OPEN-SOURCE SCRIPT
IBD Relative Strength with MA
Unlike existing IBD Relative Strength indicators, this one has a moving average element to help track how the relative strength of your stock is performing longer term.
This indicator comes with two features:
1. The Relative Strength (RS) indicator
2. The moving average (MA) of the RS
In general, when the RS is moving up, the stock is out performing the index; and when down, it is underperforming. If flat, then the stock is moving inline with the index. The default index is SPY, but you can change that in the settings.
With the MA addition, you can quickly see how the RS is trending and tell if, on that day or week when the RS is moving down, is your stock still holding above the moving average trend--Is it still outperforming the market?
There are several features you can adjust in the settings:
1. You can set the RS to track against any stock or index
2. You can set the look back period for RS comparison (the default is 63 for a full quarter on the daily timeframe)
3. You can adjust the moving average time length (the default is 10 for two weeks on the daily timeframe)
4. You can determine if you want a simple or exponential moving average for your MA indicator
Hope you enjoy! Thanks for checking it out.
This indicator comes with two features:
1. The Relative Strength (RS) indicator
2. The moving average (MA) of the RS
In general, when the RS is moving up, the stock is out performing the index; and when down, it is underperforming. If flat, then the stock is moving inline with the index. The default index is SPY, but you can change that in the settings.
With the MA addition, you can quickly see how the RS is trending and tell if, on that day or week when the RS is moving down, is your stock still holding above the moving average trend--Is it still outperforming the market?
There are several features you can adjust in the settings:
1. You can set the RS to track against any stock or index
2. You can set the look back period for RS comparison (the default is 63 for a full quarter on the daily timeframe)
3. You can adjust the moving average time length (the default is 10 for two weeks on the daily timeframe)
4. You can determine if you want a simple or exponential moving average for your MA indicator
Hope you enjoy! Thanks for checking it out.
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 publications is governed by House rules. You can favorite it to use it on a chart.
Want to use this script on a chart?
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.