I am publising Relative Strength Comparative. It is be used to compare a Stock's Performance against another stock/index (Default NIFTY50) I also devised a Plot RS Rating which is inspired from IBD's RS Rating and matches to some extent. You can turn off/on the RS Rating as per need. Example: ITC vs NIFTY 50 it will be ITC / NIFTY
The Indicator can be used in Multiple ways: 1) Check Relative Strength 2) Check RS Rating (This is not Accurate as of now since IBD compares the ratings of all the stocks in an Exchange) 3) Can be used as a Spread Chart for the Division (We need to not divide every time we change Stocks) 4) Design a Template exactly as MarketSmith by using the TradingView feature of "Move to --> Existing Pane Above"
The Formula i used for RS Rating is below with more weightage on the 3 month performance and lesser on 12 month Performance. I am open to Modification of this Formula if a better suggestion
I am trying to compare a stock to its corresponding industry. Is there a specific symbol that I can use for this?
Thanks,
Joe
RISKyy
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Hi Ravi,
Thanks for sharing this code, had been looking for this for a quick peak of RS.
I tried to change the comparatively symbol to SPY or other stock code, curve is updated but the score remains the same. do you know why? Thank!!!
Tommy
RaviYendru
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@RISKyy, The score is individual Stock specific (not exactly IBD way). It has more weightage for the last 3 months, then 6 months, then 9 months and 12 months. I think IBD stores all the Companies for an Exchange and calculates the score.
My observation is my indicator is Similar to IBD ratings for the 80-95 Range. There will be stocks above 100 as well and this will show how bullish they are :)
devdeeps
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Any plans of updating this script? nice one
govindabhadada
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Hi @RaviYendru,
A big thanks for creating this! Simplified a lot of hard work for traders following quite a few of very famous super investors' methodologies.
With regard to the code - is there any way if the visual line we see can be the historical RS rating (on any timeframe) instead of the RS score?
Most of the times stock prices are in hundreds or less while index values are in thousands and it's much easier for humans to interpret 1-100 scales instead of decimals.
Also historical RS rating can help decode if an instrument was strong during periods of market corrections while facilitating comparison of RS rating across instruments in the same market.
takaya1029
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Nice to meet you.
The weekly and daily RSC values are different from each other.
Should I check the RSC on a weekly basis? Or is it also valid on a daily basis?
HIRO1023
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Hi Ravi,
Thank you for sharing this. Can it be happen that relative strength value be over 100? I don't believe so but I found some stocks showing RS rating above 100.
For example, the value of MVIS shows 105 as of Jan 7th, and EDIT's shows 107. Thank you!
RaviYendru
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@HIRO1023, My Observation is RS Ratings of 80 to 95 of my indicator are almost equivalent to IBD. I could have restricted the value of my Indicator to 99 but then i felt RS Rating above 100 was informative. I shows extremely bullish Companies in the last 3 months. I tend to be extra careful on this Companies :)
HIRO1023
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@RaviYendru, Ah, understood your intention and it is very suggestive. Companies above 100 are indeed extremely bullish. Thank you!
I am trying to compare a stock to its corresponding industry. Is there a specific symbol that I can use for this?
Thanks,
Joe