SR Relative Strength

This is a relative strength model for Indian Stock Markets where in the price of the stock in the current scenario is compared with the benchmark indices ( NIFTY / BANKNIFTY) over a period of 55 days ( by default).

This indicator also has RSI and Supertrend built-in by default. Hence this indicator can be used in place of 3 indicators.

How to use?

1. When the background is blue, it means that the stock is relatively strong as compared to the bench mark indices over a period of 55 days and the RSI is > 50

When both RS > 0 & RSI > 50 the background will be blue. If either or is true it won't turn blue.

2. Superternd by default setting is 10,3 which can be changed as per one's requirement.

Thanks!!

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Added Palette to choose background color and increased opacity by 5%

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Added alert feature for background color.

If alert is set on RS Buy then as soon as the background goes blue the alert will be triggered and vice-versa.

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Added 2 EMA's 21 & 55 EMA's to the indicator.

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Show and Hide toggle added for EMA

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Now you can change moving average color as per you desire.

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SR Relative Strength - 🚨UPDATE 🚨

New Features being rolled out -

Code updated to version 5 of pinescript

Multi time frame RSI in one table with overbought and oversold conditions

52Week High/Low table with real-time calculations

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Bug Fixes