This is our first script on TradingView. The script adds a line to your charts that shows how well a stock is acting relative to the SP500 Index. We call this Line.
( RS ) separates leading stocks from laggards. Stocks showing RS during a market correction phase will often be the strongest movers once the general market is ready to cooperate.
Instructions on How To Add this Script to Your TradingView Charting Platform
Step 0: Head over to https://www.tradingview.com/u/TraderLion...
Step 1: Add “Relative Strength Line” to your Favorites by clicking “Add to Favorite Scripts” near the bottom of the page.
Step 2: Click “Indicators” at the very top on TradingView. Under Favorites click “Relative Strength Line”
Step 3: Hover on the Indicator name ( Line) on your plot under legend and click the three dots at the very right. Under the “Pin To Scale” choose a setting that works best for you (optional).
Step 4: Done. You have now plotted the Line
Example: Inputting IXIC will plot the Relative Strength Line vs the Nasdaq Composite
Example: Inputting SPX will plot the Relative Strength Line vs the SPX (default setting)