jigneshjc

Jigga - Relative Strength - Sectors

Hi All !!

I came across relative strength concept from below indicator.
Indicator Name: (Relative-Strength by modhelius)
Note: Sorry !! Could not add indicator url here.

Formula:
RelativeStrength = (sectorValue / sectorValue) / (indexValue / indexValue) - 1 * 100

I used same concept and combine all sector's relative strength against Nifty50 index.

How to use:
You can change length based on your convenience and show/hide sectors.
Indicator will show strength line for that sector.
you can use this to identify momentum stocks.
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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