scorpiomanoj

STAN WEINSTEIN RS INDEX WITH NIFTY

This is an indicator for Indian markets.
It shows the relative strength of particular stock to the underlying index.
The concept of this indicator is well described in Stan Weinstein's book.
Release Notes: A more smoother format
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

Thank for the sharing. I just wonder how is this calculation compare to yours ?

RS = baseSymbol / baseSymbol / (comparativeSymbol / comparativeSymbol) - 1

Cheers !
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lertsak lertsak
@lertsak, What I mean is according to https://en.wikipedia.org/wiki/Relative_strength. Why do we need to SMA ss and ts again ? Which formula that you use from ? Directly from the book ?
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Stan would be proud, a legend who embraced the simplicity of pure technical analysis and made it available to all. Nice job!
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