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OPEN-SOURCE SCRIPT

Relative Candle

Aktualisiert
This script visualizes the relative movement of a single OHLC candle compared to an index (or another symbol). The vertical location of the candle indicates the general positive/negative comparison of the bar vs the index. The color of the candle indicates how the candle moved relative to the index. The wick indicates the closing range compared to the index (did the symbol close at lows of the bar while the index closed at highs).

The area graph in the background shows the average relative close over a 10-day simple moving average.

I use this to pop any behavior that is out of line with the market, whether positive or negative. For example, is a red bar day due to the market pullback or something specific to the stock. Or did the market pull back and the stock did the opposite, strong day!
Versionshinweise
Updates:
  • Added input.symbol type for Index so it's easier to select the comparative ticker.
  • Matched the resolution to the chart, so it can now be used on more than just Daily charts.


This script visualizes the relative movement of a single OHLC candle compared to an index (or another symbol). The vertical location of the candle indicates the general positive/negative comparison of the bar vs the index. The color of the candle indicates how the candle moved relative to the index. The wick indicates the closing range compared to the index (did the symbol close at lows of the bar while the index closed at highs).

The area graph in the background shows the average relative close over a 10-day simple moving average .

I use this to pop any behavior that is out of line with the market, whether positive or negative. For example, is a red bar day due to the market pullback or something specific to the stock. Or did the market pull back and the stock did the opposite, strong day!
Moving AveragesohlcrelativestrengthTrend Analysis

Open-source Skript

Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?


Website: drewby.com

Twitter: twitter.com/drewrobbins

All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
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