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".
- Added reference label dates
- Increased line widths of plots
- Changed default values of near and far RS length
- 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.
- Plots sequence aligned with input sequence for better clarity in summary info.
- Possible to set alert
- Added more flexibility to configuring alerts
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
- Changed default ARS length to reflect new ARS date
- Change default Far Date (96 as of today's date)
- Current CRS color to purple
- Updated for new ARS Date 16-Feb-2021
- Pine 5
- Update far length to most recent
- Default ARS length
- Auto calculation of the ARS length
With this feature, however, historical plots of ARS will not be available since the length of ARS will be known only after crossing the ARS date. In essence, ARS plot before the ARS date, doesn't mean anything anyways, since it is comparison of a future price-action on a past date.
Also, I have now renamed, "Near RS" to "Static RS" and "Far RS" to "Adaptive RS". So it is easier to read and mark them on the plots.
- New ARS - 3rd Aug 2021
- New ARS Date - 18th Oct 2021
- Added manual override of ARS date - It is possible to define the adaptive length manually
- Change ARS Date to 7th March 2022
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.