LonesomeTheBlue

Price Relative / Relative Strength

The Price Relative indicator compares the performance of one security to another with a ratio chart. This indicator is also known as the Relative Strength indicator or Relative Strength Comparative. Often, the Price Relative indicator is used to compare the performance of a stock against a benchmark index, S&P 500 , BIST:XU100 etc.

Chartists can also use the Price Relative to compare the performance of a stock to its sector or industry group. This makes it possible to determine if a stock is leading or lagging its peers . The Price Relative indicator can also be used to find stocks that are holding up better during a broad market decline or showing weakness during a broad market advance. (Source: stockcharts)

This also can be used for Trend Identification and Bullish / Bearish Divergences.

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版本注释: added options for the colors
开源脚本

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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