bharatTrader

Near & Far Relative Strength

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Define a near time frame base and a far time frame base to compare the selected symbol RS . This helps in situations were you could keep the far RS length to a fixed value and the near RS length to a more recent "event" in the market and it's subsequent movement.
For example, if the market index has made a recovery from a deep crash 80 sessions ago, set the near RS length to 80 and keep the far RS length to a fixed value say, 123 corresponding to 6 months. This will help you gauge the historical vs the recovery strength of your interested symbol before and after the "event".
Release Notes: Added input source for comparison with other source values.
Release Notes:
  • Added reference label dates
  • Increased line widths of plots
  • Changed default values of near and far RS length
Release Notes:
  • Added toggle color option on crossovers
  • Fixed bug on label display, even when plot option was disabled

Though there is option added to show color toggle, in a dual RS plot it can become very intimidating to get a clear view when both the RS whipsaw near the zero line. Therefore the option is turned off by default. When enabled, it is recommended to disable one of the plots to get the best effect.
Release Notes:
  • Plots sequence aligned with input sequence for better clarity in summary info.
Release Notes:
  • Possible to set alert
Using the new alert() function, it is now possible to set alarms on ARS and SRS plots whenever a configured threshold is crossed.
Release Notes:
  • Added more flexibility to configuring alerts
Alert Condition :
Crossing => Trigger only when there is a crossover or crossunder
"Greater or Less" => Trigger when the value is less or greater than the threshold
Alert on Candle:
Start => Trigger at the start of the candle formation
Close => Trigger at the end of the candle formation
Release Notes:
  • Changed default ARS length to reflect new ARS date
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.

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Comments

Hi sir, great indicator.
+1 Reply
@justsri, Thanks!
Reply
Sir, can we add buy and sell signal to the chart based on certain RS value instead of zero.
Reply
Can you plz add screener to this indicator.
Reply
@justsri, Pinescript is not designed for screeners. Unless such an API is released, it is not possible. Workarounds exist but they are all yucky!
Reply
justsri bharatTrader
@bharatTrader, Thanks for the reply.
Reply
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