Oscillator based on Garofallou's RS4r indicator. It has been modified to compare the Relative Strength of any asset against QQQ . SPY , IWM , VGK , EWJ , DBC , GLD , HYG , LQD , TLT ETFs.
Readings above 80 points suggest great relative strength against these ETFs.
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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