drewby4321

Relative Candle

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!
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?
Website: https://www.drewby.com

Twitter: https://www.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.

Kommentare

500 Coins
+1 Antworten
drewby4321 PineCoders
@PineCoders, thank you!
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This publication will be featured in our "Best Scripts of The Month" selection. Thank you for your valuable contribution to the TradingView community, and congrats!
+3 Antworten
drewby4321 PineCoders
@PineCoders, Thanks, I'm glad you like it! :)
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thanks for sharing
+2 Antworten
Very nice ,thanks god bless u 👍
+1 Antworten
drewby4321 vijay0811vs
@vijay0811vs, thanks for the comment! I'm glad you like it.
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Hi ,
when i apply the index to Nifty vs NSE stocks, there are no divergences in daily candles and 1 have checked at least a dozen stocks . It is that my sample was small or something else . please advise
+1 Antworten
@sendk, Can you give me the ticker/symbol of what you configure as Index in the indicator? And then what is ticker are you viewing on the chart? And also, what timeframe (minute, hour, daily, weekly?)
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Thank you
How do I use your latest version
+1 Antworten