Strength Indicator is strength wrt other security.
How to USE: After applying indicator , you can specify with which security you want to compare for eg: default is set to NSE:NIFTY you can change to anything such as APPL,SPX,HDFC etc..
Apart from Relative Strength , I have added some colour codes to the ratio line in order to identify buy , sell exit.
How To Use: BUY: Entry: Buy when line is green and above white line Exit: Safe Traders: Exit When colour of line changes to yellow or red or line crosses below white. Aggressive Traders: Exit When colour of line changes to red or crosses below white.
Sell: Vice Versa of Buy
Any Comments or Suggestions are most welcome :)
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It works good with NIFTY 50 Stocks
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As of now it will only work for NIFTY 50 Stocks..
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Re added the ability to modify the second security.
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Added protective channel
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channel shaded
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update
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remove update
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update
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Changed for White theme
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test
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Color coding for channel, if color changes to green, expect a good move in any direction(Testing only) Works only for nifty
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update: beta
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update: Background color for accumulation distribution
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Update: BgColor only for accumulation and distribution. This is only for testing purpose, please don't use it for decision making.
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update: Added flag to display Accumulation and Distribution on Demand
Hey,
Appreciate the effort that went into making this indicator! I think its absolutely amazing and a great weapon.
Just one question,what do the red and green background represent?
digitalnivesh
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@rishic999, green means in near future market may turn volatile and red vice versa
rishic999
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@digitalnivesh, Ahh okay and how do I activate the flag to display accumulation and demand? Thank you
digitalnivesh
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@rishic999, in settings there is an option displayAD , select that.
PS: it is under testing, don't use it for decision making .
rishic999
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@digitalnivesh, Oh okay,well anyways thanks for this indicator!
Tech_Milind
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Hi, Can you please add ZERO line in this indicator? It will help us to identify strength more accurately.
For examples, here are some RS indicators, you can search in Trading View -
# Fixed Reference Relative Strength by Bharat Trader.
# Near & Far Relative Strength by Bharat Trader.
# Relative Strength by Modhelius. (This is one of the top RS indicator developer)
# Relative Strength of a Stock by Bharat Trader.
# Duel Relative Strength chart on NIFTY by premal24 (This fellow is India's one of the best who spread RS among the traders community)
I also appreciate your efforts to develop RS indicator, but as & when market dynamics changed developer has to tweak the indicator to match the market dynamics.
Also I request you to change the plotting line colour of Bank Nifty. Because both Nifty & Bank Nifty plotting lines are the same, so this creates confusions.
Also you have to check the volatility number of candles. By default it is 40 & I tried to change it but nothing has change in indicator. Kindly look.
Hope you will add few change.
Thanks & Regards.
Milind
(India)
Appreciate the effort that went into making this indicator! I think its absolutely amazing and a great weapon.
Just one question,what do the red and green background represent?