ZORZOR (Zone of Outperformance Ratio) with Supporting Indicators
This custom indicator introduces an approach to measuring asset performance through the Zone of Outperformance Ratio (ZOR), complemented by two supporting indicators for comprehensive market analysis.
1. ZOR (Zone of Outperformance Ratio)
The ZOR is the cornerstone of this indicator, offering a unique perspective on an asset's performance across multiple time zones:
Measures the degree of an asset's outperformance against a benchmark (default: NSE:NIFTY) across different time zones
Utilizes a weighted multi-timeframe approach for a holistic performance view
Combines performance ratios from 63, 126, 189, and 252-day zones and results in a score between 0-99, with higher scores indicating stronger outperformance across zones
Key Features:
Fully configurable weights for each timeframe (63, 126, 189, 252 days)
Customizable benchmark symbol
Color-coded display: Blue for scores ≥60 (strong performance), Red for scores <60 (weaker performance)
2. Supporting Indicators
To enhance analysis and provide context to the ZOR score, two additional indicators are included:
a) Distance to 52-week High:
Calculates the percentage distance between current price and 52-week high
Color-coded for quick interpretation:
Yellow-green when price is above 52-week high
Dark green when price is below 52-week high
Helps identify potential overbought conditions or breakout scenarios
b) Distance to EMA:
Shows percentage distance from current price to a user-defined EMA (default: 21-day)
Helps gauge short-term momentum relative to the trend
Useful for identifying potential mean reversion opportunities
Originality and Usefulness
The ZOR indicator offers a fresh perspective on relative performance by:
Combining multiple timeframes into a single, easy-to-interpret score
Applying a non-linear transformation to emphasize recent performance
Providing a flexible framework for comparing assets against any chosen benchmark
The supporting indicators complement the ZOR by offering additional context:
Distance to 52-week High helps identify potential trend strength and breakout scenarios
Distance to EMA provides insights into short-term momentum and potential mean reversion
This combination allows traders to:
Quickly identify outperforming assets across multiple timeframes
Assess whether an asset is extended from its long-term highs or short-term average
Make more informed decisions by considering relative performance, trend strength, and momentum in a single view
How to Use
1. Add the indicator to your chart
2. Customize settings in the indicator properties:
- Set benchmark symbol
- Toggle visibility of supporting indicators
- Customize EMA length for Distance to EMA
- Adjust ZOR calculation weights(Optional)
3. Interpret the color-coded labels:
- ZOR: Blue (strong performance) or Red (weaker performance)
- Distance to High: Yellow-green (above 52-week high) or Dark green (below)
- Distance to EMA: Purple label showing percentage
4. Use in conjunction with other technical and fundamental analysis for comprehensive trading decisions
This indicator provides a unique, multi-faceted approach to performance analysis, combining relative strength measurement with trend and momentum indicators for a holistic market view.
렐러티브 스트렝쓰 컴패리즌
Ratio Chart with GMMA■About this indicator
This indicator divides the selected stocks by any stocks you specify and plots the result in a new pane.
At the same time, it plots the GMMA against the result of the division.
This allows you to see the relative chart and trend of the selected stock and the arbitrary stock.
Quote Symbol: Specify the denominator of the division. The default is TOPIX. Feel free to change it.
EMA Days: 5 to 30 days are indicated in green, and 75 to 200 days in red. Change the number of days and color freely.
Explanation of Effective Usage
It is recommended to enter an index for stocks specified in the Quote Symbol.
By entering the index, you can check the superiority of the selected issue and the index at a glance.
Example: By dividing AAPL by SP500, you can see on the chart whether AAPL is stronger or weaker relative to SP500.
(Similar concept to the Relative Strength Comparison RSC.)
At the same time, by plotting GMMA, you can confirm the trend of strength or weakness of the selected issue divided by the index. This is useful for swing trading and mid- to long-term trading.
The greater the distance between the short-term and long-term EMAs of the GMMA, the more the selected stocks outperform the index, and when the short-term and long-term EMAs cross, the trend ends and the stock underperforms the index.
■About the Chart
The screen below shows a chart plotted using this indicator.
For comparison with the regular chart, the upper screen shows only the GMMA plotted for the selected stocks.
From the red circle in the lower screen, a trend begins where the selected stocks outperform the index, and the trend ends at the blue circle.
When the trend ends, the selected stocks will underperform the index and it can be determined that it is more efficient to invest in another stock.
■このインジケーターについて
このインジケーターは選択している銘柄を、指定した任意の銘柄で割り算し、その結果を新規ペインにプロットします。
同時に、割り算の結果に対してGMMAをプロットします。
これにより選択した銘柄と、任意の銘柄の相対チャートとトレンドを把握することが出来ます。
Quote Symbol：割り算の分母を指定します。デフォルトはTOPIXです。自由に変更して下さい。
EMA日数：5～30日が緑、75～200日を赤で表記しています。日数と色は自由に変更して下さい。
■有効な使い方の説明
Quote Symbolで指定する銘柄は、指数を入力することを推奨します。
指数を入力することによって、選択した銘柄と指数の優位性を一目で確認出来ます。
例）AAPLをSP500で割ることで、SP500に比べてAAPLが相対的に強いのか、弱いのかをチャートで把握できます。
（相対力比較RSCと似たような考え方です。）
同時にGMMAをプロットすることで、選択した銘柄÷指数の強弱のトレンドを確認できます。これはスイングトレードや中長期トレードに役立ちます。
GMMAの短期EMAと長期EMAの距離が開いていくほど、指数より選択した銘柄がアウトパフォームしていると考えられ、短期EMAと長期EMAが交わるとトレンドは終了し、指数をアンダーパフォームします。
■チャートについて
下の画面がこのインジケーターを使用してプロットしたチャートです。
通常のチャートとの比較のため、上画面には選択した銘柄にGMMAだけをプロットしたものを表示しています。
下の画面の赤い丸から、選択した銘柄が指数をアウトパフォームするトレンドが始まり、青い〇でトレンドは終了します。
トレンドが終了した場合、選択した銘柄は指数をアンダーパフォームするので、別の銘柄に投資する方が効率的と判断できます。
RvB ( relative strength vs BTC ) Overview
The "Coin vs BTC" indicator is designed to compare the performance of a selected cryptocurrency against Bitcoin (BTC) using Exponential Moving Averages (EMAs). By plotting the difference in EMA values as a percentage, this indicator helps traders visualize the relative strength of a cryptocurrency compared to Bitcoin over specified periods.
How It Works
EMA Calculation: The indicator calculates two EMAs (lengths specified by the user) for both the selected cryptocurrency and Bitcoin (BTC).
Length 1: Fast EMA (default: 9)
Length 2: Slow EMA (default: 21)
Score Calculation:
For both the selected coin and Bitcoin, it computes a score representing the percentage difference between the fast and slow EMAs relative to the previous closing price. This is done using the following steps:
Calculate the difference between the fast and slow EMAs.
Compute the percentage of this difference relative to the previous closing price.
Round the percentage to two decimal places for clarity.
Plotting: The scores for both the selected cryptocurrency and Bitcoin are plotted on the same chart:
Coin Score: Displayed in blue.
BTC Score: Displayed in orange.
Potential Uses
Relative Strength Analysis:
This indicator helps traders compare the strength of a cryptocurrency against Bitcoin. A higher score for the selected coin compared to Bitcoin indicates it is performing better relative to its moving averages.
Trend Confirmation:
By observing the EMA differences, traders can confirm trends and potential reversals. Consistently higher scores may indicate a strong upward trend, while lower scores could suggest a weakening trend.
Market Comparison:
This tool is particularly useful for those looking to understand how their selected cryptocurrency is performing in the broader market context, especially in relation to Bitcoin, which is often considered a market benchmark.
Correlated Movement Indicator V2Hello!
This script was briefly known as as Bing Chilling. I converted this to Pine Script V5 to ensure compliance with publishing requirements.
This script tracks RSI and inserts an indicator when correlated movement is detected. Proximity of current tick to indicator origin tick determines freshness of the indicator.
DO NOT sit on the indicator for a long time. This is not a magic solution. It is very accurate but, not always precise. Ensure that you use other factors to determine the relevance of the indicator on current tick. This script can technically be used on any security/commodity/currency. Your Mileage May Vary! Proceed with caution as always.
General Workflow:
Look at proximity to where the flag is placed, general volatility, and other indicators and you can potentially determine the direction/strength. Not always the duration. The indicator could be for 30s, 1hr, 1 day, or whatever the market feels like. It depends on precision/quantity of pricing data. ex. 30min tick rate pricing vs. 1 day tick rate pricing will change the scope.
So if the time scope shows all sell from 1 week -> 3 months except for a couple recent buy indicators on the day, then it may be a bad call long term but, might be good for a short term play. Very volatile. Careful.
If it was all green with long term indicators such as 1 month -> 1 year, then it looks more like a buy and forget type strategy.
If it's all green with a recent red then you can try and figure out what the relative the bottom is so you can buy for long term at a slightly more favorable price.
Flip all that for shorting. I highly recommend AGAINST shorting since the stakes are very different and usually involves taking out what is essentially a loan to bet against the market.
This script pairs nicely with the top pick indicator when you search "Heiken Ashi". I use that to determine peaks and pits to better guess a good time to open a position.
This should be used alongside other indicators. Good for short term day trading and long term hold and forget. (Don't actually forget. Set some alerts periodically.)
Please use caution. Please do not take what I've said here as fact and diamond pepe hands bet all on green to the moon. This, like all the other strategies and indicators on this site, are used as tools to inform you about potential and to categorize/depict data in a more human recognizable way. If you have access to a paper account try there first.
Happy trading!
- Zetsu
Relative Strength Universal
Relative strength is a ratio between two assets, generally it is a stock and a market average (index). RS implementation details are explained here .
This script automatically decides benchmark index for RS calculation based on market cap input values and input benchmark indices values.
Relative strength calculation:
"To calculate the relative strength of a particular stock, divide the percentage change over some time period by the percentage change of a particular index over the same time period". This indicator value oscillates around zero. If the value is greater than zero, the investment has been relatively strong during the selected period; if the value is less than zero, the investment has been relatively weak.
In this script, You can input market cap values and all are editable fields. If company market cap value is grater than 75000(Default value) then stock value will be compared with Nifty index. If company market cap is between 75000 and 25000 then stock value will be compared with midcap 150 to calculate RS. If marketcap is greater than 5000 and less than 25000 then RS will be calculated based on smallcap250. If marketcap is less than 5000 and greater than 500 then it will be compared with NIFTY_MICROCAP250
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.
Strength Compared to BTCThis indicatore plot for every candle a % difference referred to the corresponding BTCUSDT candle, so you can know if the chart is performing better or worse than Bitcoin.
Simple as that.
Enjoy.
Relative Strength wrt ReferenceThis script evaluates the relative strength of the current symbol with respect to your chosen symbol. At the same time it gives an idea about the trend of the reference symbol.
Under default settings, it evaluates the strength with respect to NIFTY50.
While the value of the bars represents the relative strength, Colors of the bars indicate the relative strength status.
The condition action rules are as follows:
-Bar color blue implies that both the underlying and reference increased.
-Bar color green implies that the underlying increased but reference decreased.
-Bar color purple implies that both the underlying and reference decreased.
-Bar color red implies that the underlying decreased but reference increased.
On the other hand, the background colors indicate the general trend structure in the reference in terms of exponential moving averages and adx.
Green implies strong up trend.
Purple implies sideways to bullish trend.
Blue implies sideways to bearish trend
Red implies existing strong downtrend.
You can change the settings as per your choice.
Percent Rank HistogramThis Pine script indicator is designed to create a visual representation of the percent rank for multiple financial instruments. Here's a breakdown of its key features:
Percent Rank Calculation:
The core functionality of this Pine script indicator revolves around the calculation of the percent rank for each selected financial instrument.
The percent rank is a statistical measure that indicates the percentage of historical data points that are less than or equal to the current value in a given series.
Symbol Selection:
The script allows the user to select up to 10 financial instruments (tickers) for analysis. The default symbols include various cryptocurrencies such as BTCUSD, ETHUSD etc., and TOTAL market cap at ticker 1, to show overal trend of crypto market.
(Top 9 Coins by market cap).
Columns and Colors:
The script visually represents the percent rank using columns based on lines.
The color of each column is determined by a gradient from red to green based on the calculated percent rank, providing a quick visual indication of the instrument's relative performance.
BTC Trending Up while other coins are underperformance:
Labels:
Labels are displayed on the chart, indicating the symbol name and the corresponding percent rank percentage.
The labels include directional arrows (▲ or ▼) to denote whether the percent rank is increasing or decreasing.
Customization:
Users can customize parameters such as the percent rank length and column width to adapt the indicator to their specific preferences, or select needed assets to compare them to each other.
Chart Desk and Scales:
The script includes the visualization of a chart desk with scale lines to provide additional context to the chart. When Percent Rank above middle scale line (50) usually it signaling about asset trending up and below 50 asset trending down.
Mozilla Public License:
The script is subject to the terms of the Mozilla Public License 2.0.
This indicator is useful for traders and analysts interested in visually assessing the percent rank of multiple financial instruments simultaneously, helping them identify potential opportunities or trends in the market.
Relative Strength Scatter Plot [LuxAlgo]The Relative Strength Scatter Plot indicator is a tool that shows the historical performance of various user-selected securities against a selected benchmark.
This tool is inspired by Relative Rotation Graphs®. Relative Rotation Graphs® is a registered trademark of JOOS Holdings B.V. This script is neither endorsed, nor sponsored, nor affiliated with them.
🔶 USAGE
This tool depicts a simple scatter plot using the relative strength ratio as the X-axis and its 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 yellow quadrant would indicate that the security is leading the benchmark in strength, with negative strength momentum.
A point in the blue quadrant would indicate that the security is lagging behind 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 relative strength momentum relative to the relative strength ratio. The length of the trail can be controlled by the "Trail Length" setting.
🔶 DETAILS
Our relative strength 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 relative strength momentum estimate is obtained from the ratio between the previously estimated RS-Ratio and its wma, this ratio is then multiplied by 100.
🔶 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.
🔹 Graph Settings
Trail Length: Number of past data points to display on the graph for each symbol.
Resolution: Controls the horizontal length of the graph.
Rate of Change MachineRate of Change Machine
Author: RWCS_LTD
Disclaimer: This script is provided for informational purposes only and should not be considered financial advice. Trading involves substantial risk, and past performance is not indicative of future results. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Introduction:
The Rate of Change Machine is a script designed to assist traders in analyzing multiple cryptocurrency trading pairs simultaneously. This comprehensive indicator offers a holistic view of the rate of change and related metrics, aiding traders in making informed decisions.
Asset Selection:
The script enables users to select up to nine different cryptocurrency trading pairs for in-depth analysis.
Volume Calculation:
Volume plays a crucial role in the analysis, with customizable parameters for volume weighting and length.
Relative Strength Calculation:
Relative Strength is determined through two Exponential Moving Averages (EMA) with user-defined lengths.
Timeframe Weightings:
Different timeframes (1D, AVG 3D, AVG 5D, AVG 7D, AVG 14D, AVG 30D) are assigned weightings to calculate a comprehensive trend score.
Weighted Average and Individual Rate of Change (RoC) Calculation:
The getWeightedAvgAndIndividualROC function calculates the RoC for each selected trading pair based on the given timeframes and weights.
Table Setup:
A table is created to display the results for each trading pair, including relative strength, volume trend, RoC for different timeframes, and a weighted trend score.
Table Formatting:
The table is formatted with different colors indicating positive or negative values for easier interpretation.
Table Position and Size:
Users can customize the position and size of the table on the chart.
Data Retrieval:
The script retrieves the calculated values for each trading pair using the request.security function.
Output:
The final output is a table on the chart, showing relevant information for the selected trading pairs, aiding traders in making informed decisions based on the rate of change and other factors. This indicator provides a comprehensive view of the rate of change and related metrics for multiple trading pairs, assisting traders in identifying potential trends and making informed trading decisions.
Elder Titan TrendMasterIntroducing the Elder Titan TrendMaster – a battle-tested indicator that harnesses the power of Omega, Sortino, Sharpe, Z-Score, Volume, Sentiment, and Relative Strength, all forged into a single, formidable TPI component. Each element, normalized and ranging from -1 to 1, converges to create the indomitable Elder Titan Score – a beacon in the turbulent seas of trading.
This warrior of indicators is no mere follower; it leads the charge as a discerning oscillator, working to predict market shifts with unparalleled precision. Three overbought signals, armed with the prowess of Volume RSI, Sentiment RSI, and Relative Strength RSI, stand guard against market tops, sounding the alarm when danger looms.
But that's not all – the Elder Titan TrendMaster wields a volume-weighted MACD as an oscillator, adding a potent layer to its arsenal. This oscillator doesn't just observe, it calculates, amalgamating diverse elements to bestow upon you a trend probability rating – a weapon of choice for the discerning trader.
In the heat of battle, the Elder Titan doesn't forget its roots. It unveils the Relative Strength in a table format, an invaluable tool for warriors seeking the strongest trends among different assets.
Fear not the complexity of markets; embrace the simplicity of the Elder Titan TrendMaster – your trusted ally in the relentless quest for trading supremacy.
Technical Summary:
Indicator Name: Elder Titan TrendMaster
Purpose: The indicator combines various technical indicators to generate an overall score, representing the prevailing market trend. It includes elements like Volume Weighted MACD, Relative Strength, RSI, Volume RSI, Sentiment RSI, Sentiment Zone, Volume Trending, and risk metrics such as Sharpe Ratio, Sortino Ratio, Omega Ratio, and Z-Score.
Key Components:
1. MACD (Volume Weighted): Utilizes the Volume Weighted Moving Average (VWMA) to calculate the MACD, providing insights into trend direction and momentum.
2. Elder Impulse: Determines trend strength based on EMA crossovers and MACD histogram analysis.
3. Relative Strength (%): Measures the strength of the current trend based on the percentage difference between short-term and long-term EMAs.
4. RSI (Relative Strength Index): Identifies potential overbought or oversold conditions in the market.
5. Volume RSI: Analyzes the RSI of cumulative volume to assess buying/selling pressure.
6. Sentiment RSI: Combines RSI analysis of two different assets (e.g., ETH and BTC) to gauge market sentiment.
7. Sentiment Zone: Uses Exponential Moving Averages (EMA) to determine the prevailing sentiment in the market.
8. Volume Trending: Compares short-term and long-term volume moving averages to assess overall volume trend.
9. Risk Metrics: Calculates Sharpe Ratio, Sortino Ratio, Omega Ratio, and Z-Score to evaluate risk-adjusted returns.
Buy/Sell Conditions:
• Buy: When the aggregated score is greater than 0.
• Sell: When the aggregated score is less than 0.
Visualization:
• The indicator is plotted as an oscillator with color-coded bars indicating the prevailing trend (green for bullish, red for bearish).
• Additional visual cues, such as background colors and a table, provide insights into Relative Strength, and Win Rate (Elder Titan Triumph %).
Win Rate Calculation:
• The win rate is calculated based on the number of winning trades and total trades, considering buy and sell conditions.
Parameters and Settings:
• Adjustable parameters include lookback periods, MACD settings, EMAs, RSI lengths, Sentiment RSI settings, Sentiment Zone parameters, Volume Trending settings, and risk metric lookback periods.
Usage: The indicator aims to assist traders in identifying potential trend reversals, evaluating market sentiment, and managing risk through various technical indicators and risk metrics.
Disclaimer: Users should thoroughly understand and test the indicator before using it in live trading. It's essential to adapt the parameters to specific market conditions and trading preferences.
This technical summary provides an overview of the Elder Titan TrendMaster indicator and its key features. Adjustments may be needed based on individual trading strategies and preferences.
Saay RS NavigatorDescription:
The Saay RS Navigator is a comprehensive indicator designed to measure and visualize the Relative Strength (RS) of a stock or security against a benchmark across multiple time frames. This tool plots three distinct RS lines representing Short Term, Medium Term, and Long Term perspectives, each customizable in length and color to suit various trading strategies and preferences.
Functionality:
1. Short Term RS (Green Line): Offers a rapid view of the stock's strength, ideal for identifying short-term trends or quick market reactions. The default period is set to 10 days.
2. Medium Term RS (Blue Line): Balances between short-sighted and long-term views, reflecting medium-term market momentum and trends. The default period is set to 55 days.
3. Long Term RS (Yellow Line): Provides insights into the overarching market trend, helping users understand long-term strength and directional bias. The default reference time is set to 16 June 2023.
4. Zero Line (Red Line): Acts as a baseline for comparison, aiding in the visual distinction of strength or weakness relative to the benchmark.
Each line's color and period can be tailored to individual trading needs, allowing for a personalized analysis experience. By understanding a stock's strength against a benchmark across different periods, traders can make more informed decisions about entry and exit points, trend following, or potential reversals. The Saay RS Navigator is a versatile tool for traders who want to enhance their market analysis with multi-timeframe insights, providing a clearer picture of relative performance and helping to identify key trends and reversals. Whether you're a short-term trader or a long-term investor, this indicator can add depth to your technical analysis arsenal.
Multi Period Relative StrengthMulti Period Relative Strength Indicator
This indicator is meticulously designed around the fundamental concept of relative strength, providing a powerful tool to assess an instrument's performance against peers or a benchmark index within the same asset class. Tailored for short-term swing trend analysis, it equips traders with the insights needed to make informed decisions based on prevailing relative strength dynamics.
More about Relative Strength: www.investopedia.com
Key Features:
Dual Period Analysis:
The indicator conducts a dual-period analysis, scrutinizing relative strength across two distinct period—a fast period and a slow period. This approach allows for a comprehensive evaluation of relative strength dynamics.
Visualization:
Slow RS is visually depicted as a green cloud above the zero line showing relative strength or a red cloud below it showing relative weakness. This visual representation aids in assessing the underlying instrument's performance against its peer over the past 3 months (slow period).
Fast RS is visually presented as green bars above the zero line showing relative strength or red bars below it showing weakness. This visual cue helps evaluate the performance of the underlying instrument against its peer over the last week (fast period).
Positive Relative Strength:
When both the fast and slow periods exhibit positive values, it signifies sustained strength in the current instrument over both the past 3 months and the last week.
Divergence Evaluation:
A positive fast period coupled with a negative slow period signals a robust relative strength trend over the past 3 months, but with a recent decline in the last week. Traders may consider adjusting positions, such as reducing or exiting, in response to this divergence.
Strength Building Scenario:
Conversely, a negative fast period paired with a positive slow period indicates relative weakness over the past 3 months, coupled with an increasing trend in the last week. This scenario may present an opportunity to gradually build positions, particularly if the 3-month relative strength turns positive.
Strategic Decision Points:
Traders can leverage these signals strategically to manage portfolios, adjusting positions based on the nuanced interplay between short-term and longer-term relative strength trends.
Risk Mitigation Strategies:
By interpreting the indicator signals, traders can implement effective risk mitigation strategies, including position downsizing, exits, gradual position building, or short covering. These actions align with the prevailing relative strength dynamics.
In summary, the Multi Period Relative Strength Indicator offers a nuanced and actionable perspective on an instrument's relative strength. By examining both short-term and 3-month trends, traders can make well-informed decisions to optimize their trading strategies and portfolio management.
Comparative Relative Strength AutoselectComparative Relative Strength (CRS) is a relative momentum indicator, used to compare a security against an index, or against another security. The comparison is used to show the relative performance to each other.
This script is a Quality of Life improvement, which attempts to match the base symbol to its relevant index on the local stock exchange. Thus automagically selecting the best and most relevant comparative symbol.
Features:
*optional comparative symbol override, in case your favourite index is not included in this script, or you want to force it to function as as a traditional cRS script without the autoselect feature.
* optional moving average crossover line
* optional absolute momentum calculation, calculating the excess return of the basesymbol and comparativesymbol against its own simple moving average.
Sector relative strength and correlation by KaschkoThis script provides a quick overview of the relative strength and correlation of the symbols in a sector by showing a line chart of the close prices on a percent scale with all symbols starting at zero at the left side of the chart. It allows a great deal of flexibility in the configuration of the sectors and symbols in it. The standard preset sectors cover the most important futures markets and their symbols.
However, up to ten sectors with up to ten symbols each can be freely configured. Each sector is defined by a single line that has the following format:
Sector name:Symbol suffix:List of comma separated symbols
For example, the first predefined sector is defined as follows.
Energies:1!:CL,HO,NG,RB
1. The name of the sector is "Energies"
2. The suffix is "1!", i.e., to each symbol in the list "1!" is appended to get the continous future for the given symbol root. When using stock, forex or other symbols, simply leave the suffix empty.
3. The list of comma separated symbols is "CL,HO,NG,RB", i.e. crude oil, heating oil, natural gas and gasoline. As the suffix is "1!", the actual symbols whose prices are shown are "CL1!","HO1!","NG1!" and "RB1!"
You can choose to use settlement-as-close and back-adjusted contracts. The sector can also be determined automatically ("Auto-select"). In this case, it is determined to which sector the symbol currently displayed in the main chart belongs and the script displays it in the context of the other symbols in the sector.
By selecting a suitable chart time frame and time range, you can quickly determine which symbols in the sector are stronger or weaker and which are more or less strongly correlated.
The following symbols are best suited for a quick trial, as the sectors are preset for these:
CL1!,ES1!,6A1!,6B1!,6c1!,6E1!,6J1!,6M1!,6N1!,6S1!,GC1!,GF1!,HE1!,HG1!,HO1!,LBR1!,LE1!,NG1!,NQ1!,PA1!,PL1!,RB1!,SI1!,YM1!,ZB1!,ZC1!,ZF1!,ZL1!,ZM1!,ZN1!,ZO1!,ZR1!,ZS1!,ZT1!,ZW1!,CC1!,CT1!,DX1!,KC1!,OJ1!,SB1!,RTY1!
You can also use the script to compare any symbols (e.g. different shares) with each other. Preferably use the "Custom" sector for this.
TEWY - Magic Momentum IndicatorMy goal is to equip every trader and investor with the essential tools necessary to confidently navigate the complexities of the financial markets, enabling them to consistently identify opportunities and maintain a position of strength on the winning side of their trades. This indicator stands as a potent tool, offering the capability to effectively assess longer-term momentum trends.
Allow me to provide some context regarding the genesis of this indicator. By keenly observing the pattern of momentum loss preceding each trend reversal, coupled with the notable decrease in the rate of price change, I've formulated this indicator. This design is rooted in the understanding that these dynamics hold key insights into the market's shifting trends.
So, I've developed this indicator with the purpose of granting you the ability to select and construct optional combinations of up to two comparable symbols. Through this, you gain a comprehensive and insightful perspective on the ever-evolving dynamics of the market.
This indicator acts like an oscillator and momentum line serves as a key determinant. When the line is positioned above 0, it signifies a positive momentum; conversely, if it rests below 0, it indicates a sideways to negative trend. This mechanism offers a clear and intuitive means of gauging prevailing market conditions.
Should you have any inquiries or require further clarification regarding this indicator, please do not hesitate to reach out to me via direct message. I am here to provide you with the necessary guidance and support to ensure your experience with this tool is both seamless and enriching. Your understanding and satisfaction remain my utmost priority.
By TEWY - Trade Easy With Yogesh
I am Yogesh
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
Market Smith IndicatorsMarket Smith has a collection of tools that are useful for identifying stocks. On their charts they have a 21/50/200 day moving averages, high and low pivot points, a relative strength line, and a relative strength rating. This script contains indicators for the following:
21/50/200 Day Moving Averages
High and Low pivot points
A Relative Strength line
A Relative Strength rating
21/50/200 Day Moving Averages
The 21/50/200 Day moving averages are simple moving averages. They are visible in any chart increment but to use them properly you need to set you charts to be by day. Labels will appear on the right of the lines to show that they are representative of 21/50/200 day moving averages.
High and Low pivot points
The High and Low pivot points are green for high pivot points and red for low points. They are show in the Market Smith style with the numbers simply above the pivot points.
Relative Strength line
The Relative Strength line is a line that shows the strength of the stock compared to the S&P 500. In this case we utilize the SPX ticker to compare the stock to. This line is almost identical to the Market Smith tool and is an excellent tool to determine how a stock is doing compared to the market. When movements in the stock and shown with sideways trending of the RS line that means that the stock is following the market. When a stock is outperforming the market the RS line will follow.
Relative Strength rating
Thank you to ©Fred6724 for the RS Rating inspiration. They wrote excellent open source code for a RS Rating comparable to Market Smith. As the RS Rating in Market Smith is not open source it is difficult to know exactly how it is being calculated. After simplifying Fred's code and building upon a few ideas I had I compared the RS Rating to multiple Market Smith Ratings. The rating is close but often off by multiple points. If there is anyone who has a better idea on how to get this rating or how to improve on the code please send me a PM or fork this project. This rating is a good indicator to see how a certain stock compares to other stocks in the market. In Market Smith they are able to utilize their database to compare it to all other stocks. Since we do not have access to the same tools we are only able to compare it to the percentage of stocks above the 200, 150, 100, 50, and 20 day moving average.
Using these tools together are a small fraction what make people like Bill O'neill and Jim Roppel so successful. I plan on updating the RS Rating as I continue to work on this project so if there is anyone who has ideas then please send me a PM. Ultimately the goal of this project is to have a solution that is identical to Market Smith.
[TTI] NDR 63-Day QQQ-QQEW ROC% SpreadWelcome to the NDR 63-Day QQQ-QQEW ROC% Spread script! This script is a powerful tool that calculates and visualizes the 63-day Rate of Change (ROC%) spread between the QQQ and QQEW tickers. This script is based on the research conducted by Ned Davis Research (NDR), a renowned name in the field of investment strategy.
⚙️ Key Features:
👉Rate of Change Calculation: The script calculates the 63-day Rate of Change (ROC%) for both QQQ and QQEW tickers. The ROC% is a momentum oscillator that measures the percentage price change over a given time period.
👉Spread Calculation: The script calculates the spread between the ROC% of QQQ and QQEW. This spread can be used to identify potential trading opportunities.
👉Visual Representation: The script plots the spread on the chart, providing a visual representation of the ROC% spread. This can help traders to easily identify trends and patterns.
👉Warning Lines: The script includes warning lines at +600 and -600 levels. These lines can be used as potential thresholds for trading decisions.
Usage:
To use this script, simply add it to your TradingView chart. The script will automatically calculate the ROC% for QQQ and QQEW and plot the spread on the chart. You can use this information to inform your trading decisions.
🚨 Disclaimer:
This script is provided for educational purposes only and is not intended as investment advice. Trading involves risk and is not suitable for all investors. Please consult with a financial advisor before making any investment decisions.
🎖️ Credits:
This script is based on the research conducted by Ned Davis Research (NDR). All credit for the underlying methodology and concept goes to NDR.
Trading Zones based on RS / Volume / PullbackThis is an Indicator which identifies different Trading Zones on the chart.
This should be Primarily used for Long Trades.
Trading Zones: and the Reasoning behind them
Long Zone -> One can do a Potential Entry (Buy) when this Zone is identified, but one could also wait for 'Entry Zone' (explained next) for a better Risk/Reward Trade.
Long Zones are identified with the help of Relative Strength and by an Intermediate Top in price.
Entry Zone -> This can be a better Risk/Reward zone to enter positions within the Long Zone.
Entry Zone is identified by a Pullback in Price & Volume contraction after the Long Zone is activated
Warning Zone -> One needs to be careful in this zone, no need to panic, Script will now try to find an Exit when Price Retraces towards Highs.
Warning Zone identifies weakness in the Price using Relative Strength of the current Stock (w.r.t. the Reference Symbol configured) and the severity of Pullback in Price.
Exit Zone -> are found only after transitioning to Warning Zone, this is a Zone which helps in minimising losses after a trade has gone into losses. Exit Zone is identified by making sure a local peak forms in Warning Zone. However, there are instances when Exit Zone detection can get prolonged when a local price peak is not formed soon enough. So one needs to be careful and use other strategies for exit.
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What is different in this Script:
The Script uses Relative Strength in combination with Pullback in Price from Highs in a Novel way.
Over-trading is avoided by ignoring Sideways price movements, using Relative Strength.
Only Trending Upward movement is detected and traded.
How to use this Indicator:
Use these 'Trading Zones' only as a reference so it can minimise your time in screening stocks.
Preferred Settings for using the Indicator:
Stick to 1-Day candles
Keep Relative Symbol as "Nifty" for Indian Stocks.
For US stocks, we can use "SPX" as the Relative Symbol.
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FEW EXAMPLES:
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ASIANPAINT
TATAMOTORS
TITAN
ITC
DIVISLAB
MARUTI
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Feedback is welcome.
NOMMO AUTOMATE🖖 Hi all!
Check out my NOMMO AUTOMATE indicator for trend detection, trend change points, hedging opposite trend impulses.
What the script do:
☑️ Detecting local and global trends and trend change points, detecting opposite to current trend impulses.
How the script do it:
☑️ The indicator compares RSI indicators on chosen by user Trend TF1 and Trend TF2 and marks trend change points.
☑️ The indicator compares different length HMA indicators on chosen by user Hedge TF to detect opposite to current trend impulses.
How to use it:
☑️ There are 4 states in the indicator: Long, Short, Flat, Hedge, marked by corresponding (adjustable) color zones, where Long = uptrend, Short = downtrend, Flat = sideways movement, Hedge = possible impulse in the opposite trend direction.
☑️ Select Trend TF1 and Trend TF2 and RSI length to determine the trend, depending on how a big picture you want to see, the more major TF you choose the more global picture of the trend change you get.
☑️ Select Hedge TF to determine the possible impulses opposite to the current trend (does not work in detected Flat movement).
☑️ For each trading pair you need to try individual settings, the default settings I use for BTC swing trading, to reduce the noise level of hedging put Hedge TF the same as the smaller Trend TF.
☑️ Try different settings, experiment and you will find the most suitable settings for your trading pair.
How magic works:
☑️ RSI Trend TF1 > 50 + RSI Trend TF2 > 50 = Long
☑️ RSI Trend TF1 > 50 + RSI Trend TF2 < 50 = Flat
☑️ RSI Trend TF1 < 50 + RSI Trend TF2 > 50 = Flat
☑️ RSI Trend TF1 < 50 + RSI Trend TF2 < 50 = Short
☑️ Long + Hedge TF (HMA 10 < HMA 70 < HMA 200) = Hedge
☑️ Short + Hedge TF (HMA 10 > HMA 70 > HMA 200) = Hedge
For example:
☑️ Try Trend TF1 = 1D, Trend TF2 = 1D and Hedge TF = 1D, with RSI period = 21, to check mid-term trend on BTCUSD
May the trade force be with you.
Market Relative Candle Ratio ComparatorIntroducing the Market Relative Candle Ratio Comparator, a visually captivating script that eases the way you compare two financial assets, such as cryptocurrencies and market indices. Leveraging a distinctive calculation method based on percentage changes and their averages, this tool presents a crystal-clear view of how your chosen assets perform in relation to each other, both for individual candles and over a range of previous candles.
Tailoring the script to your preferences is a walk in the park, as it allows you to easily adjust input symbols, moving average lengths, and other parameters to match your analytical approach. The visually arresting column chart it creates employs vivid red and green colors to underscore the differences between the two assets on each candle. Simultaneously, the lower-opacity columns depict the accumulated differences over a specified lookback period. This vibrant blend of colors and opacities results in a dynamic visual experience, enabling you to better grasp market trends relative to each other.
The reverse bool input is a handy feature that lets you invert the effect of the input symbol (DXY by default) in the comparison. When you set the reverse input to true, the script multiplies the calculated DXY percentage change by -1, effectively reversing the comparison. This is particularly useful when examining assets with an inverse relationship or when you'd like to analyze the input symbol's impact in the opposite direction.
For instance, if the input symbol represents a market index that generally moves in the opposite direction of the selected cryptocurrency, enabling the reverse input will help you better visualize and understand the relationship between the two assets by inverting the input symbol's effect on the comparison.
In the accompanying chart, you can observe the comparison of Bitcoin's movement relative to the Dollar, Gold, Bonds, and the S&P 500. The indicator reveals that in the last day, Bitcoin outperformed Bonds, Gold, and the Dollar but not the S&P 500!
