The RS Rating (or Relative Strenght Rating) is a metric that tracks a stock's price performance relative to the rest of the market. Specifically, it looks at a stock's relative strength over the last 52 weeks.
It allows you to identify at a glance stocks that are outperforming the market and may be poised for further gains.
Designed for break-out traders, trend follower, value investors, the RS Rating can help you identify promising opportunities and make informed investment decisions.
The Rating stands as follow:
- From 1 (worst) to 99 (best)
- 99 rating means the stock is outperforming 99% of all stocks in terms of relative share price performance over the last 52 weeks.
The RS Rating is accompanied by the RS line which is a representation of the progress of the asset against the comparative symbol. (Here SP500)
Of course this script is inspired by the IBD rating system.
The results may be equivalent but it is not guaranteed.
This indicator proposes a scoring system in the style of the one proposed by IBD.
Indeed for an optimal result, it would be necessary to compare the relative performance of all actions, which is not yet possible on PineScript.
Here is the formula for calculating the score:
RS Score = 40% * P3 + 20% * P6 + 20% * P9 + 20% * P12
P3 = Performance over the last 3 months
P6 = Performance over the last 6 months
P9 = Performance over the last 9 months
P12 = Performance over the last 12 months
There is no equivalent solution for the moment on TradingView.
The rating score will only appear on the daily timeframe.
For now it's my pleasure to share!
- RS at New Highs
- RS at New Highs Before Price
- Historical RS at New Highs
- Historical RS at New Highs Before Price
To benefit from the new version, remove the script, refresh your chart and add it back :)
- Modified offset display
- Added a limitation for the 3rd method of calculaton of the RS Rating
- Now low score should be more accurate
- Added Optional New Low dots
- Added Optional 21 EMA on everytime frame except in Weekly Timeframe with 10 SMA, on the RS Line
- Possible to color the area between the MA and the RS Line
- Arranged inputs
- Added Historical New Highs/Lows as a default value
My studies (based on a short sample) show an average deviation of +/- 3 to 5 points for the TradingView indicator and +/- 4 points for the GitHub project, compared with the IBD/MarketSmith RS Rating.
The biggest deltas are in the 30-60 range.
The new flagship feature of this update is TradingView's introduction of the 'request.seed()' function!
My warmest thanks to TradingView for giving me the opportunity and the tools to share this script.
Thanks to this function, it has been possible to offer a dynamic environment that simulates the relative performance of some 6,600 stocks on the US market.
The GitHub-managed part is publicly accessible via 'github.com/Fred6725/relative-strength'
More precisly in 'rs_ranking.py' for extracting the needed data and in workflows/output.yml for the auto update.
You can also use the daily updated 'rs_stocks.csv' of GitHub to quickly access the RS Ratings via Google Sheets!
I sincerely hope you will appreciate the time and effort I've put into making these improvements!
This solution is only available for the US market.
If you change the value for example to 40, this will be 40 Day in Daily, 40 We in Weekly etc.
- Corrected pilling on labels for non-historical New High-Low.
- Changes default value of New High-Low label size
- Added an input to modify New High-Low label value
Thank you @Otteri, I had the idea thanks to you!
- We can now modify the Line Curve by the ticker of our choice.
(I choosed to put back this option despite the high number of questions it generated because of the value of the comparative symbole to enter in order to calculate the cross product.)
Ganz im Spirit von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es besser verstehen und überprüfen können. Herzlichen Glückwunsch an den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Veröffentlichung unterliegt den Hausregeln. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.