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Mansfield Relative Strength indicator

OstapChester Updated   
Relative Strength Comparison mansfield weinstein relativestrength relative
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relativestrengthcomparison mansfield weinstein relativestrength relative
Use this indicator to compare how security is performing in compare with preferred index (SPX by default).
> 0 outperforming
< 0 underperforming

Works best for weekly, but can be applied to monthly and daily charts. It will be rather useless to use it in smaller timeframes
Apply it to SPX, industry index, sector index or other security in similar sector
Release Notes:
UPDATE 1: Added sector and industry as optional params. Leave them same as index if you don't want to use them
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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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