The script adds a line/candlestick to your charts that shows how well a stock is acting relative to the Index. We call this Relative Strength Line. Relative Strength ( 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 tradingview.com/u/TraderLion/ Step 1: Add “TraderLion's 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 ( Relative Strength 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 Relative Strength Line
Features
1) The Pink Dot symbolizes the RS Line reaching new highs before price. RS New Highs Before Price (RSNHBP) is often indicative of a break out emerging. 2) Direction-Based Relative Strength. The RS Line can be customized to color coat depending on its most recent direction. When the line moves up it will be blue, and on the way down pink. Easily glance and see phases of relative strength on the chart. 3) Raw RS Rating - The RS Line Script features an RS Rating from 1-99 with 99 being the strongest rating. The measures the stock’s performance relative to the Index you input. 3) Custom Index Input under Settings - requested feature! 4) Candlestick Relative Strength - A different unique way to view the Relative Strength Line 5) Alerts Conditions - Relative Strength New Highs and Relative Strength New Highs Before Price (RSNHBP)
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Added ability to move the RS Line to a different pane.
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Reduced Precision from 16 decimal places to 2 decimal places.
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Remove Relative Strength Rating as it's causing confusion among many traders.
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Per many user requests, we added back the RS Rating ability. The default is set to False you can toggle it to true in the Input Settings of this indicator.
Cheers, -Team TL
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1. Updated chart to meet Pine Script House Rules 2. Changed Short Title to TL's RS Line
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Updates: 1. Added the relative strength moving average (user configurable). 2. Added the relative strength moving average cloud (appearance user configurable). 3. Added the triangle up indicator at the bottom of the chart to signal when the RS line overtakes the moving average.
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Fixed typo in code
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1. Added offset parameter to allow user to adjust vertical positioning of relative strength indicator on their charts. Please note that to successfully use this adjustment the indicator should be pinned to the same scale as the price. 2. New option to hide Relative Strength Moving Average Crossover Indicator.
@bharatTrader, SIR, as you know Index setting is in SPX ,how to change in NSE Nifty 500 Index or any other , kindly pls help , Thanks
bharatTrader
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@Ashish_tradeview, Though I do not use this indicator any longer, there is an option in the settings to select desired index.
Ashish_tradeview
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@bharatTrader, i had checked with Nifty Index after that its not working
bharatTrader
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@Ashish_tradeview, Cant do much, as I am not the owner of the code. You can check my indicators on my profile page, they do pretty much the same thing.
fakda391
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why PLUG has RSrating by Marketsmith = 98 and RSrating in tradingview by TraderLion = 2 ??
1D chart, TVC:SPX