
- Working with Different Timeframes
* Now these "markers" will only be available in the daily and weekly timeframes and there is a good reason for that, it's not the fact that i'm lazy :) and that enabling this in timeframes lower than 1D would have been some heavy lifting, but the reality is that with RS, we're really interested if a "day's close" hits a new RS high or low value against the moving window of x weeks (and the weeks close also) - if you think of this more, at lower TF, RS can hit a lower value that never end up registering on the daily closing and that causes a lot of visual confusion. So i took the "cleaner way out" of that issue.
* note that you can choose a different timeframe for the RS_Ribbon than the chart - if you do, please make sure the chart is at a lower timeframe than the indicator's - (and in that case remember to hide the candles because they won't make much sense)
i wanted to leverage TV's built-in multi-Timeframe (MTF) support with the caveat that using the indicator at lower TF with a chart at a higher TF (example chart at 1Wk and indicator at 1D) will show inaccurate results. If this sounds confusing, keep the indicator TF same as the chart.
the example here shows a 2-Hr chart against 1D RS_Ribbon
- Using RS Charts and RS Candles
* Beside the ability to plot the RS "closing" value with the RS line, the indicator provides the ability to show a "full" RS Chart with candles that represent the relative values of open, high, low. and close against the base symbol.
* the RS Charts can be used for regular chart analysis, for example, we can identify common chart patterns like Cup & Handle, VCP, Head & Shoulder..etc using these charts .. which can provide some edge over the price charts
* for the Heikin Ashi fans, I added the ability to choose classic or HA candles for the chart. note you have to enable the option to show the RS candles first before you choose the option to switch to HA.
The chart below shows a side-by-side comparison on the 2 RS chart types
Closing remarks
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* RS is a good way to identify market/sector leaders (who will usually recover from a bear market before others) - and enable us to see the strength that comes from the broader makrket versus the one that comes from the stock's own performance and identify good trading opportunities
* I'll continue to update this work and alerts will come in next version - but wanted to check initial reaction and value
* as usual, if you decide to use this in your chart analysis, it's necessary to combine with other momentum, trend, ...etc indicators and do not make trading decision only based on the signales from a single indicator
Cerca negli script per "relative strength"
Adaptive and Static Relative Strength OverlayThis indictor combines adaptive and static relative strengths and displays the strength in a unique colour coding on the bars.
With this the one can view the performance of both the relative strengths in one indicator and overlay-ed on the price chart.
Adaptive Relative Strength - Date is identified based on market scenarios. It will change based on how the market trends in the future.
Static Relative Strength - Date is fixed (123 sessions). Roughly corresponds to 6 months.
The (default) colour coding is:
If "Both" is selected:
ars > 0 and srs > 0 = Blue
ars <=0 and srs <= 0 = Maroon
Orange otherwise (Any of ars or srs is negative)
If "Only ARS" is selected:
ars > 0 = Blue
Maroon otherwise
If "Only SRS" is selected:
srs > 0 = Blue
Maroon otherwise
Additionally the ARS and the SRS will be marked as labels on the bars corresponding to the reference dates.
The current ARS and SRS values will be market as label on the last bar.
Source can be any valid source, close is selected by default.
Default benchmark is "Nifty 50" the NSE Indian benchmark. This can be changed.
TOPIX Relative Strength vs Symbol + Volume Quality (JP)Overview
Relative Strength vs Symbol + Volume Quality (JP) visualizes the relative performance (%) of a stock versus a chosen benchmark (e.g., TOPIX, Nikkei 225, or ETFs) while incorporating volume quality and momentum analysis.
It calculates percentage-point differences between the target and benchmark, smooths them (EMA/SMA), and evaluates whether the strength is supported by quality volume flow.
All data uses confirmed bars only (request.security() with confirmed values) to minimize repainting, and labels are drawn only on confirmed bars.
What It Shows
Relative Performance (%pt): Difference in rate of change between the stock and its benchmark.
Above 0 → outperforming
Below 0 → underperforming
Trend Direction: Short-/mid-term trend from smoothed EMA/SMA.
Volume Quality: Ratio of up-volume to down-volume, scaled from -1 to +1.
Volume Momentum (Z-Score): Measures unusual surges in trading activity.
Strength Detection: Combines price-based strength (relative or z-score) with volume quality and momentum filters.
How to Use
Set your comparison symbol (e.g., TSE:1306, TVC:NI225).
Adjust lookback length and smoothing period/type to fit your analysis window.
Enable “Confirm strength by volume quality” and/or “Use volume Z-score” to filter signals with supportive volume.
Optionally, configure background thresholds to highlight extreme relative strength/weakness.
Use Screener Mode to suppress visual outputs (table/labels) for performance in Pine Screener.
Main Input Groups
Comparison Settings: Benchmark symbol, calculation timeframe.
Period & Smoothing: lookback, smoothLen, and MA type (EMA or SMA).
Price Strength Detection: Enable Z-score mode and adjust zLen / zThresh.
Volume Quality & Momentum: vqThresh (volume quality) and vZth (Z-score threshold).
Display: Toggle histogram tint, background highlight, mini-table, and signal labels.
Background Thresholds: Independent thresholds for histogram/MA lines and colors.
Screener Output: Suppress visuals for screening use.
Output & Coloring
Histogram: Relative performance in %pt. Red = outperforming, Green = underperforming (intensity by magnitude).
White Line (EMA/SMA):
Rising with good volume quality → Red
Rising but poor quality → Yellow
Falling → White
Background: Optional highlight when histogram/MA exceeds user thresholds.
Counters: Hidden plots track how many bars have consecutively exceeded thresholds (usable in screeners).
Alerts
Strength Detection (Price + Volume):
Triggered when price condition (MA > 0 or Z-score > threshold) and volume conditions are met.
Weakness / Loss of Strength:
Triggered on cross-under or when volume conditions fail.
Labels: Optional, shown only on confirmed bars.
Repaint Prevention
All calculations use confirmed bar data only.
Labels appear only when bars close.
On lower timeframes, benchmark update delays may cause minor lag.
Volume quality is derived from up/down bar classification, which can be distorted by gaps or illiquid markets.
Avoid overfitting thresholds — values differ by asset and timeframe.
Practical Applications
Identify outperformance with supportive volume across sectors or themes.
Use streak counters to find consistent relative winners or laggards.
Compare stocks vs sector indices or ETFs to track rotation and momentum shifts.
Disclaimer
This script and its description are provided for educational and informational purposes only.
They do not constitute financial advice or recommendations.
Use at your own discretion, considering market risk, liquidity, and data limitations.
This description follows TradingView’s House Rules (no promotion, plagiarism, or misleading claims).
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When publishing:
Do not include promotional links or invitations.
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Screenshots should illustrate the script’s function only, not serve as marketing material.
Maintain consistency of language (English only for this version).
概要
Relative Strength vs Symbol + Volume Quality (JP) は、対象銘柄と比較指標（例：TOPIX）との相対パフォーマンスを％ポイント差で算出し、平滑化線（EMA/SMA）とヒストグラムで可視化します。さらに、出来高を「質（上げ/下げボリュームのバランス）」と「勢い（Zスコア）」で評価し、価格×出来高の両面から“強さ/弱さ”を判定します。
リペイント抑制のため、request.security()は確定足を参照し、ラベル描画も確定時に限定しています。
何がわかるか
相対パフォーマンス（％pt）：対象と比較指標の騰落率差。0より上＝相対優位、下＝相対劣位。
平滑化トレンド：相対の短中期的な傾き（EMA/SMA）。
出来高の質：上昇バー出来高と下降バー出来高の比から -1〜+1 で評価。
出来高の勢い（Zスコア）：直近出来高の異常度。
強/弱シグナル：価格条件（基準越え・Z超え）に、出来高条件（質・勢い）を組み合わせて抽出。
使い方（基本手順）
比較対象を「比較シンボル」で指定（例：TSE:1306、TVC:NI225 等）。
「比較期間（バー数）」と「平滑化（期間/種類）」を調整し、相対の視点を合わせる。
出来高確認を使う場合は「出来高の質で“強さ”を確認」「出来高の勢い（Z）」をオンにし、閾値を調整。
背景ハイライトの**閾値（ヒスト/平均線別）**を設定すると、重要局面を一目で把握可能。
スクリーナー利用時は「スクリーナー用」をオンにして、テーブル/ラベルの描画を抑制。
主な入力項目
比較設定：比較シンボル、計算タイムフレーム。
期間・平滑化：比較期間lookback、平滑化長smoothLen、MA種別（EMA/SMA）。
強さ検出（価格）：Zスコア方式のオン/オフ、zLen、zThresh。
出来高の質・勢い：質の閾値vqThresh、勢いZの長さvZlenと閾値vZth。
表示：テーブル、背景、ヒスト濃淡、直近ラベルのON/OFF。
背景（閾値）：ヒスト/平均線の上下しきいと背景色。
スクリーナー出力：描画抑制トグル。
出力と色分け
ヒストグラム：相対パフォーマンス（％pt）。プラス域は赤系、マイナス域は緑系で濃淡表示。
白線（実体は平滑化相対）：上向きかつ出来高質が閾値以上なら赤、上向きでも質不足なら黄、下降時は白。
背景色（任意）：設定したヒスト/平均線の閾値を超過/割れで自動着色。
カウンタ：ヒスト/平均線が各閾値を連続超過/連続割れした本数を、スクリーナーが取得できるよう非表示プロットで出力。
シグナル・アラート
強さ検出（価格+出来高）：
価格条件 … 平滑化線の0越え、またはZスコアがzThresh越え。
出来高条件 … 「質 ≥ vqThresh」「勢いZ ≥ vZth」（任意）。
条件一致で「強」アラート／喪失・未達で「弱」アラート。
ラベル（任意）：確定足でのみ出力。
リペイントと制約
request.security()は確定足データを用い、確定時ラベルのみ描画する設計です。
比較シンボルの更新周期・分足集計差により、短期足ではタイムラグが生じる場合があります。
出来高の「質」は上昇/下降バーの単純仕分けに依存するため、ギャップや出来高の歪みが強い市場では解釈に注意。
閾値は銘柄・期間で最適値が異なります。**過度な最適化（カーブフィット）**は避けてください。
（公開ガイドライン上も、明確で誤解を生む表現の回避が推奨されます。
TradingView
）
活用アイデア（例）
相対優位×出来高質の改善が同時に起きた局面を抽出。
連続超過カウントで、相対の“粘り”や“伸び”をスクリーニング。
指数だけでなく、業種ETFやセクター指数を比較軸にしてローテーション把握。
免責
本スクリプトおよび説明は情報提供・教育目的です。投資助言・勧誘ではありません。市場リスク、流動性、スリッページ、データ仕様に起因する差異等は利用者の自己責任でご確認ください。TradingViewのハウスルール（広告禁止・独自性・言語一致・わかりやすさ）および公開ルールに準拠する形で記述しています。
Breakout Detection using EMAs and Mansfield Relative StrengthThis script identifies breakout opportunities based on a combination of price action, volume, and relative strength. It is designed for daily timeframe charts and helps traders pinpoint strong bullish setups with the following criteria:
Price Action: Stock price is above both the 10-day EMA and 5-week EMA.
EMA Trends: The 10-day EMA is above the 20-day EMA, and the 5-week EMA is above the 10-week EMA, confirming bullish momentum.
Customizable Parameters: Customize the index for the Mansfield Relative Strength, the volume multiplier, and the price breakout look-back period.
Price Breakout: The price is at a 3-month high, indicating strength.
Volume Breakout: A volume spike occurs, surpassing the 20-day average volume by a user-defined multiplier.
Features:
Generates clear breakout signals with a green triangle below the bar.
Integrated Mansfield Relative Strength for relative performance analysis.
Alerts for when all conditions are met, ensuring you never miss an opportunity.
How to Use:
Add this script to a daily chart of your chosen stock.
Look for green triangle signals indicating a potential breakout.
Adjust the parameters to suit your trading strategy and preferred index for the Mansfield Relative Strength.
This tool is ideal for swing traders looking to combine technical analysis with relative strength metrics for high-conviction bullish setups.
Mansfield Relative Strength (Original Version) by stageanalysisThe Mansfield Relative Strength ( Mansfield RS ) is one of the core components of the Stan Weinstein's Stage Analysis method as discussed in his classic book Stan Weinstein's Secrets for Profiting in Bull and Bear Markets .
The Mansfield RS measures the relative performance of the stock compared to an index such as the S&P 500, or to another stock etc.
However, this should not to be confused with the popular RSI (Relative Strength Index developed J. Welles Wilder), which is a momentum oscillator that measures the speed and change of price movements on a single stock.
The Mansfield RS indicator consists of the Relative Strength comparison line versus the S&P 500 (default universal setting, but can be edited), and the "Zero Line" – which is the 52 week MA of the Relative Strength line, that's been flattened to create the oscillator style.
How to use the Indicator:
Outperforming – Above the Zero Line
When the Relative Strength line crosses above the Zero Line (it's flattened 52 week RS MA), it is outperforming the index or stock that it's comparing against, and so it is showing stronger relative strength.
Underperforming – Below the Zero Line
When the Relative Strength line crosses below the Zero Line (it's flattened 52 week RS MA), it is underperforming the index or stock that it's comparing against, and so it is showing weaker relative strength.
Settings:
When you first add the indicator is has a coloured background, with a green tint for a postive RS score, and a red tint for a negative RS score. However, this can be turned off, or edited in the indicator settings, in the Style tab. So you can change the colors or remove it and just have the RS line and zero line showing. Both of which can also be edited in the settings.
Change the symbol that it compares against. The default is the S&P 500. But for crypto you might want to use Bitcoin for example. Or you might want to compare against competing stocks in the same peer group, or against the industry group or sector. The choice is yours. But the S&P 500 is a universal measure for the Mansfield RS. So I would recommend leaving it on that unless you have a particular reason to change it as mentioned.
MA Length is also an editable setting. This creates the Zero Line. So it will affect the values of the Mansfield RS if you change it. 52 is the default setting, and is set as such for the weekly chart. So I'd recommend not editing it on the weekly chart, but for other timeframes, different settings can be used.
Candle Strength based on Relative Strength of EMAOverview:
The EMA-Based Relative Strength Labels indicator provides a dynamic method to visualize the strength of price movements relative to an Exponential Moving Average (EMA). By comparing the current price to the EMA, it assigns labels (A, B, C for bullish and X, Y, Z for bearish) to candles, indicating the intensity of bullish or bearish behavior.
Key Features:
Dynamic EMA Comparison: The indicator calculates the difference between the current price and the EMA, expressing it as a percentage to determine relative strength.
Configurable Thresholds: Users can set custom thresholds for strong, moderate, and low bullish or bearish movements, allowing for tailored analysis based on personal trading strategy or market behavior.
Clear Visual Labels: Each candle is labeled directly on the chart, making it easy to spot significant price movements at a glance.
Usage:
Trend Confirmation: The labels help confirm the prevailing trend's strength, aiding traders in decision-making regarding entry or exit points.
Risk Management: By identifying the strength of the price movements, traders can better manage stop-loss placements and avoid potential false breakouts.
Strategy Development: Incorporate the indicator into trading systems to enhance strategies that depend on trend strength and momentum.
How It Works:
The script calculates the EMA of the closing prices and measures the relative strength of each candle to this average.
Bullish candles above the EMA and bearish candles below the EMA are further analyzed to determine their strength based on predefined percentage thresholds.
Labels 'A', 'B', and 'C' are assigned for varying degrees of bullish strength, while 'X', 'Y', and 'Z' denote levels of bearish intensity.
Customization:
Users can adjust the EMA period and modify the strength thresholds for both bullish and bearish conditions to suit different instruments and timeframes.
Best Practices:
Combine this indicator with volume analysis and other technical tools for comprehensive market analysis.
Regularly update the thresholds based on market volatility and personal risk tolerance to maintain the effectiveness of the labels.
RSI Colored by Relative StrengthThis indicator enhances the traditional RSI by combining it with Relative Strength (RS) — the ratio of an asset’s price to a chosen benchmark (e.g., SPY, QQQ, BTCUSD) — to create a more accurate, powerful, and dynamic momentum confirmation tool.
Instead of relying solely on RSI’s internal momentum, this version color-codes RSI values and backgrounds based on whether the asset is outperforming, underperforming, or neutral relative to the benchmark, not only identifying the RSI value, but color codes it in relation to the overall market to give more accurate confirmations.
• RS > 1 → The asset is outperforming the benchmark (relative strength).
• RS < 1 → The asset is underperforming.
• RS ≈ 1 → Neutral or moving in sync with the benchmark.
Gradient background zones:
• Green tones = outperformance (RS > 1).
• Red tones = underperformance (RS < 1).
• Gray neutral band = parity (RS ≈ 1).
Intensity adjusts dynamically based on how far RS deviates from 1, giving an at-a-glance view of market leadership strength.
• Color-coded RSI line: Green when RS > 1, red when RS < 1.
• Optional markers and labels show confirmed RS+RSI crossovers with smart spacing to prevent clutter.
• Alerts included for bullish and bearish RS+RSI alignment events.
How to Use
1. Add your preferred benchmark symbol (default: SPY).
2. Move this indicator into the same pane as your RSI (No need to overlay, does so automatically) and can also be used standalone.
3. Watch for:
• Green RSI & background: Significant momentum strength (asset trending upward and outpacing the market).
• Red RSI & background: False or insignificant momentum (asset lagging).
• Gray zone: neutral phase — consolidation or rotation period.
Use this as a trend-confirmation filter rather than a signal generator.
For example:
• Confirm and refine breakout entries when RS > 1 (RSI support = stronger conviction).
• Take profits when RSI weakens and RS slips below 1.
Forex Relative Strength MatrixTraders often feel uncertain about which Forex pair to open a position with. This indicator is designed to help in that regard.
This indicator was created as described in the book Swing Trading with Heiken Ashi and Stochastics. In the original, the author suggests using it for swing trading. The author recommends applying it to a monthly chart with an 8-period moving average to analyze the context.
The logic of the indicator is to measure the relative strength of each currency by checking if the price of each Forex pair is above or below a chosen moving average. If the price is above the moving average, the base currency is awarded 1 point, indicating strength. If below, it scores 0, indicating weakness. By accumulating points across multiple pairs, the indicator ranks currencies from strongest to weakest, helping traders identify potential pairs for trading.
Trend Identification:
After identifying relative strength, the trader should observe the general trend using a 100-period SMA on 4-hour charts. If the price is above the SMA, the trend is bullish; if below, it is bearish.
Buy Logic:
A buy is triggered when the base currency is strong (price is above the moving average) and the quote currency is weak (price is below the moving average). After identifying the trend direction, the entry is confirmed by a color change in Heiken Ashi candles (from red to green in an uptrend) and a stochastic crossover in the trend’s direction.
Sell Logic:
A sell is triggered when the base currency is weak (price is below the moving average) and the quote currency is strong (price is above the moving average). The sell entry is confirmed by a color change in Heiken Ashi candles (from green to red in a downtrend) and a stochastic crossover aligned with the trend.
Entry Chart:
The entry chart used is the 4-hour chart. The trader should look for entry signals following a pullback in the trend direction, using Heiken Ashi candles. Entry is made when the Heiken Ashi candles change color (from red to green in an uptrend) and there is a smooth crossover of the stochastic indicator in the trend’s direction.
It would also be possible to adapt the indicator for day trading strategies with targets of 1 to 2 days. Here is a recommended setup:
Relative Strength Identification (1-Hour Chart):
Instead of monthly charts, use a 1-hour chart to identify currency strength with a 20-period moving average.
The 20-period moving average on the 1-hour chart captures a balanced view of short- to medium-term direction, covering nearly a day’s worth of trading but with enough sensitivity for day trading.
General Trend (5-Minute Chart with 100 SMA):
On the 5-minute chart, observe the 100-period SMA to identify the general trend direction throughout the day.
Price above the 100 SMA indicates an uptrend, and below indicates a downtrend, confirming the movement in shorter timeframes.
Entry Chart and Signals (5-Minute Chart):
Use the 15-minute chart to look for entry opportunities, focusing on pullbacks in the main trend direction.
Entry Signals: Enter the position when Heiken Ashi candles change color in the trend direction (from red to green in an uptrend) and the stochastic indicator makes a smooth crossover in the trend’s direction.
Volume Weighted Relative Strength Index (VWRSI) [AlgoAlpha]Volume Weighted Relative Strength Index 📈✨
The Volume Weighted Relative Strength Index (VWRSI) by AlgoAlpha enhances traditional RSI by incorporating volume weighting, providing a more nuanced view of market strength. It uses custom range detection to measure consolidation strength, applying dynamic scoring to highlight trend phases. The indicator includes customizable moving averages (SMA, EMA, WMA, VWMA) and color-coded visual cues for uptrends and downtrends. Additionally, it marks significant bullish and bearish trend points with symbols, making it easier to identify potential trading opportunities. This powerful tool helps traders make informed decisions by combining volume, price action, and trend analysis.
✨ Key Features :
📊 Volume-Weighted RSI : Combines RSI with volume for better accuracy.
🔄 Range Detection : Identifies consolidation phases.
🎨 Customizable MAs : Choose from various moving averages.
🔔 Alert Capabilities : Set notifications for trend points.
🚀 How to Use :
🛠 Add Indicator : Add the indicator to favorites, and customize the settings to suite your trading style.
📊 Analyze Market : Watch RSI and range score for trends.
🔔 Set Alerts : Get notified of bullish/bearish points.
✨ How It Works :
The Volume Weighted Relative Strength Index (VWRSI) combines traditional RSI with volume weighting to offer a more comprehensive view of market momentum. It calculates the RSI using the closing price, then weights it by volume to enhance the accuracy of the trend analysis. The indicator also includes a custom range detection feature that evaluates consolidation strength by dynamically scoring the RSI over a specified period. This scoring helps identify phases of strong trends and consolidations. Visual elements like color-coded trend fills and symbols for bullish and bearish points make it easier to spot key market movements and potential trading opportunities.
Stay ahead with VWRSI by AlgoAlpha! 📈💡
Price Relative / Relative StrengthThe Price Relative indicator compares the performance of one security to another. This indicator can be used to compare the performance of a stock against a benchmark index, such as the S&P 500, or its sector/industry group. This makes it possible to determine if a stock is leading or lagging its peers.
The Price Relative is used to gauge relative strength, which is important when it comes to stock selection. Many portfolio managers compare their performance to a benchmark, such as the S&P 500. Their goal is to outperform that benchmark. In order to achieve this goal, managers often look for stocks that are showing relative strength. Enter the Price Relative. The Price Relative rises when a stock shows relative strength and is outperforming its benchmark. Conversely, the Price Relative falls when a stock shows relative weakness and is underperforming its benchmark.
Source: school.stockcharts.com
This script allows the user to
Add a new indicator pane for Price Relative (PR)
Edit the benchmark symbol (Comparative Symbol)
Edit or hide the moving average
Quickly determine if the symbol is outperforming or underperforming its benchmark
Quickly determine if the symbols is trending higher or lower based on a simple moving average
Sectors Relative Strength Normal DistributionI wrote this indicator as an attempt to see the Relative Strengths of different sectors in the same scale, but there is also other ways to do that.
This indicator plots the normal distribution for the 10 sectors of the SPY for the last X bars of the selected resolution, based on the selected comparative security. It shows which sectors are outperforming and underperforming the SPY (or any other security) relatively to each other by the given deviation.
market relative strengthOverview
market relative strength is a custom indicator that visualizes how strong or weak a given asset is compared to a selected market benchmark — such as KOSPI, NASDAQ100, BTC dominance, or total crypto market cap.
How It Works
The indicator calculates the relative return between the current asset and the selected benchmark over a user-defined period. It then normalizes the difference into a 0–100 score:
Above 50 = outperforming the market
Below 50 = underperforming the market
Above 70 / Below 30 = strong divergence from market trend
Use Case
This is ideal for identifying assets with strong relative performance, detecting trend leaders or laggards, and rotating positions between sectors or assets based on strength.
Customization
Choose from a list of market indexes or crypto metrics
Set the comparison period and normalization range
Visual cues with background shading for strong/weak zones
Note
This is not the same as RSI. This indicator is based on relative performance to a benchmark, not price momentum.
Linear Regression Relative Strength[image/x/iZvwDWEY/
Relative Strength indicator comparing the current symbol to SPY (or any other benchmark). It may help to pick the right assets to complement the portfolio build around core ETFs such as SPY.
The general idea is to show if the current symbol outperforms or underperforms the benchmark (SPY by default) when bought some certain time ago. Relative performance is displayed as percent and is calculated for three different time ranges - short (1 mo by default), mid (1 quarter), and long (half a year). To smooth the volatility, the script uses linear regression to estimate the trend and takes the start and the end points of the linear regression line to compute the relative strength.
It is important to remember that the script shows the gain relative to SPY (or other selected benchmark), not the asset's gain. Therefore, it may indicate that the asset is profitable, but it still may lose value if SPY is in downtrend.
Therefore, it is crucial to check other indicators before making a decision. In the example above, standard linear regression for one quarter is used to indicate the direction of the trend.
RS.ROC | Relative Strength - Rate of Changes - 4CR CUPFor completeness of Relative Strength studies, the Relative Strength based on rate of changes (ROC) with weighting is coded and presented as well.
The RS.ROC is similar to the formulation of RS by IBD before rank among all the stocks in the market.
The lookback period is relaxed for customizing. Once you set the total lookback period, representing the 4Q, in the indicator, the other shorter lookback periods will be auto-calculated, namely, 1Q, 2Q, 3Q.
A simple moving average of the RS.ROC is also added for your easier analysis on the trend development of the strength.
To use it later at your charting later,
1. Favorite it;
2. Select from your favorite list.
Dow Factor Relative Strength IndexThis script was written to create a new, rapid relative strength index inspired by the Dow Theory.
More info about Dow Theory : www.investopedia.com
According to the Dow Theory, volume should confirm market trends.
The correlation coefficient between prices and volume is negative in weakening trends and negative trends , positive in strengthening or positive trends.a factor was formed based on the correlation coefficient between volume and prices.
This factor was added to the relative strength index.
Period 5 is selected because the volume is very volatile and can be slow.
You can use the period you want, but I recommend the period as a minimum of 5.
It is suitable for all instruments and timeframes and thanks to its design, it provides control over gradual buying and selling points.
I haven't fully tested it, it's open to updates. For now, just use it to create ideas.
If I find it necessary,
I'll update after the tests.
If you have suggestions on these issues,
Leave your comments in the comment window.
This code is open source under the MIT license. If you have any improvements or corrections to suggest, please send me a pull request via the github repository github.com
Stay tuned , best regards.
RSRS (Resistance Support Relative Strength)The Resistance Support Relative Strength (RSRS) indicator, published by Everbright Securities, is a technical analysis tool that enjoys immense popularity among Chinese quantitative traders, owing to its stellar performance in China's stock markets.
🟠 Principle
The indicator treats daily highs and lows as resistance and support levels respectively. It measures market strength by comparing the magnitude of price changes in daily highs versus lows. Specifically, it fits a linear regression model to the (low, high) data points over the past N days (typically 18) and uses the slope (beta) as the RSRS value. A steeper slope indicates stronger market strength.
🟠 Algorithm
1. Collect the daily low and high prices over the past N days.
2. Apply Ordinary Least Squares to estimate the linear regression model: high = alpha + beta * low. The beta is the RSRS value.
3. Compute the z-score of the RSRS over the past M days (typically 600).
4. Compare the z-score to preset buy and sell thresholds (typically 0.7 and -0.7) to generate trading signals. If z-score > buy threshold, a buy signal is triggered. If z-score < sell threshold, a sell signal is triggered.
Crypto Relative StrengthIndicator meant for crypto markets. Computes the relative strength of the current ticker against a target ticker and plots a candlestick chart. Also, plots an exponential moving average of the relative strength.
A+ Trade CheckList with Comprehensive Relative StrengthThe indicator designed for traders who need real-time market assessment across multiple timeframes and benchmarks. This comprehensive tool combines traditional technical analysis with sophisticated relative strength measurements to provide a complete market picture in one convenient table display.
The indicator tracks essential trading levels including:
QQQ and SPY trend analysis using exponential moving averages
Previous day and week high/low levels for key support and resistance
Market open levels from the first 5 and 15 minutes of trading (9:30 AM ET)
VWAP positioning for institutional price reference
Short-term EMA positioning for momentum assessment
Advanced Relative Strength Analysis
The standout feature of this indicator is its comprehensive 8-metric relative strength scoring system that compares your current ticker against both QQQ (Nasdaq-100) and SPY (S&P 500) benchmarks.
The 4-Metric Relative Strength System Explained
Metric 1: Relative Strength Ratio (RSR)
Purpose: Measures whether your ticker is outperforming or underperforming relative to its historical relationship with the benchmarks.
How it works:
Calculates the ratio of your ticker's price to QQQ/SPY prices
Compares current ratio to a 20-period moving average of the ratio
Scores +1 if ratio is above average (relative strength), -1 if below (relative weakness)
Trading significance: Identifies when a stock is breaking out of its normal correlation pattern with major indices.
Metric 2: Percentage-Based Relative Performance
Purpose: Compares short-term percentage changes to identify immediate relative momentum.
How it works:
Calculates 5-day percentage change for your ticker and benchmarks
Subtracts benchmark performance from ticker performance
Scores +1 if outperforming by >1%, -1 if underperforming by >1%, 0 for neutral
Trading significance: Captures recent momentum shifts and identifies stocks moving independently of market direction.
Metric 3: Beta-Adjusted Relative Strength (Alpha)
Purpose: Measures risk-adjusted performance by accounting for the ticker's natural volatility relationship with benchmarks.
How it works:
Calculates rolling beta (correlation and variance relationship)
Determines expected returns based on benchmark moves and beta
Measures alpha (excess returns above/below expectations)
Scores based on whether alpha is consistently positive or negative
Trading significance: Identifies stocks generating returns beyond what their risk profile would suggest, indicating fundamental strength or weakness.
Metric 4: Volume-Weighted Relative Strength
Purpose: Incorporates volume analysis to validate price-based relative strength signals.
How it works:
Compares VWAP-based percentage changes between ticker and benchmarks
Applies volume weighting factor based on relative volume strength
Enhances score when high relative volume confirms price movements
Trading significance: Distinguishes between genuine institutional-driven moves and low-volume price action that may not sustain.
Combined Scoring System
The indicator generates 8 individual scores (4 metrics × 2 benchmarks) that combine into a single strength assessment:
Score Interpretation
Strong (4-8 points): Ticker significantly outperforming both benchmarks across multiple methodologies
Moderate Strong (1-3 points): Ticker showing good relative strength with some mixed signals
Neutral (0 points): Balanced performance relative to benchmarks
Moderate Weak (-1 to -3 points): Ticker showing relative weakness with some mixed signals
Weak (-4 to -8 points): Ticker significantly underperforming both benchmarks
Display Format
The indicator shows results as: "Strong (6/8)" indicating the ticker scored 6 out of 8 possible points.
Sector/Industry Relative StrengthOverview
The Sector/Industry Relative Strength (RS) Indicator is a powerful tool designed to help traders and investors analyze the performance of sectors and industries relative to the broader market (SPY). It provides real-time insights into sector and industry strength, helping you identify leading and lagging areas of the market.
Key Features
Sector and Industry Analysis:
Automatically detects the sector and industry of the current symbol.
Displays the corresponding sector and industry ETF.
Relative Strength (STS) Calculation:
Calculates the Sector/Industry Trend Strength (STS) by comparing the sector or industry ETF to SPY over the past 20 days.
STS is expressed as a percentile (0-100), indicating how strong the sector/industry ETF has been relative to SPY over the past 20 days.
Example: An STS of 70 means that during the past 20 days, the ETF’s relative strength against SPY was stronger than 70% of those days.
Sector Rank:
Ranks the current sector ETF against a predefined list of major sector ETFs.
Highlights whether the sector is outperforming or underperforming SPY (green if outperforming, red if underperforming).
Customizable Display:
Choose which elements to display (e.g., sector, industry, ETFs, STS, sector rank).
Customize table position, size, text alignment, and colors.
Real-Time Performance:
Tracks daily price changes for sector and industry ETFs.
Displays percentage change from open to close.
How to Use
Add the Indicator:
Apply the indicator to any stock or ETF chart.
The script will automatically detect the sector and industry of the selected symbol.
Interpret the Data:
Sector/Industry: Displays the current sector and industry.
ETF: Shows the corresponding sector and industry ETF.
STS (Sector/Industry Trend Strength): A percentile score (0-100) indicating the relative strength of the sector/industry ETF compared to SPY over the past 20 days.
Sector Rank: Ranks the sector ETF against other major sectors (e.g., "3/12" means the sector is ranked 3rd out of 12).
Customize the Display:
Use the input settings to:
Show/hide specific elements (e.g., sector, industry, ETFs, STS, sector rank).
Adjust the table position, size, and text alignment.
Change colors for positive/negative changes.
Make Informed Decisions:
Use the STS score and sector rank to identify potential trading opportunities.
Focus on sectors and industries with high STS scores and strong rankings (green).
Input Parameters
Table Settings:
Table Position: Choose where to display the table (Top Left, Top Right, Bottom Left, Bottom Right).
Table Size: Adjust the size of the table (Tiny, Small, Normal, Large).
Text Color: Customize the text color.
Background Color: Set the table background color.
Display Options:
Show ETFs: Toggle the display of sector and industry ETFs.
Show STS: Toggle the display of the Sector/Industry Trend Strength (STS) score.
Show Sector/Industry: Toggle the display of sector and industry information.
Show Sector Rank: Toggle the display of the sector rank.
Parameters:
Sector Rank Time Length: Set the number of days used for calculating the sector rank (default: 20).
Example Use Cases
Sector Rotation:
Identify sectors with high STS scores and strong rankings (green) to allocate capital.
Avoid sectors with low STS scores and weak rankings (red).
Industry Analysis:
Compare the STS scores of different industries within the same sector.
Use the STS score to gauge relative strength and identify potential opportunities.
Market Timing:
Use the STS score and sector rank to time entries and exits in sector-specific ETFs.
Combine with other technical indicators for confirmation.
CANSLIM IBD Relative Strength NIFTYSMLCAP250 (Daily & Weekly)This Pine Script (written in version 5) is designed to calculate the IBD Relative Strength for both daily and weekly timeframes, comparing the current chart's security to the NIFTY SMLCAP 250 index. Here's a breakdown of the code:
1. Indicator Initialization: This line sets up the indicator with both a short and full title. The overlay=true means the plot will be drawn on top of the price chart.
2. Fetching Data: This fetches the daily ("D") and weekly ("W") close prices for the NIFTY SMLCAP 250 index.
3. Relative Strength Calculation: Relative strength is calculated as the ratio of the security's current close price to the close price of the NIFTY SMLCAP 250, multiplied by 100 for both daily and weekly timeframes.
4. Timeframe-Based Selection: Here, the script checks whether the chart is in daily or weekly mode and selects the corresponding relative strength value.
5. Scaling with Multiplier: This section ensures there are at least 60 bars of data and scales the relative strength by using a multiplier derived from the 60th previous bar's close price.
6. Plotting: Finally, the scaled relative strength is plotted on the chart in black.
Improvements :
Dynamic Timeframe Handling: You might want to extend this for other timeframes, e.g., monthly.
Customization: You can add user input parameters to adjust the timeframe, scale factor, or period dynamically.
Color Enhancements: You can add color variation to indicate strength/weakness more clearly.
Normalized Relative Strength LineNormalized Relative Strength Line Indicator
Overview
The "Normalized Relative Strength Line" indicator measures the relative performance of a stock compared to a benchmark index (e.g., NSE
). This indicator helps traders and investors identify whether a stock is outperforming or underperforming the selected benchmark over a specified lookback period. The values are normalized to a range of -100 to +100 for easy interpretation.
Key Features
Comparison Symbol: Users can select a benchmark index or any other comparison symbol to measure relative performance.
Lookback Period: A user-defined period for normalization, typically set to a number of trading days (e.g., 252 days for one year).
Relative Strength Calculation: The indicator calculates the percentage change in price for both the stock and the comparison symbol from the start of the lookback period.
Normalization: The relative strength values are normalized to a range of -100 to +100 to facilitate comparison and visualization.
Smoothing: An optional 14-period simple moving average (SMA) is applied to the normalized relative strength line for a smoother representation of trends.
Interpretation
Positive Values (+100 to 0): When the normalized relative strength (RS) line is above 0, it indicates that the stock is outperforming the comparison symbol. Higher values signify stronger outperformance.
Negative Values (0 to -100): When the normalized RS line is below 0, it indicates that the stock is underperforming the comparison symbol. Lower values signify stronger underperformance.
Horizontal Line at 0: The horizontal line at 0 serves as a reference point. Crossing this line from below indicates a shift from underperformance to outperformance, and crossing from above indicates a shift from outperformance to underperformance.
Crossovers: The points where the RS line crosses the moving average (red line) can signal potential changes in relative performance trends.
Example Use Case
If the normalized RS line of a stock consistently remains around +100, it suggests that the stock has been strongly outperforming the comparison symbol over the selected lookback period. Conversely, if it remains around -100, it suggests strong underperformance.
Real Relative Strength Breakout & BreakdownReal Relative Strength Breakout & Breakdown Indicator
What It Does
Identifies high-probability trading setups by combining:
Technical Breakouts/Breakdowns - Price breaking support/resistance zones
Real Relative Strength (RRS) - Volatility-adjusted performance vs benchmark (SPY)
Key Insight: The strongest signals occur when price action contradicts market direction—breakouts during market weakness or breakdowns during market strength show exceptional buying/selling pressure.
Real Relative Strength (RRS) Calculation
RRS measures outperformance/underperformance on a volatility-adjusted basis:
Power Index = (Benchmark Price Move) / (Benchmark ATR)
RRS = (Stock Price Move - Power Index × Stock ATR) / Stock ATR
RRS (smoothed) = 3-period SMA of RRS
Interpretation:
RRS > 0 = Relative Strength (outperforming)
RRS < 0 = Relative Weakness (underperforming)
Signal Types
🟢 Large Green Triangle (Premium Long)
Condition: Breakout + RRS > 0
Meaning: Stock breaking resistance WHILE outperforming benchmark
Best when: Market is weak but stock breaks out anyway = exceptional strength
Use: High-conviction long entries
🔵 Small Blue Triangle (Standard Breakout)
Condition: Breakout + RRS ≤ 0
Meaning: Breaking resistance but underperforming benchmark
Typical: "Rising tide lifts all boats" scenario during market rally
Use: Lower conviction—may just be following market
🟠 Large Orange Triangle (Premium Short)
Condition: Breakdown + RRS < 0
Meaning: Stock breaking support WHILE underperforming benchmark
Best when: Market is strong but stock breaks down anyway = severe weakness
Use: High-conviction short entries
🔴 Small Red Triangle (Standard Breakdown)
Condition: Breakdown + RRS ≥ 0
Meaning: Breaking support but outperforming benchmark
Typical: Stock falling less than market during selloff
Use: Lower conviction—may recover when market does
Why Large Triangles Matter
Large signals show divergence = genuine institutional flow:
Stock breaking out while market falls → Aggressive buying despite headwinds
Stock breaking down while market rallies → Aggressive selling despite tailwinds
These setups reveal where real conviction lies, not just momentum-following behavior.
Quick Settings
RRS: 12-period lookback, 3-bar smoothing, vs SPY
Breakouts: 5-period pivots, 200-bar lookback, 3% zone width, 2 minimum tests
