OPEN-SOURCE SCRIPT
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.
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.
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.