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Powerful_Trading

Relative Strength

Powerful_Trading  
Relative Strength Comparison relativestrength marketleader correction RS
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relativestrengthcomparison relativestrength marketleader correction rs
Powerful tool to calculate and display the strength of a security compared to another security.

Some Main purposes are:
- finding new leadership in a market correction
- comparing a market leader with a top competitor
- tracking rotation in the market

.. and so much more!

This tool is highly configurable, you can especially change:

- The reference symbol (SPY, QQQ, BTCUSD, ...)
- The time span to indicate a new High or Low in a certain time-frame
- Factorize your RS-Chart to make it fit to the original chart. (Moves the chart up or down)
- Option to repaint your candles / bars when a new RS High occurs in the given timeframe.

Enjoy and have a great day!
Powerful_Trading


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.

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.

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