akhileshsaipangallu

Colored RS(Relative Strength)

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Relative strength is a calculation of the price trend of a stock or a financial instrument in comparison to another instrument, stock, or industry.

Color indication
  • Red :: Benchmark returns is -ve and the RS_Value is below 0.
  • Yellow:: Benchmark returns is +ve and RS_Value is below 0.
  • Green :: Becnhmark returns is +ve and RS_Value is above 0.
  • Blue :: Benchmark returns is -ve and RS_Value is above 0.


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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