OPEN-SOURCE SCRIPT
Relative Strength/Weakness Arrows
Hello everyone,
This Script is designed to show relative strength or relative weakness. It takes the stock your looking at and compares it to the sector it is in and to SPY. It evaluates strength or weakness on every candle. In this specific script it is only designed for the communications sector(XLC), so all the names I have inputted into the script fall within XLC. It works for all timeframes. It really helps me stay in trades longer as even though stock might be consolidating it can still be weak, making me more confident in holding. Each green arrow shows that the stock is relatively strong compared to SPY and its SECTOR, in this case, XLC. Each red arrow means that the stock is relatively weak to the market and its sector. When there are no arrows on the candles, then the stock is following the market and its sector. Tell me what yall think.
Just add it to your chart, go to any of the stocks within XLC and it will populate arrows based on relative strength and relative weakness. The weakness and strength is based on movement of price using ATR. So if the price of the stock is moving up and so is the sector it will only populate based on how large the move is. So if SPY had ATR of 1 and it moved up .50c that means the stock you're looking at would need to move more than .50c in the same candle if it also had an ATR or 1.
You can add or delete tickers in the code by going to the list of symbols and adding or removing them. Just remember that if you add a stock that doesn't fall within XLC then the arrows wont represent strength/weakness properly.
This Script is designed to show relative strength or relative weakness. It takes the stock your looking at and compares it to the sector it is in and to SPY. It evaluates strength or weakness on every candle. In this specific script it is only designed for the communications sector(XLC), so all the names I have inputted into the script fall within XLC. It works for all timeframes. It really helps me stay in trades longer as even though stock might be consolidating it can still be weak, making me more confident in holding. Each green arrow shows that the stock is relatively strong compared to SPY and its SECTOR, in this case, XLC. Each red arrow means that the stock is relatively weak to the market and its sector. When there are no arrows on the candles, then the stock is following the market and its sector. Tell me what yall think.
Just add it to your chart, go to any of the stocks within XLC and it will populate arrows based on relative strength and relative weakness. The weakness and strength is based on movement of price using ATR. So if the price of the stock is moving up and so is the sector it will only populate based on how large the move is. So if SPY had ATR of 1 and it moved up .50c that means the stock you're looking at would need to move more than .50c in the same candle if it also had an ATR or 1.
You can add or delete tickers in the code by going to the list of symbols and adding or removing them. Just remember that if you add a stock that doesn't fall within XLC then the arrows wont represent strength/weakness properly.
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