This script is meant to give you a Relative Strength indication of the stock. The goal is to use a similar calculation as used by IBD. It calculates the performance of the current stock for the last year (most recent quarter is weighted double) and compares it to the performance of a reference index or ticker (default is "SPY").
IBD would give you a value between 0 and 100 because this value is the percentile within all stocks. This is not possible with Pine Script at the moment. So here you get a Relative Strength value that is >0 if the stock is stronger than the index and <0 if it is weaker than the index.
You can still compare the Relative Strength values between stocks (bigger is better) but you won't know which percentile it is right off the bat.
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Fix typo and update chart.
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Update chart.
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Update chart.
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Improve performance value display.
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Streamline performance calculation.
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Update chart.
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Fixed a bug where the display would jump around during open market when you opened the reference ticker.
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Update chart.
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Fix chart flickering when viewing the reference.
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Fix broken graph.
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Fix broken graph. (Followup)
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Go back to quarterly calculation instead of monthly.
thank you so much! great work! now that its been around for a while, have you gotten a feel for "above what level" you think a stock would meet for instance Minervini-criteria? Generally speaking, so to say, because the numbers are not the same as IBDs
sguthivari
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Excellent indicator!! Thanks, Skyte.
jits1234
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Hi, Why are we not able to see the source code ? How do I view it ?
Skyte
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@jits1234, the indicator is open source like any other open source one. If you can't see the source code please contact TradingView.
Hi Skyte Thank you for this amazing script. Just wanted to know, if you can allow other stock exchanges benchmark indices ( like say for me from India- CNX 500). Would love if you could make this slight modification. Thanks again