This script evaluates the relative strength of the current symbol with respect to your chosen symbol. At the same time it gives an idea about the trend of the reference symbol. Under default settings, it evaluates the strength with respect to NIFTY50.
While the value of the bars represents the relative strength, Colors of the bars indicate the relative strength status. The condition action rules are as follows: -Bar color blue implies that both the underlying and reference increased. -Bar color green implies that the underlying increased but reference decreased. -Bar color purple implies that both the underlying and reference decreased. -Bar color red implies that the underlying decreased but reference increased.
On the other hand, the background colors indicate the general trend structure in the reference in terms of exponential moving averages and adx. Green implies strong up trend. Purple implies sideways to bullish trend. Blue implies sideways to bearish trend Red implies existing strong downtrend. You can change the settings as per your choice.