OA - RS Histogram

OA - RS Histogram Indicator
This indicator displays a histogram representation of Relative Strength (RS) analysis, helping traders visualize the momentum relationship between a security and a reference index.

Key Features:
RS Histogram: Shows the difference between the current RS ratio and its EMA smoothed line
Customizable Reference Index: Default set to XU100, but can be changed to any index
EMA Smoothing: Adjustable EMA period (default 21) for trend analysis
Visual Clarity: Histogram bars are colored aqua for positive values and purple for negative values
Zero Line Reference: Dotted gray line for easy identification of positive/negative zones

How It Works:
The indicator calculates the relative strength by comparing the normalized percentage changes of the current security against the selected reference index. A 5-period EMA is applied to the RS ratio, and then the difference between this smoothed RS line and a longer EMA (default 21 periods) is displayed as a histogram.
Technical Calculation:

Fetches reference index data with proper gap handling
Calculates normalized percentage changes for both security and index
Computes relative strength ratio
Applies EMA smoothing to reduce noise
Displays the difference as a histogram for clear momentum visualization

Customization Options:
Reference index selection (default: XU100)
EMA length adjustment (default: 21 periods)
Color customization for positive and negative histogram bars

Alert Conditions:
Histogram crossing above zero (potential bullish momentum shift)
Histogram crossing below zero (potential bearish momentum shift)

Usage:
This tool helps traders understand relative strength concepts through visual histogram representation. The zero-line crossovers can indicate momentum shifts in the security relative to the chosen benchmark index.