Library "RS"
Utility methods for Relative Strength analysis
This is the first library test publication with ratio() method. More functions will be added.

ratio(symbol, benchmark) Simple ratio of symbol vs benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: ratio of symbol to benchmark
Release Notes: Library "RS"
Utility methods for Relative Strength analysis

ratio(symbol, benchmark) Simple ratio of symbol vs benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: ratio of symbol to benchmark

spread(symbol, benchmark) Simple spread of symbol vs benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: spread of symbol to benchmark

join(symbol, benchmark) Simple add of symbol and benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: join of symbol to benchmark

atOffset(symbol, benchmark, offset1, offset2) Relative strength comparison between two offsets
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset1: starting offset, must be greater than offset 2
  • offset2: starting offset, must be less than offset 1, default is current candle
Returns: performance in percentage between the 2 offset. A value greater than 0 indicates outperformance, less than 0 indicates underperformance

equilibriumPrice(symbol, benchmark, offset) Equilibrium price - The price as per today's symbol and benchmark close, that will make the symbol to perform equal to benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset: to measure under/out performance
Returns: Price - This is the price if achieved will make the symbol perform equally w.r.t. benchmark on the offset bar

thresholdCrossed(symbol, benchmark, offset, threshold) Relative Strength performance crossed over/under specified threshold
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset: to measure under/out performance
  • threshold: threshold set for alert
Returns: 1/0/-1. 1 - crossover, 0 - no signal, -1 crossunder
Release Notes: Library "RS"
Utility methods for Relative Strength analysis

ratio(symbol, benchmark) Simple ratio of symbol vs benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: ratio of symbol to benchmark

spread(symbol, benchmark) Simple spread of symbol vs benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: spread of symbol to benchmark

join(symbol, benchmark) Simple add of symbol and benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: join of symbol to benchmark

atOffset(symbol, benchmark, offset1, offset2) Relative strength comparison between two offsets
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset1: starting offset, must be greater than offset 2
  • offset2: starting offset, must be less than offset 1, default is current candle
Returns: performance in percentage between the 2 offset. A value greater than 0 indicates outperformance, less than 0 indicates underperformance

equilibriumPrice(symbol, benchmark, offset) Equilibrium price - The price as per today's symbol and benchmark close, that will make the symbol to perform equal to benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset: to measure under/out performance
Returns: Price - This is the price if achieved will make the symbol perform equally w.r.t. benchmark on the offset bar

thresholdCrossed(symbol, benchmark, offset, threshold) Relative Strength performance crossed over/under specified threshold
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset: to measure under/out performance
  • threshold: threshold set for alert
Returns: 1/0/-1. 1 - crossover, 0 - no signal, -1 crossunder

delaCRSAndPrice(symbol, benchmark, offset1, offset2) Return the percentage outperformance of the ratio from offset1 to offset2 along with percentage symbol price change
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset1: starting offset, must be greater than offset 2
  • offset2: starting offset, must be less than offset 1, default is current candle
Returns: deltacrs deltaprice as a 2 element array
Release Notes: Library "RS"
Utility methods for Relative Strength analysis

ratio(symbol, benchmark) Simple ratio of symbol vs benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: ratio of symbol to benchmark

spread(symbol, benchmark) Simple spread of symbol vs benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: spread of symbol to benchmark

join(symbol, benchmark) Simple add of symbol and benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
Returns: join of symbol to benchmark

atOffset(symbol, benchmark, offset1, offset2) Relative strength comparison between two offsets
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset1: starting offset, must be greater than offset 2
  • offset2: starting offset, must be less than offset 1, default is current candle
Returns: performance in percentage between the 2 offset. A value greater than 0 indicates outperformance, less than 0 indicates underperformance

equilibriumPrice(symbol, benchmark, offset) Equilibrium price - The price as per today's symbol and benchmark close, that will make the symbol to perform equal to benchmark
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset: to measure under/out performance
Returns: Price - This is the price if achieved will make the symbol perform equally w.r.t. benchmark on the offset bar

thresholdCrossed(symbol, benchmark, offset, threshold) Relative Strength performance crossed over/under specified threshold
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset: to measure under/out performance
  • threshold: threshold set for alert
Returns: 1/0/-1. 1 - crossover, 0 - no signal, -1 crossunder

deltaCRSAndPrice(symbol, benchmark, offset1, offset2) Return the percentage outperformance of the ratio from offset1 to offset2 along with percentage symbol price change
Parameters:
  • symbol: to be compared
  • benchmark: to be compared
  • offset1: starting offset, must be greater than offset 2
  • offset2: starting offset, must be less than offset 1, default is current candle
Returns: deltacrs deltaprice as a 2 element array

Pine library

In true TradingView spirit, the author has published this Pine code as an open-source library so that other Pine programmers from our community can reuse it. Cheers to the author! You may use this library privately or in other open-source publications, but reuse of this code in a publication is governed by House Rules.

Want to use this library?

Copy the following line and paste it in your script.