Sector Relative Strength [Afnan]

2024년 12월 14일

This indicator calculates and displays the relative strength (RS) of multiple sectors against a chosen benchmark. It allows you to quickly compare the performance of various sectors within any global stock market. While the default settings are configured for the Indian stock market , this tool is not limited to it; you can use it for any market by selecting the appropriate benchmark and sector indices.

📊 Key Features ⚙️

• Customizable Benchmark: Select any symbol as your benchmark for relative strength calculation. The default benchmark is set to `NSE:CNX100`. This allows for global market analysis by selecting the appropriate benchmark index of any country.
  
• Multiple Sectors: Analyze up to 23 different sector indices. The default settings include major NSE sector indices. This can be customized to any market by using the relevant sector indices of that country.
  
• Individual Sector Control: Toggle the visibility of each sector's RS on the chart.
  
• Color-Coded Plots: Each sector's RS is plotted with a distinct color for easy identification.
  
• Adjustable Lookback Period: Customize the lookback period for RS calculation.
  
• Interactive Table: A sortable table displays the current RS values for all visible sectors, allowing for quick ranking.
  
• Table Customization: Adjust the table's position, text size, and visibility.
  
• Zero Line: A horizontal line at zero provides a reference point for RS values.
  

🧭 How to Use 🗺️

• Add the indicator to your TradingView chart.
  
• Select your desired benchmark symbol. The default is `NSE:CNX100`. For example, use SPY for the US market, or DAX for the German market.
  
• Adjust the lookback period as needed.
  
• Enable/disable the sector indices you want to analyze. The default includes major NSE sector indices like `NSE:CNXIT`, `NSE:CNXAUTO`, etc.
  
• Customize the table's appearance as needed.
  
• Observe the RS plots and the table to identify sectors with relative strength or weakness.
  

📝 Note 💡

• This indicator is designed for sectorial analysis. You can use it with any market by selecting the appropriate benchmark and sector indices.
  
• The default settings are configured for the Indian stock market with `NSE:CNX100` as the benchmark and major NSE sector indices pre-selected.
  
• The relative strength calculation is based on the price change of the sector index compared to the benchmark over the lookback period.
  
• Positive RS values indicate relative outperformance, while negative values indicate relative underperformance.
  

👨‍💻 Developer 🛠️
Afnan Tajuddin

2024년 12월 17일

릴리즈 노트

Minor error fixed

1월 13일

릴리즈 노트

What’s New?

• 4 EMAs Added: Analyze short, mid, and long-term trends with EMA 8, 20, 50, and 200.
  
• Strength Table: Visualize price strength with three key conditions for short, mid, and long-term trends.
  
• Customizable EMAs: Adjust EMA periods to fit your strategy.
  
• Bar Replay Mode: Understand sector trends with real-world examples like Nifty Pharma.
  
• Chart-Only Relative Strength: Focus on the current symbol’s strength or view all sectors’ trends.
  
• Table Hiding Option: Enjoy a cleaner chart layout tailored to your needs.
  

🚀 This update makes the indicator more advanced, customizable, and user-friendly.

2월 2일

릴리즈 노트

This update brings significant enhancements to the Sector Relative Strength indicator, providing a more comprehensive and insightful analysis.

📊 Key Updates 📊

• Multi-Period Relative Strength: Now analyzes Relative Strength across three key lookback periods: 21, 55, and 123, offering a more nuanced view of sector strength.
  
• Redesigned RS Table: Focusing purely on Relative Strength, the table has been redesigned for clarity and actionability. EMA options have been removed to streamline this indicator for RS analysis. To enhance sector evaluation, two additional Relative Strength lookback periods (RS 21 and RS 123) have been added alongside RS 55.
  Categorizes sectors into "Outperforming," "Mixed," and "Underperforming" based on the combined strength across all three RS periods.
  Displays RS 21, RS 55, and RS 123 values within the table for each sector.
  Enhanced visual clarity with conditional color-coding for RS values in the "Mixed" category.
  
• Chart RS Customization: When "Display RS of Current Instrument Only" is enabled, you can now plot and customize RS 21, RS 55, and RS 123 lines directly on your chart.
  Control visibility and colors for each RS period displayed on the chart.
  
• Improved Input Organization: Inputs are now grouped logically for a cleaner and more user-friendly settings panel.
  
• Terminology Update: Replaced "Choppy" category with "Mixed" for clearer and more accurate description.
  

This update aims to provide traders with a more robust and versatile tool for sector analysis and relative strength identification. We encourage you to explore these new features and provide feedback!

2월 2일

릴리즈 노트

update

2월 3일

릴리즈 노트

The default benchmark index has been updated from Nifty 100 to Nifty.