OPEN-SOURCE SCRIPT
Levy 189D(blue)/9D(red)
Shows Relative Strength according to Levy (RSL) for the standard long and an own-defined short time range.
Levy found out that stocks with a division result of the actual quote divided by the average 27 weeks close quotes >1 perform significantly better than the rest.
I added a nine days version to be sure that they are acually comparably strong as in the past. (RSL is more significant in momentum markets.)
Levy found out that stocks with a division result of the actual quote divided by the average 27 weeks close quotes >1 perform significantly better than the rest.
I added a nine days version to be sure that they are acually comparably strong as in the past. (RSL is more significant in momentum markets.)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.