OPEN-SOURCE SCRIPT
Relative Strength (IBD Style)
Updated
This script is meant to give you a Relative Strength indication of the stock. The goal is to use a similar calculation as used by IBD.
It calculates the performance of the current stock for the last year (most recent quarter is weighted double) and compares it to the performance of a reference index or ticker (default is "SPY").
IBD would give you a value between 0 and 100 because this value is the percentile within all stocks. This is not possible with Pine Script at the moment.
So here you get a Relative Strength value that is >0 if the stock is stronger than the index and <0 if it is weaker than the index.
You can still compare the Relative Strength values between stocks (bigger is better) but you won't know which percentile it is right off the bat.
It calculates the performance of the current stock for the last year (most recent quarter is weighted double) and compares it to the performance of a reference index or ticker (default is "SPY").
IBD would give you a value between 0 and 100 because this value is the percentile within all stocks. This is not possible with Pine Script at the moment.
So here you get a Relative Strength value that is >0 if the stock is stronger than the index and <0 if it is weaker than the index.
You can still compare the Relative Strength values between stocks (bigger is better) but you won't know which percentile it is right off the bat.
Release Notes
Fix typo and update chart.Release Notes
Update chart.Release Notes
Update chart.Release Notes
Improve performance value display.Release Notes
Streamline performance calculation.Release Notes
Update chart.Release Notes
Fixed a bug where the display would jump around during open market when you opened the reference ticker.Release Notes
Update chart.Release Notes
Fix chart flickering when viewing the reference.Release Notes
Fix broken graph.Release Notes
Fix broken graph. (Followup)Release Notes
Go back to quarterly calculation instead of monthly.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 publication is governed by House rules. You can favorite it to use it on a chart.
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