OPEN-SOURCE SCRIPT
R-Smart - Relative Strength
Updated
On observing the market for years I learned that Relative Strength will help us in staying invested in strong bullish stocks (relative to primary indices of your country, in my case it's Nifty 50 for India). Once you identify a strong stock, it's important to know if the stock is trending and is in momentum. To identify, trends and momentum, I used ADX and MACD indicators respectively as part of the R-Smart.
In R-Smart, I used Relative Strength primarily to plot the chart, if the Histogram is positive (greater than 0) then the security is bullish. But then how do we know that it's in trend and having momentum. Well the below color code will help you identify them
1. Histogram in Green : Strong Bullish
2. Histogram in Blue : Weak Bullish
3. Histogram in Orange: Bearish
Apart from the above indicator, I would like to use Super Trend to know the immediate support/resistances on the chart.
# StayInvested
# StayProfitable
# ManageYourRisk
In R-Smart, I used Relative Strength primarily to plot the chart, if the Histogram is positive (greater than 0) then the security is bullish. But then how do we know that it's in trend and having momentum. Well the below color code will help you identify them
1. Histogram in Green : Strong Bullish
2. Histogram in Blue : Weak Bullish
3. Histogram in Orange: Bearish
Apart from the above indicator, I would like to use Super Trend to know the immediate support/resistances on the chart.
# StayInvested
# StayProfitable
# ManageYourRisk
Release Notes
updated the script to strong/deep bearishness with red bars while weak bearish displays orange bars, earlier it was displaying only orange bars. Release Notes
Relative Strength Indicator will be drawn based on the Daily and Weekly parameter given in the input.Removed Momentum Line.
Release Notes
1. Upgraded to Version 52. Mark R-Smart Breakout in Blue
3. Mark R-Smart Caution level in Red
4. Cosmetic updates
Release Notes
Cosmetic UpdateOpen-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 publication is governed by House rules. You can favorite it to use it on a chart.
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