The Relative Strength Orbital Graph indicator is a tool that shows the historical performance of various user-selected securities against a selected benchmark.
πΆ USAGE
This tool depicts a simple scatter plot using the RS-Ratio as the X-axis and RS-Momentum as the Y-axis of the user-selected symbols against the selected benchmark.
The graph is divided into four quadrants, and the interpretation of the graph is done depending on where a point is situated on the graph:
A point in the green quadrant would indicate that the security is leading the benchmark in strength, with positive strength momentum.
A point in the gray quadrant would indicate that the security is weakening against the benchmark in strength, with negative strength momentum.
A point in the blue quadrant would indicate that the security is improving against the benchmark in strength, with positive strength momentum.
A point in the red quadrant would indicate that the security is lagging behind the benchmark in strength, with negative strength momentum.
The trail of each symbol allows the user to see the evolution of the RS-Momentum relative to the RS-Ratio. The length of the trail can be controlled by the "Trail Length" setting.
πΆ DETAILS
Our RS Ratio estimate is first obtained from the relative strength between the symbol of interest and the benchmark, the result is then smoothed using a linearly weighted moving average (wma). This result is then normalized with a wma of the smoothed relative strength, this ratio is again smoothed with the wma and multiplied by 100.
The RS Momentum estimate is obtained from the ratio between the previously estimated RS-Ratio and its wma, this ratio is then multiplied by 100.
πΆ SETTINGS
Calculation Window: Calculation window of the RS-Ratio and RS-Momentum metrics.
Symbols: Symbols used for the computation of the graph, each settings line allows us to determine whether the symbol is to be displayed on the graph as well as its color.
Benchmark: Benchmark symbol used for the computation of the graph. Indices are commonly used as a benchmark.
πΉGraph Settings
Trail Length: Number of past data points to display on the graph for each symbol.
Resolution: Controls the horizontal length of the graph.
Hi, Luxalgo, while using this, I am getting an error that says error on 6985: Objects positoned using xloc.bar _index cannot be drawn further than 500 bars into the future; at main (): 270 Can you kindly decipher what is this and how to rectify it? Thanks.
KrishnaLohani
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is this same like Julius de Kampanaer's RRG
BreakSpectre
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So good , Thank you
SuperTimon
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Very nice, thank you so much. Little question why can't we go higher than a 1 hour candle timeframe? whenI click on daily the chart dissapears
SiddharthaRay007
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Thanks alot man. I can make a RRG chart of Indian Sectors Rotation using this.
rvc8280
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Super ... Thank you, I am trying to create the same in XL from some time & now you made my life easy. This will help in creating sector-wise scripts for quick review on which one is leading the pack.