OPEN-SOURCE SCRIPT
Relative Strength Line by Quantx
The Relative Strength Line compares the price performance of a stock against a benchmark index (e.g., NIFTY, S&P 500, Bank Nifty, etc.).
It does not indicate momentum of the stock itself — it indicates whether the stock is outperforming or underperforming the market.
🔍 How To Read It
RSL Behavior Meaning
RSL moving up Stock is outperforming the benchmark (strong leadership)
RSL moving down Stock is underperforming the benchmark (weakness vs market)
RSL breaking above previous highs Strong institutional demand, leadership candidate
RSL trending sideways Stock is performing similar to the index (no leadership)
📈 Why It Matters
Institutional traders and top-performing strategies focus on stocks showing relative strength BEFORE price breakout.
A stock making new RSL highs even before a price breakout often becomes a top performer in the coming trend.
🧠 Core Trading Edge
You don’t need to predict the market.
Just identify which stocks are being accumulated and leading the market right now — that’s what the Relative Strength Line reveals.
It does not indicate momentum of the stock itself — it indicates whether the stock is outperforming or underperforming the market.
🔍 How To Read It
RSL Behavior Meaning
RSL moving up Stock is outperforming the benchmark (strong leadership)
RSL moving down Stock is underperforming the benchmark (weakness vs market)
RSL breaking above previous highs Strong institutional demand, leadership candidate
RSL trending sideways Stock is performing similar to the index (no leadership)
📈 Why It Matters
Institutional traders and top-performing strategies focus on stocks showing relative strength BEFORE price breakout.
A stock making new RSL highs even before a price breakout often becomes a top performer in the coming trend.
🧠 Core Trading Edge
You don’t need to predict the market.
Just identify which stocks are being accumulated and leading the market right now — that’s what the Relative Strength Line reveals.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.