Relative Strength of a stock — Indicator by bharatTrader

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Determine the relative strength of a stock vis-a-vis a larger benchmark. Default is NIFTY50.

Release Notes: Cosmetic changes to make the display pretty and input choices in more logical sequence.

Release Notes: This version adds input as source type. So you can compare typical values, amongst other input values. Some cosmetic changes also naming of the plots etc.

Release Notes:

Added colour coding of crossover RS
Added label to mark reference date based on length input from the last bar

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

Hi - I have been testing out various RS indicators here and yours has some very useful features - however could you kindly clarify what the 'period' input is actually for?

Is the the RS of the stock ve the ave of the index over this 'period'?