Relative strength is a ratio between two assets, most often a stock and a market average (index). This implementation uses the method described here and the second method described here to calculate its value: "To calculate the relative strength of a particular stock, divide the percentage change over some time period by the percentage change of a particular...
This is an original indicator so a true hidden gem in my opinion. I based this idea off of the work by Giorgos Siligardos (Stocks and Commodities Aug 2012) with his indicator called the Sector Rotation Model. This indicator is best used as a trend confirmation in combination with another indicator such as a leading indicator. This will show you how strong the...
This Script is a Convenience Script Module for calculations based or started on a fix time / date.
(In difference to bar_index-based where the reference point is shifting from bar to bar, thus is dynamic).
- Comparison by start date
- Time driven studies or strategies
- Measuring from Date of Interest
The script also contains a date input...
With the new Pine Script features you can build pretty interesting scripts.
Here is my try to expand functionality of basic comparison tool you have in TradingView.
When you apply it on your chart you can select a bar when do you want to start comparing your instrument from.
In parameters you can specify up to 32 symbols to compare. You can also disable symbols...
Compares the major forex currencies to to each other, good for seeing relative strength and choosing trading pairs based on that.
Original script is by @aelius from 2016. I just made it a bit more responsive, easier on the eye, and I added labels.
This one compares the total candle height (Low to High), body size, also top and bottom wick sizes. I really don't know when it would be best to use this, but it gives a 0 baseline to compare candles side-by-side also to compare body size to wick size.
- The tallest of course is high minus low
- whether or not the close is above the open, the body...
This indicator is to be used only by the values it gives back, don't use the lines .
In "current week days" choose number of days that already BEGAN this week (ex. on Wednesday type 3)
Green1 - Current Daily Range
Orange1 - Average Daily Range
Green2 - Current Weekly Range
Red1 - Average Weekly Range
Orange2 - Today's price movement compared to the average...
This script allows you to compare the percentage-based change in the price of any two securities on any given (and supported) timeframe on the chart. This can give you a very simple way to compare any two securities against one another.
Ex: If your base security gained 5%, and the other security gained 3% in a single day, the change comparison would show a green...
ReDraw script calculates the historical returns and drawdown for the given periods.
By default, the return of the linear regression trends is displayed (can be turned off in settings). In this mode, two linear regression trends are being computed for both long and short periods, and the percent value indicates the "return of the trend" for the corresponding...
There are plenty of indicators that aim to measure the volatility (degree of variation) in the price of an instrument, the most well known being the average true range and the rolling standard deviation. Volatility indicators form the key components of most bands and trailing stops indicators, but can also be used to normalize oscillators, they are therefore...
Kendall Rank Correlation Coefficient script.
This way to measure the ordinal association between two measured quantities described by Maurice Kendall (1938, Biometrika, 30 (1–2): 81–89, "A New Measure of Rank Correlation").
In this script I compare Kendall Coefficient and Pearson Coefficient (using built-in "correlation" function).
This will plot your choice of OHLC (or any of the averaging choices) of the current candle compared to the previous candle.
For example if you choose "high" for the input and set the chart to daily, you'll see the currently daily high vs the previous daily high.
Green candle represent a higher high and the length of the candle represents how much higher.
This indicator is based on Historical Volatility (HV) built-in indicator with minor tweaks to match the Bitcoin Volatility Index (from Bybt).
Also, you can select a symbol to compare its volatility with the volatility of the currently selected symbol.
Here I bring you an array of methods to compare the swings and consistency between assets.
This indicator is excellent for swing traders and scalpers looking to maximize their profits by examining which of two closely related pairs provides greater price fluctuation during given period.
This indicator works against two assets, which are to be configured in...
This is just a simple tool for convenient to compare and showing a clear image of all sector and index in Malaysia. They are just in one indicator. From this indicator, you can predict momentum of each sector in Malaysia, which is currently in bull or bear trend.
In the setting, the first line with the option of the following index (Malaysia...
Compare the relative valuation of up to 8 tickers. By taking a shorter term moving average and dividing by a longer term moving average(optionally with an offset) we get a value that is either above or below 1. Easy to tell what is undervalued and overvalued with this setup. Useful for comparing different asset classes or sector specific securities looking for...